LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global food packaging market 2018-2022 to grow at a CAGR of over 5% during the forecast period, according to their latest report.
This market research report segments the global food packaging market by packaging type (flexible plastic, rigid plastic, glass, metal, and others) and by geography (the Americas, APAC, and EMEA).
Inquire about this report: View market snapshot before purchasing
Register for a My Technavio account and get 10% off your first purchase! View all Technavio’s current offers
In this report, Technavio analysts highlight the three market drivers that are contributing to the growth of the global food packaging market. One of these drivers is discussed below:
Prevent food counterfeiting
Food safety is one of the major factors driving the global food packaging market. Counterfeiting of food is a major issue faced by manufacturers as well as consumers of food products. Food fraud costs the global food industry about USD 12 billion annually. For example, in 2016, 450-500 million pounds of Italian hard cheese was sold in the US market, out of which around 18%-22% of the overall volume consisted of counterfeit products. Packaging can play a major role in combating such food counterfeiting concerns by adopting food traceability. This technology enables tracking of the food during its movement through the entire supply chain.
According to a senior analyst at Technavio for packaging, “Technologies such as barcodes and radio frequency identification tags are used to trace the movement of food products through the supply chain. The use of barcode labels on a packaged product helps in verifying the product's integrity, thus overcoming counterfeiting. However, to implement these technologies, proper packaging of products is a necessity, which augurs well for the growth of the food packaging industry.”
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Global food packaging market segmentation
The global food packaging market, based on the packaging type, has been segmented into flexible plastic, rigid plastic, metal, glass, and others. The others segment mainly consists of packaging materials, such as paper-based containers, liquid cartons, and crates.
The Americas was the leading region for the food packaging market in 2017, accounting for a market share of over 39%. The food packaging market in EMEA is expected to grow moderately during the forecast period. The growth in this region will be driven by new technologies and innovations in food packaging. The APAC will experience the fastest growth among all regions during the forecast period due to increased foreign direct investments (FDI) in the food industry.
Personalize this report according to your needs: Request a customization
Technavio’s analysts and industry experts will work directly with you to understand your requirements. We offer USD 1,000 worth of FREE customization at the time of purchase.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com.
