LONDON--(BUSINESS WIRE)--The global food packaging market is expected to post a CAGR of more than 3% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Perishable foods such as vegetables, fruits, meat, and other dairy products are major contributors to global food wastage. This is because these products are easily affected by external factors such as temperature, moisture and have a limited shelf life. Hence, vendors are focusing on developing packaging solutions that can withstand deterioration and provide longer shelf life. For instance, Amcor offers commercial containers made using the LiquiForm technology that ensures the efficient storage of products for a longer period. Therefore, the rising need for avoiding food wastage is crucial in driving the growth of the global food packaging market during the forecast period.
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As per Technavio, the growing sales of food products on e-commerce platforms will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Global Food Packaging Market: Growing Sales of Food Products on E-Commerce Platforms
Globally the online sales of groceries have been increasing at a significant rate. For instance, in the US, online grocery sales account for 18%-22% share of the overall e-commerce market in the country. Prominent retailers such as Amazon are offering next-day delivery options to increase the sales of groceries. Similarly, the online sales of healthy food options, such as health snack bars are also on the rise. The growing sales of food products on online platforms has created a strong demand for durable packaging solutions to ensure that the product retains its quality and freshness.
“Adoption of sustainable packaging and the advent of smart packaging solutions will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Food Packaging Market: Segmentation Analysis
This market research report segments the global food packaging market by product (flexible plastic, rigid plastic, glass, metal, and others) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the wearable technology market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth. This is due to the growing demand for fast food and ready-to-eat meals led by rapid urbanization in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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