Food Packaging Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis (2017-2021) and Forecast (2022-2028)

Description

Food Packaging Market size was valued at USD 326.2 billion in 2021, growing at a significant CAGR of 7.5% during 2022 to 2028. The global market provides a detailed overview of the market and that can be segmented by Material Type, Packaging Type, Product Type, and Application. By material type, food packaging market has been segmented into Paper & Paper-based, Plastics, Metal, Glass, and Others. The paper & paper-based segment is likely to be the largest and fastest-growing segment in terms of type. Based on packaging, the market is segmented into Rigid, Semi-Rigid, and Flexible. Among these, the Rigid segment is expected to have the fastest-growing market during the forecast period 2022-2028. Based on product type, the market is segmented into Cans, Converted Roll Stock, Gusseted Box, Corrugated Box, and Others. The Cans segment accounts for the largest share in 2021. Converted Roll Stock is the second-largest share during the forecast period 2021-2028. Based on the application, the market has been segregated into Bakery & Confectionary, Dairy Products, Fruits & Vegetables, Meat, Poultry, & Seafood, Sauces & Dressings, Others. The dairy products segment is expected to dominate other segments in the Food Packaging Market. The dairy products segment is expected to witness the highest CAGR during the forecast period according to Precision Business Insights.

The Food Packaging Market Key Development:

In April 2022, Mondi Group plc launched two new recyclable packaging products – PerFORMing Monoloop and Mono Formable PP a paper-based tray and a semi-rigid plastic tray that will provide high barrier food protection.