Food Packaging Market size was valued at USD 361.4 Billion in 2022 and is expected to grow from USD 382 Billion in 2023 to reach USD 595.2 Billion by 2031, at a CAGR of 5.7% during the forecast period (2024-2031).
The global Food Packaging Management market has always been adjusting to meet the ever-increasing consumer demand. Today, improved and appealing packaging along with solutions for sustainability is considerably impacting the decision-making power of consumers. People understand the importance of food safety and nutritious consumables, thereby impacting the market growth.
The growing population worldwide demands increased food production. Hence, the three key focus areas for food manufacturers include food safety, food availability, and sustainability. Only with the interaction of these essentials, the market could drive effective and efficient innovation to create safe and sustainable food items. Consumers today believe that the safety of food should be the priority of the manufacturers. And this undoubtedly needs to focus on reconsidering food production and adopting solutions that benefit all players in the chain, from the farmer to the end consumer. Food availability is yet another key factor, for which it is important to create a regulated and sustainable food value chain. For food sustainability, there must be ideal synchronization between the environmental regulation and legislature for food contact material, to avoid compromises.
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Increasing Adoption of Unique Packaging Materials to Support Sustainability in Market
The growing demand for sustainability is forcing manufacturers to adopt different eco-friendly packaging materials like recycled paper, biodegradable plastics, and plant-based packaging. Simple yet classy packaging design is trending among consumers since it focuses on the product inside. This is more prominently seen in the wellness and healthcare domain, where the products need to be clean and with the simplest wrapping. Interactive packaging trends include QR codes that allow consumers to know more about the product. The market is also experiencing smart packaging fixed with sensors and technologies that help consumers know more about nutritional details, storage advice, and freshness. Besides these, the transparency trend is gaining traction since it offers accurate and clear information about products and their ingredients. Consumers are growing health-conscious and buy products that are free from harmful additives and chemicals. Eco-friendly packaging is also driving the market since it uses sustainable materials and consumers are becoming aware of the negative impact on surroundings and purchase items that are packaged with sustainable processes.
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- ITC claimed in 2023 that it finished sustainability of 60000 Mt plastic waste. This rate exceeded the quantities of plastic used in the previous year. The company augments the manufacturing of recyclable laminates containing less amount of plastic content.
- In 2023, Dabur was presented with the title of ‘plastic waste positive business’. The company collected, processed, as well as recycled approximately 30000 Mt ofwaste of plastic in the year 2022-23. On the eve of World Environment Day, the company made this announcement.
- Nestlé, in September 2023, announced that the company disclosed its actions and stepped towards making a waste-free world. The company made efforts to embrace sustainable packaging of its products. Nestlé company planned to minimize the use ofvirgin plastics by 1/3 by 2023end.
- In June 2023, Hindustan Unilever Limited, declared to reduceusing virgin plastic for the environment. Nitin Paranjpe, the chairman, said that plastic is not very important for the company, but environment also needs proper care. Hence, he announced reduced use of virgin plastic, and the use ideal quantity of recycled plastic. This will make the packaging 100% reusable, compostable, and recyclable. The company plans to collect more plastic by the end of 2025.
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With this being the scenario, the Food Packaging Market is projected to deal with different challenges and focus on opportunities, environmental safety, and commitment toward a better future. The journey for sustainable packaging options is not just the industry authority, but also collective accountability for a healthy and sustainable food network.
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To view the original version on ABNewswire visit: Food Packaging Market to Promise Magnificent 5.7% CAGR through 2031