Global food packaging market to reach USD 606.3 bn by 2026

According to a report by Fortune Business Insights, the global food packaging market is set to touch USD 606.3 billion by 2026, exhibiting a CAGR of 5.6% during the forecast period. The value of this market stood at USD 393.6 billion in 2018.

23 May 2020 | By WhatPackaging? Team

The value of the food packaging market stood at USD 393.6 billion in 2018

The report said that the increasing popularity of active packaging has been a driving factor in the global food packaging market. It has emerged as an innovative solution for improving efficiency of food packaging as the technique prolongs the shelf life of foods while maintaining its quality.

The active packaging systems involve two methods for preserving the quality of packaged food: active scavenging (absorption) and active releasing (emission) methods.

The scavenging system allows the elimination of unnecessary and undesirable compounds and elements from the packaged food item. While, the releasing system adds beneficial compounds such as antioxidants and carbon dioxide into the food item, maintaining its freshness. These systems will bode well for the market, said the research report.

Although the market size in North America stood at USD 109.7 billion in 2018, Asia-Pacific is anticipated to dominate the market share in the forthcoming years. This can be attributable to the increasing urban population and high rate of development of retail infrastructure, which have heightened the demand for packed foods. The region is also witnessing a steady rise in the demand for eco-friendly packaging solutions and owing to growing disposable income.

Europe is set to experience a high growth period on account of substantially high incomes in the region along with increasing demand for packaged food from western European countries.

Meanwhile, in North America, the market will be driven by the mushrooming number of fast food outlets and growing health consciousness. The report added that high demand for canned food will propel the market in Latin America, while the market in the Middle East and Africa will grow as a result of increasing demand for dairy and meat products.

It also mentioned that major players in this market are implementing measures such as increased R&D spending and the launch of novel products to strengthen their presence.

(Source: Fortune Business Insights)