The Business Research Company’s Global Market Reports Are Now Updated With The Latest Market Sizing Information For The Year 2023 And Forecasted To 2032
LONDON, Jan. 18, 2023 /PRNewswire/ — The Snack Food Packaging Market Report 2023 by The Business Research Company (TBRC), covers the snack food packaging market from 2017 to 2022, termed the historic period, and 2022 to 2027 termed the forecast period, along with further forecasts for the period 2027-2032. As per TBRC’s forecast on the snack food packaging market, the global snack food packaging market size is expected to grow from $25.2 billion in 2023 to $33.2 million in 2027 at annual growth rate of almost 5.7%. The snack food packaging market is further expected to grow at a compound annual growth rate (CAGR) of more than 7.5% to reach a market value of more than $48.5 billion by 2032.
The report evaluates the market across the seven region and for the major economies within each region. Per the report, Asia-Pacific is the largest region in the snack food packaging market, accounting to almost 43.6% of the total market and Africa is the fastest-growing regions in the market.
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The snack food packaging market is highly fragmented, with a large number of small players. The top ten competitors in the market made up to more than 6.5% of the total market. Amcor Plc was the largest competitor with almost 1.3% market share followed by The Smurfit Kappa Group, Sonoco Products Company, Huhtamaki OYJ, Sealed Air Corp, Berry Global Inc, Constantia Flexibles Group, Mondi Plc, Graham Packaging Holdings, Bryce Corporation, and more.
The report covers both the market-trend based strategies and player-adopted market strategies. A key player-adopted strategy in the snack food packing market 2023 include enhancing paper-based packaging through the launch of new products providing sustainable and innovative packaging solutions.
Companies in the snack food packaging market are focusing on developing new sustainable packaging products. Sustainable packaging affords a sense of quality to the product itself. Sustainable packaging uses fewer natural resources, which increases over time the capacity for businesses to continue producing goods and services for a longer period of time (versus having to manage natural resource depletion). For instance, in October 2022, Mars, Incorporated, a US-based food company launched a new KIND® snack bar packaging. The new KIND® snack bar packaging incorporates recycled content made from advanced recycling, meaning it contains less virgin plastic than previous products. The new material has been completely redesigned for maximum circularity and is produced through the recycling of used mixed plastic that would otherwise be destined for incineration or landfill.
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The snack food packaging market consists of sales of snack food packaging products by entities that are used to keep snacks consumable by providing oxygen, moisture, and light barrier properties. Snack food packaging prevents or decreases product damage and food deterioration. These are used for potato chip packaging, cracker packaging, wafer packaging and packing other snack food items. A snack is a slight or casual or hurried meal, a small portion of food or a very light meal. Snack food packaging uses plastics and non-plastic components such as paper, foil, cellophane or glassine as base materials to make different packaging forms including rigid forms of snack food packaging such as paperboard tubes and cardboard boxes and also flexible forms such as pouches and shrink bags.
The snack food packaging market covered in this report includes revenues of entities engaged in offering different snack food packaging types such as flexible packaging and rigid packaging. The market also includes snack food packaging made from plastic, paper, metal and other materials that are used in bakery snacks, candy and confections, savory snacks and nuts, dried fruits and other applications.
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