Food Contact Paper Market Size Worth $104.24 Bn by 2029 | Industry to Record 4.7% CAGR
Pune, India, Jan. 19, 2023 (GLOBE NEWSWIRE) — The global was valued at USD 72.19 billion in 2021. The market is projected to grow from USD 75.44 billion in 2022 to USD 104.24 billion by 2029, exhibiting a CAGR of 4.7% during the forecast period 2022-2029.
This information is provided by Fortune Business Insights , in its report titled, “ Food Contact Paper Market, 2022-2029 .”
Important Business-related Announcements by Key Players to Influence Market Dynamics
Fundamental food contact paper companies in the market often make crucial announcements regarding some business moves, which, in turn, affect the market either positively or negatively. Players acquire companies, launch new products, engage in partnership deals, sign contracts with government organizations, and so on.
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Report Scope & Segmentation:
|Forecast CAGR||4.7 %|
|2029 Value Projection||USD 104.24 Billion|
|Food Contact Paper Market Size in 2021||USD 72.19 Billion|
|No. of Pages||190|
|Segments Covered||By Type, End-user, and Regional Insights|
|Food Contact Paper Industry Growth Drivers||Growing Demand for Eco-friendly Packaging to Gain Impetus|
|Asia Pacific to Dominate Stoked by the Presence of Food Producers|
Kraft Paper Segment to Dominate the Market Owing to Rising Adoption in Food Packaging
Based on type, the market is segmented into kraft paper, greaseproof paper, glassine paper, parchment paper, and others. Among these, the kraft paper segment dominated the market in 2021 as it is a primary choice for food packaging owing to its strong and long-lasting packaging solution.
Fresh Produce Segment to Hold a Substantial Share Owing to Rising Demand for Eco-based Packaging from Consumers
Based on application, the market segment consists of fresh produce, dry groceries, bakery products, liquid food and drinks, takeaway and vending food, and others. Among these, the fresh produce segment is expected to dominate the application segment during the forecast period.
Based on region, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
List of Key Players Mentioned in the Report:
- Mondi Plc (U.K.)
- Twin Rivers Paper Company (U.S.)
- Westrock Company (U.S.)
- Asian Pulp & Paper Company (Indonesia)
- Nordic Paper (Sweden)
- Schweitzer-Mauduit International, Inc. (U.S.)
- KRPA PAPER, a.s. (Europe)
- SCG Packaging PCL (Asia Pacific)
- Ahlstrom-Munksjo (Finland)
- BPM Inc. (U.S.)
- Seaman Paper Company (U.S.)
- UPM Global (Finland)
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Key Industry Development:
October 2022: To upgrade the paper machine at its flagship Štětí mill in the Czech Republic, Mondi Plc is prepared to invest millions. Such an investment enables the business to meet the rising demand for flexible paper packaging. This development will help businesses offer a wider range of creative, environment-friendly paper and packaging options.
The report presents a holistic study of the market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report. Step by step, thorough regional analysis is offered. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified, and their strategies to bolster the market growth are shared in the report.
Drivers and Restraints:
Growing Demand for Eco-friendly Packaging to Drive Market Growth
During the projected period, the market is anticipated to be driven by the rising need for eco-friendly packaging. A flexible and affordable packaging option for preserving, transporting, and protecting a variety of food goods is paper for food contact. The market is being positively impacted by the major players in the food industry as well as small-scale businesses who are embracing sustainable packaging and promoting eco-friendly packaging for their food items. To meet the needs of a particular consumer or product, paper packaging might be altered.
Asia Pacific to Dominate Stoked by the Presence of Food Producers
In 2021, the market in Asia-Pacific was valued at USD 25.11 billion. Due to the expanding food sector, Asia Pacific continued to dominate the global food contact paper market share in 2021 and is anticipated to do so going forward.
Due to the presence of important players, North America is expected to grow. In order to further reduce leaks, new technologies in food packaging solutions, such as laminated and coated papers, are expected to boost the food contact paper market growth throughout the course of the projection period.
Europe has a large portion of the market. During the projection period, it is anticipated that the European market would rise moderately.
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Stalled Paper Manufacturing Activities Due to Supply Chain Disruption Limited Market Growth
All significant enterprises were negatively impacted by the COVID-19 pandemic in 2020, and the production of paper goods, particularly food contact paper, was no exception. A dearth of raw supplies, logistical challenges, labor shortages, and other hitherto unheard-of issues was caused by the restrictions imposed by various governments in various countries.
Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Trends
- Key Developments
- Insights on Regulatory Scenario
- Porter Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on the Global Food Contact Paper Industry
- Supply Chain Challenges
- Steps were taken by Government/Companies to overcome this impact
- Potential opportunities due to the COVID-19 outbreak
- Global Food Contact Paper Market Analysis, Insights, and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast, By Type (Value)
- Kraft Paper
- Greaseproof Paper
- Glassine Paper
- Parchment Paper
- Market Size Estimates and Forecast, By Application (Value)
- Fresh Produce
- Dry Groceries
- Bakery Products
- Liquid Food and Drinks
- Takeaway and Vending Foods
- Market Size Estimates and Forecast, By Region (Value)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Size, Share, Growth Outlook 2022-2029
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