Food packaging market to hit $57.8bn

THE food packaging technology and equipment market is projected to reach USD 57.80 billion by 2023. Food packaging technology is estimated to be a USD 41.36 billion market in 2018 with forecasts to jump to USD 57.80 billion by 2023, at a CAGR of 6.92%.

From USD 19.72 billion in 2018, the food packaging equipment market will reach USD 26.96 billion by 2023, at a CAGR of 6.46% during the forecast period. The growth will be driven by demand for hygienic food packaging, consumption of fresh and high-quality food and demand for conveniently packaged food products.

Food packaging technology includes controlled, active, intelligent, aseptic, biodegradable, edible, and nano-enabled technology. Of these types, controlled packaging will account for the largest share in 2018. This technology modifies the composition of the internal atmosphere of the packaging in order to increase the shelf life of the products. It changes the concentration of the gases in the headspace of the packaging. This type of packaging also helps retain the color of the food intact, thus ensuring visual appeal.

By material, the plastics segment accounted for the largest share of the food packaging technology market in 2017. Plastic packaging which consists of synthetic and semi-synthetic materials, is favored for its durability, safety, hygiene and light weight properties. Its low cost, versatility, and easy availability makes it suitable for a variety of applications.

The form-fill-seal equipment is estimated to be the largest market for food packaging equipment in 2017.  The segment accounted for the largest share of the global food packaging equipment market in 2018. They are used for a wide range of products such as bakery, confectionery, dairy, meat, poultry, and convenience food. Form-fill-seal held the largest share in the global food packaging equipment market owing to their ability to perform multiple tasks. This provides cost efficiency and operational effectiveness to food manufacturers.

Asia Pacific is projected to grow at the highest rate during the forecast period due to the region’s rapid economic growth and rise in urbanization. Other drivers that would have a positive impact on this market are the rising household incomes and the growing middle-class population, which are expected to increase the demand for packaged and convenience food products in the region.

MarketandMarket’s report includes a study of the marketing and development strategies, along with the product portfolios and profiles of leading companies such as Robert Bosch (Germany), GEA Group (Germany), IMA Group (Italy), COESIA Group (Italy), Ishida (Japan), and ARPAC (US).Other players include Multivac (Germany), Omori Machinery Company (Japan), Nichrome India (India), Adelphi Group (UK), Kaufman Engineered Systems (US), and Lindquist Machine Corporation (US).

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