Food Packaging market expected to reach 440.1 Billion by 2026
According to Fortune Business Insights, increasing utilisation of packaging to prevent spoilage in going to favour growth of food packaging market. Moreover, with the ongoing pandemic induced crisis food packaging market in experiencing a surge in growth due to changing consumer behaviour and evolving needs.
The global food packaging market
is expected to gain traction from their ever-increasing usage in the food & beverage industry. These packages protect food items from tampering, pest attack, spoilage, contamination, and damage during retail sale, storage, and transport, as per the market report. The report also indicates that the food packaging market size stood at USD 290.1 billion
in 2018 and is projected to reach USD 440.1 billion
by 2026, thereby exhibiting a CAGR of 5.4% during the forecast period.
Rising demand for convenience food items to increase growth
The demand for fast food items is increasing at a fast pace worldwide because of the changing lifestyles of the masses. Hence, several convenience food manufacturers are striving persistently to introduce new products equipped with nutritional ingredients that would not cause any damage to human health. It would also contribute to the growth of the market. In addition to this, the need for green food packaging solutions is rising to attain sustainability. They not only aid in providing a wide range of benefits but also lower environmental pollution. Coupled with this, the rising working population and higher disposable income would drive the food packaging market growth in the coming years.