LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global bakery packaging market to grow at a CAGR of over 5% during the period 2018-2022, according to their latest market research report.
In this report, Technavio highlights the growing vendor consciousness toward sustainable packaging as one of the key emerging trends in the global bakery packaging market. Players in the market are increasingly manufacturing sustainable and recyclable packaging solutions. This is because the world population is increasingly becoming aware of the ill-effects of synthetic and plastic products on the environment and eventually on human health. One of the significant problems that mankind is facing today is waste reduction. The propensity among urban consumers toward environment-friendly packaging solutions is rising owing to the increasing awareness of the consumer's surroundings. This is boosting a sustainable revolution across the global food packaging market, which is clearly impacting the market in focus.
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In this report, Technavio analysts highlight the growing e-commerce as a key factor contributing to the growth of the global bakery packaging market:
Global bakery packaging market: Growing e-commerce
Increasing proliferation of baked products across e-commerce platforms is driving for wide-ranging packaging solutions. The encasing solutions are meant to keep the products safe and fresh during storage and delivery. In countries such as the US, China, and India, the increasing penetration rate of e-commerce is expected to drive the growth of the global packaging market during the forecast period.
According to a senior analyst at Technavio for packaging, “In 2017, developed economies such as the US and Europe, were the most favorable markets for e-commerce. These regions are home to some of the e-commerce giants. However, the rise of the food-tech industry in emerging economies, with the proliferation of leading companies is expected to drive the market growth across the globe.”
Global bakery packaging market: Segmentation analysis
This market research report segments the global bakery packaging market into the following products (flexible, rigid plastic, and metal) and key regions (the Americas, APAC, and EMEA).
Of the three major technology products, the flexible segment held the largest market share in 2017, accounting for 48% of the market. The market share for this product is expected to witness a decline by 2022. The fastest growing product is metals, which will account for nearly 15% of the total market share by 2022.
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