APAC Food Packaging Market to cross USD 170 bn by 2025: Global Market Insights, Inc.January 5, 2020
The APAC food packaging market share from recycled products segment will grow at over 3.5% CAGR during 2019-2025 owing to rising concerns associated with waste generation, global warming, and climate change.
According to a latest report by Global Market Insights, Inc., the Asia Pacific food packaging market is expected to hit US$ 170 billion revenue by 2025. Rising E-commerce and increasing consumption of convenience foods will augment the industry growth during the forecast time span.s
The evolving landscape of E-commerce is likely to accelerate the growth of food packaging in the Asia Pacific region. There is a major shift happening in the regional food industry as consumers are preferring packaged foods over traditional cooked meals. It is due to hectic lifestyles, time constraints for meal preparation, increasing disposable incomes, and easy availability of packaged foods. Consumers are using E-commerce platforms for ordering packaged food items as they offer convenience, timely delivery, and better discounts. This has led to innovations in food packaging industry and will support the strong growth of industry over the coming years.
Some major findings of the Asia Pacific food packaging market report include:
- China will lead the market in future owing to high population, increasing consumption of packaged foods and rising E-commerce.
- Plastics will dominate the market accounting for more than half of the total market between the forecast period.
- The market is highly fragmented and key manufacturers in the industry are Mondi Plc, Crown Holding Inc., Amcor plc, Sealed Air Corporation, Stora Enso Oyj, Sonoco Products Company and Berry Global Group, Inc.
Strict regulatory environment associated with food packaging may negatively influence the market growth in upcoming years. These regulations cover all the aspects related to food quality, consumer safety and packaging materials. Additionally, negative perceptions about plastic packaging may hamper the product consumption in future. Plastic waste is sent to landfills which causes greenhouse gas emissions. Moreover, it is being dumped into rivers and oceans, leading to water pollution. These harmful effects on the environment coupled with sustainable packaging trends may slowdown the Asia Pacific food packaging market growth over the coming years.