Market Segmentation
Material, type and application are the top segments considered in the report, as per which the market study for food packaging market share has been conducted.
Material-wise dissection of the market includes paper and paperboard, glass, metal, plastic and more.
The types of food packaging are cans, bottles, boxes, pouches, and others. The box type notes an impressive demand in the food packaging market compared to other segments, since it offers extreme sturdiness to the food items. Pouches can also evoke high demand in the market, since they offer more design flexibility to the manufacturers and facilitate optimum use of shelf space.
The top applications of food packaging are meat, dairy, bakery & confectionery, fruits & vegetables, and others. The meat industry makes maximum demand for packaging and is therefore the most lucrative application segment in the market. With the expanding population of consumers going for protein-rich food, the consumption of seafood and meat has soared considerably all over the world. The report cites this as the chief reason for the segmental growth in the market. Another growth inducer is the consumers’ busy lifestyle that boosts the demand for frozen foods such as meat and seafood.
Regional Analysis
The chief markets for COVID-19 Analysis outlined in the report include APAC or Asia Pacific, Europe, MEA or the Middle East & Africa as well as North America.
With that said, the APAC market, backed by developing nations like India and China can seize the top spot from North America during the evaluation period. The region is expanding at a rapid pace and is touted to be the fastest growing market on account of the rampant demand for nutritious food products among the rising health-conscious population. The increasing preference for packaged food among consumers and the surge in innovations can also instrumental in the market growth. The market growth is also warranted by the increasing foreign direct investments in the food sector along with the mounting number of government regulations concerned with the quality and safety of the food products.