Food packaging market size expected to reach USD 464.98 Billion by 2027
The global food packaging market size is predicted to reach USD 464.98 Billion by 2027 growing at a CAGR 5.4% during the forecast period 2020 to 2027, according to a market research report.
Food packaging has evolved over the year and offers tampering and biological safety, protection and counterfeit resistance. Moreover, presence of nutritional information on the label along with additional facts about the product helps in selling the product. Food packaging also helps the customer to understand on how the product should be used, recycled, transported, disposed, and many other critical information.
The food packaging market is being driven by rapid changes in the lifestyle of the people along with shifting food preferences of consumers towards packaged food. Further, increasing disposable income and rising urbanisation is driving growth in the food packaging market.
In addition, rising demand for food packaging materials along with increasing awareness of consumers towards the necessity of good quality food packaging especially in emerging economies like India and China. Innovation, new technology and introduction of different types of packaging solutions for food packaging is anticipated to fuel the growth of the market.