Food-Packaging Market To Skyrocket In Value By 2019
By Isaac Fletcher, contributing writer, Food Online
Driven by new technology, innovative methods, and evolving consumer preferences, the food-packaging market is expected to experience a high rate of growth, totaling in at over $300 billion, over the next five years
A recent report from Markets and Markets, Food Packaging Market by Material, Type, Application — Global Trends & Forecast to 2019, indicates that the food-packaging market will be worth $305.9 billion by 2019. The findings in the report are derived from the examination of various materials, types, applications, and regions. Each of these segments has been analyzed to create projections of their market size and value.
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Growth in the food-packaging market is driven by the rising trend of consumers preferring specialty and processed foods, which require specific packaging to achieve best results. Additionally, advancements in food packaging materials, innovative marketing strategies among various companies, an increased demand for food-packaging material products, and rising consumer awareness in developing countries all play critical roles in driving food-packaging market growth. Furthermore, the introduction of a wide variety of food-packaging types, the ability to develop materials for food packaging, and new technologies for manufacturing processed-food-packaging products have further driven the market.
In terms of material, the rigid- and flexible-plastics segments held the largest market share during 2014. The metal, paper, and board segments followed with the second- and third-largest market shares. Between 2014 and 2019 the paper and board segments are projected to experience the strongest growth.
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The key market players have found success in adopting expansions, agreements, joint ventures, partnerships, acquisition, and new-product launches. By using these preferred strategies, firms are able to sustain a competitive edge in the market. The Asia-Pacific region is expected to hold the largest share of the market and will grow at the highest CAGR through 2019. The Indian market will follow, with the second-fastest rate of growth.