$72.3 Billion Worldwide Food Packaging Films Industry to 2027 - Players Include Coveris, DS Smith, Dupont Teijin Films, Georgia Pacific and Graphic Packaging Holding - ResearchAndMarkets.com

The "Food Packaging Films Market by Type (Flexible, Rigid), Material (Polyethylene, Polypropylene, Polyethylene Terephthalate), Application (Meat, Poultry & Seafood, Convenience Food, Bakery & Confectionary) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The food packaging films market size was USD 49.8 billion in 2021 and is projected to reach USD 72.3 billion by 2027, at a CAGR of 6.4%. Food packaging films has been one of the fastest-growing segments of the packaging industry over the past few years. The key driver for the food packaging films market is the increase in the demand for convenience food items.

However, the growth of the market is restrained by issues related to the rising raw material prices. The basic raw material used for food packaging films is plastic, which is made from crude oil. As the supply of crude oil keeps fluctuating, plastic manufacturing is affected.

Meat, poultry & seafood segment to lead market growth

Meat, poultry & seafood is the leading application segment in terms of both value and volume. Growing disposable incomes have fueled the demand for convenience food items, which is, in turn, driving the food packaging films market. The increasing awareness regarding the nutritional value of meat products and changing eating habits are also boosting the demand for food packaging films. Packaging protects meat products during processing, storage, and distribution. The aim of any packaging system for fresh muscle foods is to prevent or delay undesirable changes in appearance, flavor, odor, and texture. Consumer rejection of the product is possible if the quality claims are not met.

The food packaging films market in the polypropylene segment is expected to be the second largest during the forecast period.

Polypropylene is the most preferred packaging material due to its low weight and cost. Polypropylene (PP) is a clear, glossy film with high strength and puncture resistance. It can be made translucent, opaque, or of a different color during the manufacturing process. PP generally has a high melting point, making it particularly suitable for food packaging products that are used in microwaves or cleaned in dishwashers.

Asia Pacific projected to be fastest-growing food packaging films market during forecast period

The market for food packaging films is observed to be growing in Asia Pacific, as a result of demographic changes and continuous industrialization. Emerging economies in the Asia Pacific region, such as India and China, provide immense opportunities in the food packaging films market. Growth in the food packaging films market is primarily driven by factors such as the rising consumption of packed food products, increasing demand from the food industry, rising disposable income, and manufacturer focus on developing low-cost packaging options.

Market Dynamics

Drivers

• Rising Global Population and Improving Economic Conditions of Emerging Countries
• Growing Demand for Convenience Food Items
• Innovative Packaging Solutions for Extended Shelf Life of Fresh Food Items
• Rising Demand for Oriented Films

Restraints

• Volatile Raw Material Costs
• Stringent Government Rules and Regulations Regarding Raw Materials

Opportunities

• Innovations in Eco-Friendly Packaging

Challenges

• Manufacturers Concentrating on Downsizing Packaging

Companies Mentioned

• Amcor plc
• Berry Global
• Charter Next Generation
• Clearwater Paper Corp
• Constantia Flexibles
• Coveris
• DS Smith plc
• Dupont Teijin Films
• Georgia Pacific
• Graphic Packaging Holding Company
• Huhtamaki Oyj
• Innovia Films Ltd
• Jindal Poly Films
• Mondi Group
• Novamont
• Novolex
• Plastipak
• Printpack Inc.
• RKW Se
• Sealed Air Corporation
• Taghleef Industries
• Tetra Pak
• Westrock Company
• Wipak Group

For more information about this report visit https://www.researchandmarkets.com/r/j2mfs6

View source version on businesswire.com: https://www.businesswire.com/news/home/20221028005268/en/