Food Packaging And Processing Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033

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What Is The Global Market Size And Growth Projections For The Food Packaging And Processing Industry?

The worldwide food packaging and processing industry exhibits robust growth tendencies. Recently, it has grown from $75.52 billion in 2023 to an anticipated $80.04 billion in 2024, indicating a compound annual growth rate CAGR of 6.0%. The expansion during the historical period is largely ascribed to escalating environmental concerns, a mounting emphasis on health and wellness, the rise in consumer knowledge and education, surging demand for lucidity in ingredient sourcing, and the increasing requirement for portion control.

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Future projections estimate that the food packaging and processing market size will witness substantial growth in the near future, potentially reaching $101.44 billion by 2028 at a CAGR of 6.1%. The projected growth during the forecast period can be attributed to the expansion of e-commerce, globalization and trade dynamics, emergence of innovative packaging materials, the boom in the plant-based food sector, and the growth in ready-to-drink beverages.

What Are The Key Market Drivers For The Food Packaging And Processing Industry?

The mounting demand for convenience food is expected to fuel the growth of the food packaging and processing market moving forward. Convenience food is characterized by food products that are designed for quick and stress-free preparation or consumption. This rising demand is due to hectic lifestyles, the desire for swift meal solutions, and the necessity for efficient food preparation in today's fast-paced world. Food packaging and processing contribute to the convenience food by extending shelf life, preserving freshness, and simplifying preparation, making it quick and easy for consumers to enjoy ready-to-eat meals.

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Who Are The Key Industry Players In The Food Packaging And Processing Market?

Renowned industry leaders operating in the food packaging and processing market encompass WestRock Company, Ball Corporation, Amcor Public Limited Company, Berry Global Inc., Tetra Pak Ltd., Mondi Group, DS Smith plc, Graphic Packaging Holding Company, Sonoco Products Company, Silgan Holdings Inc., Sealed Air Corporation, Huhtamäki Oyj, Pentair Commercial Ice LLC, Reynolds Consumer Products Inc., Bühler Group, ProAmpac LLC, Marel Inc., John Bean Technologies Corporation, Winpak Ltd., Emmerson Packaging Ltd., PakTech LLC, Pacmoore Product Inc., Chantler Packages Limited, and CuBE Packaging Solutions Inc.

What Key Trends Are Emerging In The Food Packaging And Processing Market?

Major players in the food packaging and processing market concentrate on forward-thinking initiatives, such as water-based and plant-sourced coating, as a bid to amplify sustainability and reduce environmental impact.

How Is The Food Packaging And Processing Market Segmented?

Understandably, the food packaging and processing industry forges its segments as per:

1 Type: Rigid, Semi-Rigid, Flexible
2 Equipment Type: Filling, Bottling, Case Cartooning, Labeling, Palletizing
3 Material: Paper And Paper-Based Material, Plastics, Metal, Glass, Other Materials
4 Application: Bakery And Confectionery Products, Meat And Poultry Products, Dairy Products, Beverages, Other Applications

What Are The Regional Insights Into The Food Packaging And Processing Market?

Asia-Pacific emerged as the largest region in the food packaging and processing market in 2023. However, Europe is expected to be the fastest-growing region in the coming forecast period. The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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