Food and Beverage Packaging Market Size, Share and COVID-19 Impact Analysis By Material (Paper & Paperboard, Plastic, Metal, Glass, and Others), By Product Type (Cans, Bottles & Jars, Bags & Pouches, Cartons, Boxes, and Others), By Application (Food (Bakery & Confectionery, Dairy, Fruits & Vegetables, Meat & Seafood, and Sauces & Dressings) and Beverages (Alcoholic and Non-alcoholic)) and Regional Forecast, 2024-2032

Rising demand for small packs is a strong push for the growth of flexible bags and pouches. Incorporating active and intelligent food and beverage packaging systems will help the market gain remarkable momentum. The packaging industry is implementing intelligent systems on an increasing scale to provide maximum security and maintain the nutritional content of food and beverages. Convenient payment modes with the ease of choosing food items based on health and taste preferences are increasing the market's growth.

• For instance, on December 2022, Amcor announced a five-year deal with ExxonMobil to purchase circular polyethylene material to achieve the 30% recycled material target across its portfolio by 2030.

Inclination towards hygiene and clean room packaging for consumable products is one of the key factors increasing the food and beverage packaging market. Including antimicrobials and moisture absorbers in the packaging increases the delayed ripening of the food products and extends shelf life by reducing microbial growth. Hence, the growth of the food and beverage packaging market is boosting.

The government imposed stringent regulations on the material used in packaging in many rising countries. The primary material used in food and beverage packaging is plastic, a non-biodegradable substance. The fluctuating raw material prices in the food and beverage packaging sector limit the market expansion.

IMPACT OF COVID-19 ON THE FOOD AND BEVERAGE PACKAGING MARKET

The pandemic has impacted the food and beverage packaging market positively as the uncertainty of the situation resulted in the growth of the packaging market due to impulse buying of food products with longer shelf lives. Flexible packaging companies serving the sectors such as packaged food and beverage are expected to do well during the ongoing pandemic. The shift from unpacked food towards packed food has increased the market due to the increased food safety crisis due to the pandemic.

KEY INSIGHTS

The report will cover the following key insights:

• Recent Advancements in the Food and Beverage Packaging Market


• Key Industry Trends


• Regulatory Landscape for the Food and Beverage Packaging Market


• Key Industry Developments (Mergers, Acquisitions, and Partnerships)


• Impact of COVID-19 on the Market

ANALYSIS BY MATERIAL

Based on the material, the market is segmented into paper & paperboard, plastic, metal, glass, and others. Plastic holds the largest market share in the global food and beverage packaging market due to less consumption of raw materials, and it is light weighted. The paper & paperboard segment has been witnessing an upsurge in terms of demand for packaging and is expected to grow over the forecast period. The metal segment is anticipated to expand as aluminum can be cooled and heated for sterilization. Hence, such factors are driving market growth.

ANALYSIS BY PRODUCT TYPE

Based on the product type, the market is segmented into cans, bottles & jars, bags & pouches, cartons, boxes, and others. Bags & pouches hold the largest market share in the global food and beverage packaging market due to increased snacking and shrinking household sizes have encouraged the development of bags and pouches. The other segment, such as cans, bottles & jars, cartons, and boxes, contributes significantly to the market growth.

ANALYSIS BY APPLICATION

Based on the application, the market is segmented into food (bakery & confectionery, dairy, fruits & vegetables, meat & seafood, sauces & dressings) and beverages (alcoholic and non-alcoholic). Bakery & confectionery holds the largest market share in the global food and beverage packaging market. The convenience offered by ready-to-eat bakery products makes it a popular choice. Hence the acceptance of packaged food is expected to fuel the good and beverage packaging market. The other segment, such as beverages, is also boosting the market growth.

REGIONAL ANALYSIS

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The global FMCG packaging market has been studied across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific holds the largest global food and beverage packaging market share. Asia Pacific region is expected to be driven by rising per capita income, increasing population, and growing demand in emerging economies such as India, China, and Japan. The Chinese market is expected to grow significantly due to its expanding middle-class population. North America accounted for considerable growth due to preference towards meat alternatives, and the growing vegan population is boosting the packaging market. Other regions, such as Europe, Latin America, and the Middle East & Africa, are significantly driving the growth of the global food and beverage packaging market.

KEY PLAYERS COVERED

The report will include profiles of key players such as Amcor, Sonoco, Berry Global, Inc., WestRock Company, Mondi Group, Genpak, Pactiv Evergreen Inc., Chantler Packages Inc., Winpak, Alpha Packaging, PacMoore Products, among others.

SEGMENTATION

KEY INDUSTRY DEVELOPMENTS

• February 2023: AmSty and Pactiv Evergreen launched circular polystyrene food packaging products to help major food brands achieve essential sustainability goals.


• April 2022: Ball Corporation and Novelis increased the recycled content of the Ball Aluminium cup to 90%. The sustainable packaging solution lowers the carbon footprint with infinite recyclability across the sports and entertainment, retail, food service, and beverage industries.


• March 2022: Winpak will broaden its sustainability offering with access to PureCycle ultra-pure recycled resin. It will provide ultra-pack recycled (UPR) polypropylene (PP) from its newest facility to be constructed in Augusta, Georgia.


• November 2022: Tetra Pak introduced India's first tetra stelo aseptic package with the Minute Maid Juice Range of Coca-Cola. The first ever Tetra Stelo aseptic package for the Coco Cola company in the world, and for the first time, the company launched the package in the Asia Pacific region.


• September 2021: Ball Corporation announced a new U.S. beverage could plant in Nevada to support the growth of strategic customers. The investment serves accelerating demand for the portfolio of infinitely recyclable aluminum containers.