Food packaging market size to reach $606.3B by 2026

14 January 2020 | News

Active packaging has emerged as an innovative solution for improving efficiency of food packaging Image Credit: shuttershock.com Image Credit: shuttershock.com

As per recent report by Fortune Business Insights, the global Food Packaging Market size is set to touch USD 606.3 billion by 2026, exhibiting a CAGR of 5.6% during the forecast period. Rising demand and consumption of natural foodstuffs will be the prime factor driving the growth of this market in the approaching decade.

Natural foods have a high comparative advantage over their processed counterparts. For instance, the Natural Institutes of Health recommend increasing the intake of eggs and liver as they are rich in choline, a substance vital for the healthy functioning of the brain. Further, fruits contain natural sugars that are essential for the body and do not put one at risk of diabetes and obesity, unlike artificial sugars contained in processed foods. Owing to these benefits, there is a growing inclination towards naturally available food items, which is being fueled even more by an increasingly sedentary lifestyle, high pollution levels, and lack of exercise.

Increasing Popularity of Active Packaging Mechanisms to Fuel the Market

Active packaging has emerged as an innovative solution for improving efficiency of food packaging. This technique prolongs the shelf-life of foodstuffs whilst maintaining their quality, making it one of the leading Food Packaging Market trends during the forecast period. 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 for the elimination of unnecessary and undesirable compounds and elements from the packaged food item. The releasing system adds beneficial compounds such as antioxidants and carbon dioxide into the food item, maintaining its freshness. These advantages will bode well for the market, according to the Food Packaging Market research.

Asia-Pacific to Hold Largest Share; Europe to Experience Considerable Growth

Although the market size in North America stood at USD 109.7 billion in 2018, Asia-Pacific is anticipated to dominate the Food Packaging 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. In North America, the market will be driven by the mushrooming number of fast food outlets and growing health consciousness among Americans. 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.

Innovative Product Offerings to Stimulate Competitive Spirits of Players

According to the Food Packaging Market analysis, major players in this market are implementing measures such as increased R&D spending and the launch of novel products, to strengthen their presence.

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