A report from Comtex suggested that the food packaging market will be increasingly driven by a growing trend of consumers shifting their preferences toward specialty and processed food, as as well as wanting to see advancement in the creation of food packaging materials. Consumer awareness in growing economies is also expected to further help address growth in the market, and marketing that reflects a growing shopper influence and interest in how products are made and released will only have an advantageous long-term effect.
Expectations for the immediate future growth of the food packaging and packing products industry are high, as multiple reports suggest the industry will be experiencing strong levels of growth worldwide through the end of the decade.
The report continued that the overall food packaging market is projected to reach heights close to $306 billion dollars by 2019, with Asia and the Pacific markets projected to be the fastest growing regions, as well as seeing the highest compound adjusted growth rate during the period as well. India is expected to be the second-fastest market in this discussion.
An increasing number of companies have worked to expand their facilities and are investing in an increased level of research and development to gain a better competitive edge in various markets in upcoming years.
Similar expectations in second report
Meanwhile, Ken Research recently released another report on the global food and beverage market. With the addition of beverage sales possibilities in the second report, the organization expects the overall market to reach new heights around $380 billion by 2018. This growth is said to come from several different factors, including a growing middle class income group, greater availability to food in remote or difficult-to-access areas and an increased focus on food safety. Market growth has also surged notably due to several factors such as ambient food products and alcohol, which are seeing new means of packaging development.
From 2008 to 2013, the global food and beverage consumer packaging market grew at a rate of about 2.5 percent due to innovations and improvements in market share. That rate is predicted to grow to about 3.1 percent in the next four years, with rigid plastic in particular spurring more growth closer to a rate of 4.2 percent in the near future, according to Ken Research.
