In terms of revenue, the Global Fresh Food Packaging Market is expected to reach USD 95.93 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 3.20% from 2022 to 2028. The Global Fresh Food Packaging Market is gaining momentum over the forecast period due to increasing demand for packaged foods across the globe. In addition, the rising awareness of health benefits associated with packaged foods has further contributed to its popularity. Moreover, the growing population base across the world is anticipated to drive the market over the forecast period. However, the high cost involved in manufacturing these products may hamper the market growth. Furthermore, stringent government regulations regarding the use of plastic materials are likely to restrain the market growth.
Key Highlights from the Report:
- The polyethylene segment dominated the market growth at a substantial Compound Annual Growth Rate (CAGR). The increase in demand for healthy food, and packaging with polyethylene provides an efficient moisture barrier to the contents are accentuated the segment growth in 2021.
- The meat products segment held a significant market share in 2021. The market growth has been spurred by the consumption of meat in developing and established countries. For effective marketing alternatives, market participants are developing innovative concepts such as efficient oxygen barriers, bio-based raw materials, and other manufacturing possibilities.
- Asia Pacific is the largest regional segment. India, China, South Korea, and Japan are the largest consumers of Fresh Food Packaging in the region. Thus, the presence of such countries in the region is further propelling the market growth in the region over the forecast period.
Some of key players in the Fresh Food Packaging Market include - Amcor PLC (Australia), Interntional Paper Company (US), WestRock Company (US), Sealed Air Corporation (US), Smurfit Kappa (Ireland), Coveris (Vienna), DuPont (US), DS Smith PLC (UK), Mondi PLC (South Africa), Silgan Holdings Inc. (US), Sonoco Products Co. (US), Schur Flexibles (Austria), Anchor Packaging Inc. (US), Printpack Inc. (US), Bomarko Inc. (US), Packaging Corporation of America (US), Graphic Packaging Holding Co. (US), Ampacet Corporation (US), Ultimate Packaging Limited (UK), Temkin International Inc. (Utah).
Fresh Food Packaging Market has been gaining momentum over, as rising disposable income levels coupled with changing lifestyles have resulted in increased consumption of packaged foods across the globe. Moreover, rising health concerns associated with processed foods are further driving the demand for Fresh Food Packaging solutions. In addition, the growing popularity of organic products among consumers is also boosting the demand for fresh food packages.
Polyethylene, used in packaging, is the most efficient material since it is flexible, lightweight, and cost-effective. This packaging does not splinter and protects food from deterioration. The majority of polyethylene used in packaging is recyclable. Clear and transparent containers or films are in high demand because they allow end-users to clearly identify the content and inspect the product quality, resulting in a large market share. For example, modified atmosphere packaging (MAP) helps to preserve food freshness, which in turn extends the product's shelf life by decreasing bacterial growth. Increased beverage consumption has resulted in an increase in plastic demand, which may boost the market growth.
Consumer preferences for meat products is increasing, which can be attributed to growth in the market. Consumption of poultry, steak, bacon, and seafood has increased as the population has grown. Meat and its products contain chemical qualities such as sensory characteristics, microbial ecology, and natural colors. To maintain the qualities of meat and its products, packaging materials are carefully chosen.
Asia Pacific is expected to emerge as a potential market for Fresh Food Packaging. The region includes to several fast-growing economies, including India, China, South Korea, Japan, and Indonesia. A huge consumer base in countries like as India and China is driving up demand for fresh food goods, which in turn is driving up demand for Fresh Food Packaging over the projected period. The Asia Pacific was the world's largest producer of plastics, accounting for 31.08 percent of worldwide revenue in 2020. The plastic material industry is likely to face a number of problems as a result of rising consumer awareness and stringent government regulations on plastic pollution.