Labels and Packaging Innovation Asia • 9 2021 -
22
Food Packaging Mar Reach USD 464.98 B Asia Pacific expected to lead global food packaging market The global food packaging market size was accounted at USD 305.29 billion in 2019 and expected to reach around USD 464.98 Billion by 2027 with a compound annual growth rate (CAGR) 5.4% during the forecast period 2020 to 2027, according to Precedence Research. Why Food Packaging? The modern day food packaging solution provides tampering & biological safety, complete protection, and counterfeit resistance. It often includes nutritional information on the label along with additional facts about
the product offered for sale. Emergence of labels or packaging has helped marketers to trap potential customer. Packaging further plays a vital role in assuring customer satisfaction along with information transmission. Food packaging instructs customers on how the product should be used, recycled, transported, disposed, and many other significant information. What are the growth factors of food packaging market? The food packaging market projected to exhibit prominent growth over the analysis period with the advent of
various production facilities having an objective of catching up with the latest trends in the market. In addition, rapid changes in the lifestyle of the people along with shifting food preferences of consumers towards packaged food expected to drive the market growth over the forecast period. Further, increasing preference of people for processed food owing to shift in population dynamics from rural to urban areas also propel the growth of the food packaging market. The market is further driven by numerous factors that include shifting consumer preference towards processed & specialty food, adoption of various marketing strategies by key players in the industry, advancement in materials used for food packaging, rising demand for food packaging materials along with increasing awareness of consumers towards the necessity of good quality food packaging especially in the developing countries. Introduction to various technologies for manufacturing processed food product’s packaging solution as well
