Global Food Packaging Market is Expected to Grow at CAGR 4.62% by 2027 Owing to Government Initiatives Towards Sustainable Food Packaging, Says Absolute Markets Insights – Yahoo Finance

Food Packaging Market is Rapidly Growing with Top Key Players AmeriPak, Inc. Berry Plastics, ConAgra Foods, Tetra Pak and PepsiCo

PUNE, India, Sept. 9, 2019 /PRNewswire/ –Food packaging plays significant role in preventing and delaying chemical, physical and biological deterioration. Simple packaging such as glass, metal, plastics and paper help in extending the shelf-life of food items, enhancing quality and safety, decreasing food wastage and enabling extensive accessibility. Certain packaging materials like plastics and its derivatives cause severe environmental degradation, which renders adverse effects on ecosystem.  In December 2018, Royal Statistical Society of Great Britain, reported that only about 9% of plastic ever made has been recycled. Globally, every year 161 million tons plastic is produced by packaging industry alone. In order to tackle this issue, various governments are taking positive initiatives towards sustainable food packaging, thereby fueling the growth of food packaging market.

In terms of revenue, the global food packaging market stood at US$ 950.29 Bn in 2018 and is anticipated to reach US$ 1421.22 Bn by 2027, expanding at a CAGR of 4.62% during the forecast period.

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In the United States, Food and Drugs Administration (FDA) regulates the packaging and labelling of food. The National Environmental Policy Act (NEPA), by FDA requires evaluation of food packaging materials and its environmental impact. All clearances for food packaging in the U.S. involve an Environmental Assessment (EA), followed by a No Significant Impact Finding (FONSI) and FDA clearance. Similarly, the UK packaging regulations compels food packaging companies to adopt reusable and recoverable nature of food packaging. The UK has been comfortably ahead of the compulsory EU recycling target for plastic packaging that is 22.5%. Prominent example of adoption of environment friendly packaging is by Nestle, a food and beverage manufacturer. The company, is constantly striving to improve its packaging performance by making food packaging recyclable and reusable. In 2019, Nestle started rolling out all plastic straws in phased manner. This was the next step towards the company’s flagship program which focused on development of 100% sustainable and reusable packaging materials. Hence, such sustainable initiatives undertaken collectively by organizations and regulatory authorities are estimated to propel the growth of food packaging market over the forecast period.

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Food packaging technologies are developing consistently and distinct food packaging technologies are being introduced in food packaging market. In this regard, technologies such as Modified Atmosphere Packaging (MAP) and Nanotechnology have been incorporated as a significant area of innovative food packaging. Nanoparticles which are being used in food packaging have unique physical and chemical properties such as improved strength, reduced weight, increased resistant to heat, gases and UV radiations. Simultaneously, MAP replaces the air inside the packaging, thus extending the shelf life of packaged food products. Hence, the increased demand for a higher shelf life of products both, by consumers as well as manufactures, have led to rise in adoption of aforementioned technologies, thus attributing to the growth of food packaging market.