Food Packaging Technology Market Worth 57.80 Billion USD by 2023

The report “Food Packaging Technology and Equipment Market by Technology (Controlled, Active, Intelligent, Aseptic, and Biodegradable), Material (Metal, Glass & Wood, Paper & Paperboard, and Plastics), Equipment, Application, and Region-Global Forecast to 2023,” published by MarketsandMarkets™ (marketsandmarkets.com), states that the market is projected to reach USD 57.80 Billion by 2023. The Food Packaging Technology Market is estimated at USD 41.36 billion in 2018 and is projected to reach USD 57.80 billion by 2023, at a CAGR of 6.92% during the forecast period. The food packaging equipment market is estimated at USD 19.72 billion in 2018 and is projected to reach USD 26.96 billion by 2023, at a CAGR of 6.46% during the forecast period. The market is driven by factors such as high demand for hygienic food packaging, as well as rising consumption of fresh & high-quality food and demand for conveniently packaged food products. Controlled packaging is estimated to be the largest segment, by technology type, in 2018.

Based on technology type, the Food Packaging Technology Market has been segmented into controlled, active, intelligent, aseptic, biodegradable, edible, and nano-enabled technology. The controlled packaging segment is estimated to account for the largest share in 2018. Controlled technology modifies the composition of the internal atmosphere of the packaging in order to increase the shelf life of the products. It changes the concentration of the gases in the headspace of the packaging. This type of packaging also helps retain the color of the food intact, thus ensuring visual appeal.

The plastics material segment is estimated to account for the largest share of the global Food Packaging Technology Market in 2017. Plastic packaging consists of a wide range of synthetic and semi-synthetic materials, the use of which varies with the food products being packaged. Due to their low cost, versatility, and easy availability, plastics are used in a variety of applications. Properties such as durability, safety, hygiene, and light weight have made plastic packaging popular.

The form-fill-seal segment accounted for the largest share of the global food packaging equipment market in 2018. They are used for a wide range of products such as bakery, confectionery, dairy, meat, poultry, and convenience food. Form-fill-seal held the largest share in the global food packaging equipment market owing to their ability to perform multiple tasks. This provides cost efficiency and operational effectiveness to food manufacturers.