Grand View Research
SAN FRANCISCO — The global food packaging market size is expected to reach $562.3 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a compound annual growth rate of 5.5% from 2022 to 2030. Increasing food delivery services globally and high demand for single-serve and portable food packs are expected to propel the industry growth over the next few years.
Key Industry Insights & Findings from the report:
- The paper and paper-based material segment are expected to expand at a lucrative CAGR of 6.4% during the forecast period due to the increasing demand for biodegradable and more sustainable packaging solutions. Increasingly stringent environmental regulations have led to a ban on single-use plastic in major economies across the globe, thus positively contributing to the growth of paper and paper-based food packaging material.
- By type, flexible packaging products are expected to witness the highest growth from 2022 to 2030 as they occupy lesser space during transportation, consume less plastic material, and present a better sustainability profile in comparison to their rigid counterparts.
- The bakery and confectionery application segment account for the largest share of over 25.0% in 2021 owing to the high demand for cakes, candies, and frozen ready-to-eat bakery products.
- The rigid type segment accounted for the second-largest revenue share in 2021. High adoption of rigid packaging products such as bottles and jars, trays and containers, and caps and closure by food and beverage companies owing to their durability and property of offering high protection to food products contribute to the segment growth.
- Asia Pacific is expected to exhibit the fastest CAGR from 2022 to 2030. The market is expected to grow due to the increasing penetration of retail chains, online grocery delivery services, and online food ordering services. Increasing disposable income of consumers in the region has led to an increase in demand for convenient foods, thereby benefiting industry growth.
- The market is highly fragmented with the presence of large-sized companies as well as small- and medium-sized domestic players. With the rising regulations on excessive plastic packaging along with growing awareness regarding sustainability among consumers, the market has been steadily moving toward sustainable packaging.
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