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Food Packaging Market Outlook 2023: Recent Developments and Business Insights

Market Overview

The Global Food Packaging Market is expected to reach a value of USD 405.4 billion in 2023, and it is anticipated to grow with a CAGR (compound annual growth rate) of 6.2% for the forecasted period (2023- 2032).

Food packaging refers to processes and materials involved in containing, protecting, preserving and providing information about food products across the supply chain before reaching end consumers.

Market Trends
Shift towards eco-friendly recycled and biodegradable packaging materials
Growing demand for smart and active packaging providing real-time tracking or indicators
Investment in newer techniques like modified atmosphere and intelligent packaging

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Market Leading Segmentation
By Material

• Plastics
• Paper & Paper-Based
• Glass
• Metals
• Others

By Type

• Rigid
• Semi-rigid
• Flexible

By Application

• Fruits & Vegetables
• Bakery & Confectionery
• Dairy Products
• Meat, Poultry, & Seafood
• Sauces, Dressings, & Condiments
• Others

Market Players

• Mondi Group
• Berry Global Inc.
• Stora Enso
• Plastipak
• DS Smith
• Coveris Group
• Amcor plc
• Constantia Flexibles
• ExxonMobil Chemical
• Other Key Players

Factors Influencing Demand
Changing consumer lifestyle and growing demand for processed, frozen and packaged foods
Need for extending product shelf life while retaining nutritional values driving innovation
Stricter norms regarding food wastage and plastic waste disposal

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Challenges
Higher costs involved in advanced packaging solutions restricting penetration
Lack of required technical know-how amongst small manufacturers in developing regions
Ambiguous regulatory stance regarding certains additives and chemicals used
Opportunities
Emerging retail channels like online grocery and grab-and-go stores expanding target areas
Leveraging e-commerce growth to explore durable, convenient delivery packaging
Growing demand within developing regions supported by rising middle class incomes

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