What are the main drivers of the food packaging market?
A new report from Technavio predicts that the food packaging market size will shift positively over the course of the next decade, but what are the key industry drivers?
Technavio forecasts that the food packaging market size will grow by a valuation of approximately €72.08 billion ($79.41 billion) from 2022 until 2027. This would be a compound annual growth rate of 4.32% for the forecasted period, with a range of key drivers identified in the report.
For one, the flexible plastic segment of the food packaging market has been identified as one of the most relevant, with many food products using flexible plastic like bags, wraps or sachets.
Thanks to its customisation, reusability and portability, flexible plastic packaging has been observed as a market that is expected to grow over the course of the next decade.
Major players like Amcor Plc have been cited as companies that have invested in innovative packaging, which has helped grow the food packaging market. Amcor provides “food packaging solutions” under its brands LifeSapn, AmPrima and PrimeSeal.
Another market driver is the prevention of food counterfeiting, with packaging used to help tackle “food fraud” around the world. Technavio reports that packaging could be integral for increasing food traceability, with help from technologies like barcodes or radio frequency identification. Combined, it is thought that these developments will only lead to an increased market size.
One trend that is enhancing the market is the increasing amount of food products that are being sold on e-commerce platforms. Said products require primary packaging that can guarantee freshness, as well as secondary packaging too.