The global food packaging market size is expected to reach USD562.3b by 2030, expanding at 5.7% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. Increased diverse eating habits and lifestyle changes have driven the demand for convenience food products which is expected to bolster the growth of the global food packaging industry.
The market for single-serve and portable food packets is expanding quickly. The demand for packaged food products is likely to be further fueled by rising worldwide per capita income, which is predicted to enhance consumer spending power.
The Observatory of Economic Complexity (OECD) predicts that real wages will cease falling by the end of 2023, despite real earnings experiencing a dip in 2022. This is due to the widespread implementation of support programs by governments around the world to mitigate the consequences of rising food and energy prices on households. This is predicted to improve consumer spending power, which will raise demand for packaged foods and drinks.
The high degree of volatility seen in raw material costs is anticipated to impede the expansion of the food packaging sector. However, during the course of the projection period, the food packaging industry is anticipated to grow due to the introduction of sustainable packing materials by significant food packaging producers, as well as rising consumer awareness and noticeable consumption levels.
The demand for effective packaging solutions is anticipated to increase in response to growing concerns about food safety and contamination. Additionally, it is projected that sales of packaged meals would increase as more retail food chains are built by major food companies, which will increase the demand for packaging materials. It is anticipated that the booming demand for food delivery services like Uber Eats, Zomato, DoorDash, and Grubhub among others will favorably affect the food packaging sector.
Food packaging producers have increased their investment in expanding their production capabilities as a result of the expanding food industry. For instance, the UAE-based Hotpack Global said in April 2023 that it intended to construct a project for specialized food packaging in Saudi Arabia. The project, which will be developed in collaboration with the Saudi Ministry of Industry, is anticipated to cost USD266m.
Find out more at: https://www.grandviewresearch.com/