Along with the basic functions, packaging also provides the information regarding the ingredients added, nutritional profile, details regarding manufacturer and other additional requirements for the product like method of usage, storage, etc., With advancement in technology, the packaging also includes functions of intelligent technologies like product traceability, convenience, product recall, quality indicator of the product and tamper indication. The goal of the food packaging is extending to provide cost-effective solution for suitable industry and consumer requirements to maintain food safety and minimize negative environmental impact.
MARKET SIZE OF FOOD PACKAGING INDUSTRY
The food packaging industry market was valued at USD 301.3 billion in 2020 and is expected to reach USD 411 billion by 2026, at a CAGR of 5.5% over the forecast period 2021 2026. The changes in the lifestyle of the people and changing food preferences of consumers, along with the increasing population in developing nations are the driving forces for the growth of the market in the forecasted period. The growing preference of consumers for processed food due to surge in working population, rise in disposable incomes, and lifestyle to shifts in population dynamics from rural to urban areas, is also driving the food packaging market. New packaging technologies, such as active packaging, intelligent packaging, and engineering science, have evolved over the years, which enables flexible packaging of food products. Companies are adopting eco-friendly packaging by using biodegradable, edible and sustainable packaging material which can be recycled, renewed, and reused.
This story is from the May 2022 edition of Food Marketing & Technology - India.
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This story is from the May 2022 edition of Food Marketing & Technology - India.
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