Food Packaging Market to Reach USD698.4bn by 2031

According to a new market research report published by Meticulous Research, the food packaging market is projected to reach USD698.4bn by 2031, at a CAGR of 5.9% from 2024 to 2031.

The growth of the global food packaging market is driven by the increasing demand for convenience foods, the rising need for portable and efficient packaging solutions, the preference for extended shelf-life products, and the expansion of the retail sector. However, challenges such as the vulnerability of packaging materials to degradation and fluctuations in raw material prices may restrain market growth to some extent.

Furthermore, the increasing focus on eco-friendly packaging, recyclability, and advancements in packaging technology is expected to create growth opportunities for market stakeholders. However, stringent regulatory requirements remain a significant challenge for industry players.

The food packaging market is segmented by material (plastic, paper, metal, glass, and others), packaging type (flexible, rigid, and semi-rigid), product type (bags, bottles, films, boxes, trays, cans, sachets, and others), application (bakery, confectionery, dairy, snacks, beverages, meat & seafood, pet food, baby food, ready-to-eat meals, and others), end user (food manufacturers, food service providers, packaging service providers, and others), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).

Based on the material types, the plastic segment is expected to record the highest growth rate of 6.6% (2024–2031), driven by the rising demand for biodegradable plastic food packaging.

Based on packaging, the flexible packaging segment is projected to grow at a 6.5% CAGR, fueled by increasing demand for sustainable packaging solutions and food products with extended shelf life.

The films & wraps segment is anticipated to expand at the fastest rate of 7.1% among all product categories, attributed to the growing popularity of convenience foods, the expansion of e-commerce, the rising food service industry, and consumer preference for single-serving packages.

Among applications, the snacks segment is expected to achieve the highest CAGR of 6.2%, supported by rising snack consumption, increasing health awareness, and a growing variety of snack options in the market.

Among end users, food service providers are forecasted to experience the fastest growth at 7.1%, driven by the expansion of food service outlets, increasing demand for ready-to-eat meals and fast food, and the growth of e-commerce.