Food packaging industry is expected to increase over the forecast period owing to the increase in the consumption of convenience foods. Convenience features such as easy opening, portability and easy disposability are the key factors responsible for driving the food packaging market. Visual appeal and convenience are additional aspects that are anticipated to fuel the growth of the food packaging market over the forecast period. Food packaging ensures the extension of shelf life of the products within highly sterile environments that prohibits the growth of the microorganisms that are responsible for the decay and spoilage of food products.
Increasing consumer awareness regarding the ongoing environmental concerns and gradual alteration of buying habits is likely to propel food packaging market growth over the forecast period. Health and safety of food products have become the top priority of consumers on a global scale, which has led to significant growth of the food packaging industry. In addition to this, increasing government regulations implemented by regulatory authorities including European Food Safety Authority, U.S. FDA, U.S. Department of Agriculture and Global Food Safety Initiative, to ensure safety and prevent contamination of food products have also become key factors for the rise of the food packaging market. Economically, packaged foods have proven to be beneficial to consumers as compared to their non packaged counterparts which is the primary concern of the consumers next to health and safety of the food products.
Asia Pacific and Europe have been the most dominant in the food packaging industry over the past few years owing to heavy consumption of the consumers as well as stringent government regulations focused on the health, safety and quality of the food products. Asia Pacific is expected to be the fastest growing economic region due to the increasing demand of healthy food products that is fueled by the increasing population in the countries of this region. In addition to this, economic feasibility and viability of packaged foods in the countries of the region are additional factors that are expected to lead to increase in the food packaging market over the forecast period.
Several R&D activities along with targeted innovations are being carried out by key players of the food packaging industry that form a platform for the investors. Innovations such as self-opening, self-closing, self-sealing, self-cleaning and self-heating mechanisms are being developed in order to ensure easy operation of these products thereby increasing the convenience of the consumers. Such developments pose fresh opportunities for the investors in the food packaging industry.
Key players of the food packaging industry are DINE Marketing, Berry Plastics, Kraft Foods, Tetra Pak, Beam Suntory, PepsiCo, INX International Packaging, CSI Closure Systems International, Impact Plastics, AmeriPak Inc., ConAgra Foods Inc, Cargill Inc, Kellogg’s Co and McCain Foods.
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