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Industry Insight
Market Research Future takes into account the impact of the novel coronavirus pandemic on the global food packaging market 2020. It offers a clear assessment of the projected market fluctuations during the forecast period (2017–2023). Various factors are likely to impact the overall dynamics of the food packaging market with a high 4% CAGR in the same forecasted period.
The ongoing coronavirus disease outbreak and the worldwide reaction to it, has compelled companies to rethink their strategies and the way they operate fundamentally. The same prevails for the global food packaging industry as well, where the industry experts helping companies survive and sustain in this pandemic.
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Top Impacting Factors
The food packaging market is arguably the prevalent application segment of the packaging sector as it covers over one-third of the overall global packaging market size. From an international outlook, the market for food packaging is at a captivating stage where the market has reached a stagnant point in the developed nations while sprouting nations are promptly catching up with newer technologies and supply chain management.
To sustain food production during the crisis, many key players are emphasizing clean food packaging supply as compared to commodity availability to most of the countries affected by the virus pandemic. MRFR study also includes the global food packaging market will have a positive owing to the spread of COVID-19 Impact. The extension of containment efforts is leading to surged demand and reduced production. Also, the prices are anticipated to remain elevated for the short term, thereby resulting in improved top-line growth of market vendors.
The food packaging offers protection and can improve the shelf-life of products, which consequently attracts more customers. The market for food packaging is likely to expand in the forecast years as plentiful production services are being set up to catch up with the latest trends coming up in the market. With this, the entire world is experiencing rapid changes in lifestyle and food preferences in association with increasing population and economic growth of regions. All these factors have been high-ranking in shaping up the global food packaging market.
Furthermore, the increasing amount of food wastage across the world is becoming a foremost concern in the global food packaging market. Consequently, food packaging companies are developing new packaging solutions that can withstand deterioration. Thus, the rising need to avoid food wastage will fuel food packaging market growth during the forecast period.
Top Impacting Factors
The top players in the global food packaging market are listed as Coveris Holdings S.A (Luxembourg), Amcor Limited (Australia), E. I. du Pont de Nemours and Company (U.S.), The Smurfit Kappa Group plc (Republic of Ireland), Bemis Company, Inc. (U.S.), Mondi Plc (Austria), D.S. Smith Plc. (U.K.), International Paper Company (U.S.), and RockTenn Company (U.S.).
Segmentation of Market
The global food packaging market has further been segmented along the following lines:
In terms of the application, the market has included dairy, bakery & confectionery, fruits & vegetables, meat, and others. With these, the meat industry is the most striking application for the food packaging market. The rising preferences of the consumer for protein-rich food are, in turn, leading to the rise in the consumption of meat and seafood.
In terms of the type segment, the market has included cans, bottles, boxes, pouches, and others. Amongst these, boxes type food packaging grabbed the highest revenue contributor over the forecast period. Boxes are usually providing strong tertiary packaging to the food products. Also, pouches give better design flexibility for food packaging manufacturers and permit optimum utilization of shelf space.
Regional Outlook
The global market is segmented on geography in the regions of Europe, North America, Asia Pacific, and the Middle East & Africa.
North American region is projected to become accessible to the food packaging market as this region is proposed to be at a development stage in the food packaging market, which would further subsidize the growth of this market.
In the Asia Pacific region, the developing countries such as China and India are likely to reveal enormous growth over the forecast period and might take over the leading position of the North America region. The Asia Pacific is proposed to be the fastest-growing economic region owing to the surge in demand for healthy food products, which is fuelled by the mounting population in the developing countries of this region. The boost in consumer preference for packaged foods in the countries of this region is bonus factors that are likely to amplify the food packaging market over the forecast period. The escalation will be further driven by the development of new technologies and innovations in food packaging. The swell in foreign direct investments (FDI) in the food industry and the massive consumption of the consumers along with strict government regulations focused on the health, safety, and quality of the food products is further motivating the growth of the market.
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Table Of Content
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Bargaining Power Of Suppliers
3.1.4 Threat Of Substitutes
3.1.5 Segment Rivalry
3.2 Value Chain/Supply Chain Analysis
Continues…….
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