Global snack food packaging market is flourishing due to changing patterns in global food consumption, a positive outlook for disposable personal income, and an increasing preference by people for processed foods, as the rapid demographic shift from rural to urban areas happens across the developing countries.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the size of global snack food packaging market at USD 18.14 billion in 2021. During the forecast period between 2022 and 2028, BlueWeave expects the size global snack food packaging market to grow at a CAGR of 5.8% reaching a value of USD 26.71 billion by 2028. Food packaging protects food products and helps in extending the shelf life of the products, attracting more customers. The snack food packaging market is expected to expand significantly over the forecast period due to the introduction of numerous production facilities and their need to keep up with market trends. Rapid changes in people’s lifestyles and food preferences, as well as population growth, particularly in developing countries, are expected to drive market growth over the forecast period. People’s increasing preference for processed foods, because of population shifts from rural to urban areas, is also driving the growth of the snack food packaging market.
Global Snack Food Packaging Market – Overview
Packaging helps in preserving the flavor, texture, and quality of snack food items. People of all ages are becoming more interested in snack foods, which has led manufacturers to develop fresh, eye-catching packaging that helps to increase product visibility. With the help of clever packaging, they could keep snacks and food tasty and fresh. To keep snacks palatable, they store them in packaging for wafers, crackers, potato chips, and crackers. Materials for snack food packaging are created to meet the industry’s packaging requirements. Additionally, expertise lies in utilizing new and updated technology to provide highly competitive solutions. Snack food packaging is in high demand and its market expansion is being driven by both changes in global food consumption patterns and a positive outlook for disposable personal income. Fresh packaging opportunities have also arisen because of the widening selection of products being produced in single-size servings for greater convenience, portability, and portion control.
The demand for environmentally friendly packaging has also increased due to rising environmental concerns. The demand for better snack food packaging materials has increased because of all these factors. As these are current trends in the overall snack food market, consumers desire healthier snack food products but are unwilling to give up flavor. Additionally, the custom of snacking in between meals has created a significant demand for goods on the international market. There are now more opportunities for ready-to-eat snack foods because of rising disposable incomes and the number of isolated families.
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Global Snack Food Packaging Market – Technology Advancements
Manufacturers are producing more single-serve packaging in addition to environmentally friendly and reusable packaging. Single-serve packaging demand is being driven convenience, health consciousness, and hygiene. The demand for single-serve packaging is growing because of consumers’ growing appetite for snack foods and their busy, on-the-go lifestyles. The market for snack food packaging is transforming, as evidenced by ongoing advancements and improvements. Global snack food packaging market has segments, such as Polyethylene (PE), Polypropylene (PP), Polyethylene Terephthalate (PET), Bioplastics, and other segments based on the material type; Pouches, Bags, Boxes, Composite Cans, and others based on the packaging type; and Chips/Crisp/Dries/Plantain Chip, Nuts & Dry Fruits, Baby Food, Ready-to-Eat Food, and others as application segments. The Chips/Crisp/Dries/Plantain Chip application segment is projected to dominate global snack food packaging market, accounting for most of the market share. In the transition to environmentally friendly technologies and the use of renewable plant-based materials, N B Polymers has taken the lead. The main drivers of market growth for snack food packaging include convenience, changing consumer lifestyles, and the availability of indulgent exotic flavor options at affordable prices.
Impact of COVID-19 on Global Snack Food Packaging Market
As opposed to other manufacturing industries, the food industry was kept under essential services by all governments, so its impact on the global market was less because of COVID-19. Businesses that provide flexible packaging to sectors, such as packaged food, should fare well during the ongoing pandemic. Stockpiling, legislative initiatives, and shifting consumer demand patterns all contribute to the demand for packaged food. As a result of the pandemic’s increased threat to food safety, many consumers in major developing countries, such as India, have shifted from unpackaged food to packaged food. The expansion of e-commerce retail and flexible packaging for packaged foods during COVID-19 pandemic also boosted domestic packaged food sales. However, trade restrictions and supply chain disruptions are hampering global market expansion. As a result of mitigation measures taken by packaging suppliers and regional government aid packages to revive the economy, global snack food packaging market is expected to grow during the forecast period.
Competitive Landscape
Prominent players in global snack food packaging market include Berry Global Group Inc., Sonoco Products Co., Logos Packaging Holding Ltd, Constantia Flexibles Group GmbH, Eagle Flexible Packaging, Inc., Swiss Pac Pvt. Ltd., Graham Packaging Holdings, ProAmpac, Bemis Company, Amcor, Clondalkin Group, Bryce Corporation, Sealed Air Corporation, Huhtamaki OYJ, Winpak Ltd, Pactiv LLC, Owens-Illinois Inc, Pouch Direct Pty Ltd., Purity Flexpack Ltd., WestRock Company, and Glenroy Inc. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in global snack food packaging market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Snack Food Packaging Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Snack Food Packaging Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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