Global packaging market revenues to reach $48.3 billion in 2020

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The consumer trend toward minimally processed foods, increase in consumption of pre-processed, ambient food and drinks are some of the factors driving innovations in the field of packaging. BCC Research reveals in its new report that the food and beverage packaging markets should sustain growth primarily due to the promising innovative packaging technologies such as interactive packaging, biodegradable packaging and edible packaging, all of which can help decrease the impact of the global burden of plastic waste.

Packaging technologies improve the sustainability and reliability of products and aid in managing their inventory. Packaging technologies also protect food and beverages from outside influences, such as harmful ultraviolet (UV) rays and oxidation, and can help keep products fresh and aesthetically attractive.

Global packaging market revenues should reach almost $43.4 billion and $48.3 billion in 2015 and 2020, respectively, reflecting a five-year compound annual growth rate (CAGR) of 2.2%. Globally, controlled packaging accounted for the highest revenue within the advanced packaging market followed by active packaging. Controlled packaging is expected to reach $19.8 billion and about $22.6 billion in 2015 and 2020, respectively, at a five-year CAGR of 2.2%. Active packaging, the second-largest segment and fast-growing with a 2.5% CAGR, should grow to nearly $13.2 billion by 2020.

The packaging market is a dynamic market that depends mostly on innovations and advancements. Because of the sustained dependency of the food and beverage industry on packaging, much research and many innovations have spurred the development of advanced packaging technologies. Spending on research and development, along with increasing competition and new technologies, are steering this industry in a new direction. The advancements, new product launches and changing lifestyles have driven market growth, as well.

“The market trend toward ready-to-eat, easy-to-cook and microwavable products along with lifestyle changes has resulted in innovative packaging methods such as active, intelligent, controlled and advanced packaging. Each of these packaging methods also acts as market drivers that motivate consumers to purchase the packaged products,” says BCC Research analyst Shalini S. Dewan. “For instance, active packaging methods address concerns regarding the quality and shelf life of food products with the incorporation of food additives or food contact materials (FCS). These additives or FCS can directly interact with the packaging environment and thus improve the quality of packaged consumables.”

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