North America To Witness Significant Food Packaging Market Growth
Global Food Packaging Market Growth, Information by Material (Glass, Paper & Paperboard, Plastic, Metal), Type (Bottles, Cans, Pouches, Boxes), Application (Bakery & Confectionery, Dairy, Meat, Fruits & Vegetables) and Region - Forecast to 2023
(firmenpresse) - Summary
Global Food Packaging Market Growth, Information by Material (Glass, Paper & Paperboard, Plastic, Metal), Type (Bottles, Cans, Pouches, Boxes), Application (Bakery & Confectionery, Dairy, Meat, Fruits & Vegetables) and Region - Forecast to 2023
Food Packaging Market Overview
Food packaging allows the protection of food products and facilitates the improvement of shelf-life of the product. This leads to fetching more number of clients. The food packaging market is estimated to develop substantially over the forecast period with the introduction of several production hubs with the aim of catching up with current trends in the market. Additionally, the rapid transformations in the lifestyle of the consumers and altering food habits of people along with the expanding population in the emerging economies is predicted to propel the prosperity of the market over the estimation period. The surging preference of people for processed food owing to shifts in population dynamics from rural to urban regions is also fuelling the growth of the food packaging market.
The Food packaging market is estimated to propel at a CAGR of 4% over the assessment period 2017-2023.
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The market is also driven by several factors such as the growing trend of customers shifting towards processed & specialty food, enhancement in materials employed for packaging of food products, the adoption of diverse marketing strategies by key players prevailing within the market, growing demand for food packaging materials, and spurring consumer awareness directed at the necessity of good quality food packaging in emerging economies.
Key Players
Global food packaging market growth is dominated by prominent players such as Amcor Limited (Australia), Coveris Holdings S.A (Luxembourg), The Smurfit Kappa Group plc (Republic of Ireland), E. I. du Pont de Nemours and Company (U.S.), International Paper Company (U.S.), Mondi Plc (Austria), Bemis Company, Inc. (U.S.), Silgan Holdings Inc. (U.S.), RockTenn Company (U.S.), and D.S. Smith Plc. (U.K.).
Market Segmentation
According to application, the food packaging market has been segmented into dairy, bakery & confectionery, fruits & vegetables, meat, and others. Amongst these, the meat sector finds the most lucrative application for food packaging market growth. The spurring preferences of the customer for protein-rich food are in turn, causing the surge in consumption of seafood and meat. The busy lifestyle of the customers is fueling the demand for frozen foods. Therefore, meat food is a lucrative application area for market players in food packaging industry. According to type, the market is segmented into cans, bottles, boxes, pouches, and others. Amongst these, boxes type food packaging represents the largest revenue contributing source over the assessment period. Boxes are generally made up of corrugated paper and offer extremely strong primary packaging to the food products. Besides, pouches are generally made of plastic, which offers improved design flexibility for food packaging manufacturers and facilitates optimum usage of shelf space.
Regional Analysis
North America market is estimated to contribute significantly to the food packaging industry followed by Asia Pacific and Europe market. However, this market is estimated to be at a mature phase in the food packaging industry, which would further restrict the growth of this market. In Asia Pacific market, the emerging economies such as India and China are likely to portray huge growth during the estimation period and is likely to take over a major portion of the North America market.
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Datum: 29.01.2020 - 13:21 Uhr
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News-ID 606094
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Date of sending: 29/01/2020
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