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The global food packaging market size is expected to reach USD 463.65 billion by 2027. The growing advancement in food packaging solutions to increase the shelf life of products will fuel demand for the market during the forecast period, mentioned in the report, titled “Food Packaging Market Size, Share & COVID-19 Impact Analysis, By Materials (Glass, Metal, Paper & Paperboard, Wood, and Plastics [Polypropylene, Polyethylene, PET, and Others]), By Product (Rigid, Semi-Rigid, and Flexible) By Application (Fruits & Vegetables, Bakery & Confectionery, Dairy Products, Meat, Poultry & Seafood, Sauces, Dressings and Condiments, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 304.98 billion in 2019 and is expected to exhibit a CAGR of 5.9% between 2020 and 2027.
Collaboration of Bühler Group and Premier Tech to Encourage Growth
Bühler Holding AG is a Swiss multinational plant equipment manufacturer based in Uzwil, Switzerland, and that it has signed a joint venture agreement with Premier Tech, a packaging company based in Canada, which will be called PT-Bühler. The strategic collaboration will involve the development of cost-effective packaging solutions for the global food feed and grain markets. The joint venture in China will aid the global supplier for bulk packaging. Moreover, the partnership will enable Bühler to utilize Premier Tech’s technologies in palletizing and bagging through the PT-Bühler collaboration in China. Thus, catering to the need for cost-effective packaging with its facilities for high-end food feed and grain markets. Moreover, Bühler’s robust international sales and service network and automated packaging technologies will aid the food packaging industry through the joint venture, which, in turn, will accelerate the market in the near future.
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Emphasis on Green Packaging by OEMs to Enhance Market
The wide-ranging availability of packaging options such as intelligent packaging, active packaging, nanocomposites, edible/biodegradable packaging, and others will promote the growth of the market. The growing awareness about packaging solutions among consumers will consequently improve the prospects of the market. The packaging improves shelf life and ensures the safety and quality of the food product. The growing prominence of green packaging solutions owing to its eco-friendly advantages is expected to create lucrative opportunities for the market. The increasing inclination of consumers towards eco-friendly packaged food can further spur demand for green packaging, which, in, turn will foster the growth of the market. Additionally, the increasing need for sustainable packaging to reduce environmental pollution will stimulate the speedy expansion of the market in the forthcoming years.
Range of Packaging Solutions offered by Key Players to Steer Competition
The main companies such as Mondi Group, Amcor plc, Berry Global Inc., and BALL CORPORATION are focused on delivering wide-ranging solutions to its customer base. For instance, Mondi offers sustainable packaging solutions such as plastic films, pulp, and paper, and also produces consumer and industrial packaging products. The company has around 102 production sites in more than 33 countries. Whereas, Amcor provides packaging for includes food & beverage, pharmaceutical, medical, home & personal care, and other industries. The ongoing strategies among companies to improve packaging solutions will enrich the industry in the near future. Besides, the emerging players are also focused on enhancing their strong distribution channels, product offerings, and regional presence to establish a strong footprint in the market.
The Report Lists the Main Companies in the Food Packaging Market:
Further Report Findings:
The Market for Food Packaging is Segmented into:
Value (USD Million) and Volume (Kilo Tons)