Market Analysis
Market Research Future (MRFR) projects the global snack food packaging market to witness a CAGR of around 5.5% from 2021 to 2028 (forecast period).
Multiple Factors to Boost Market Growth
Snack food is becoming a widespread trend that has gained strength over time and is regarded as one of the most favored forms of commodities; therefore, snack food packaging should be appealing to purchasers in order to capture their attention. Consumers' shifting preferences for snack items into meals are altering how restaurants and packaged food manufacturers advertise food. Packaged food makers keep up with changing consumer preferences and needs, particularly in terms of health, value, and quality. For example, approximately 80% of consumers seek out the best value products.
The global snack food packaging market has experienced rapid growth in recent years. Increased consumption of ready-to-eat food and consumer awareness of healthy lifestyles are likely to fuel demand for snack food packaging. Such reasons have led to an increase in snack food consumption, which is propelling the global snack food packaging market forward.
The growing penetration of franchise food organizations, rising out-of-home food consumption in urban areas, and the expanding retail business are pushing demand for ready-to-eat snacks. Busy lifestyles, an aging population, and more understanding about nutritional content, safety, variety, and product attractiveness are all factors driving the popularity of processed and convenience foods. All of these reasons are projected to drive the global market for snack food packaging.
Market Segmentation
The global snack food packaging market has been segmented based on material, packaging type, application.
Based on the packaging type, the global snack food packaging market has been divided into rigid packaging and flexible packaging. The flexible packaging segment earned the largest market share of the global market of snack food packaging in 2018 and is anticipated to grow with the highest CAGR during the forecast period.
Based on material, the global snack food packaging market has been segmented as plastic, paper, metal, and others. The plastic segment has been further segmented into Bopp, polypropylene, polyethylene, LLDPE, polyester, and others. The plastic segment earned the largest market share of the global snack food packaging industry in 2018 and is predicted to witness the highest growth rate during the forecast period.
By application, the global snack food packaging market has been segmented as bakery snacks, candy confections, savory snacks, nuts dried fruits, and others. The savory snacks segment captured the largest market share of the global market of snack food packaging.
Regional Analysis
APAC to Lead the Global Market
The Asia Pacific dominated the global market, followed by North America and Europe; this dominance is predicted to last until 2025. Higher snack food consumption in the region, namely in developing nations such as India, Indonesia, China, and Malaysia, is one of the major factors projected to drive snack food packaging demand in the region over the forecast period.
North America to Grow at a Significant Pace
The global snack food packaging market in North America is predicted to increase significantly. The presence of tier 1 snack food packaging manufacturers such as Bemis Company, Inc., Amcor, Sealed Air Corporation, and Berry Global, Inc. benefits the region. These market participants are aggressively strengthening their market positions through strategic alliances in order to grow their worldwide presence and offer new packaging solutions for their customers. Amcor, for example, acquired Bemis Company Inc. in June 2019 to increase its scale, skills, and global footprint while also generating considerable value.
Key Players
Sonoco Products (US), Swiss pack private limited (India), Graham Packaging Holdings (US), Bemis Company (US), Amcor (Australia), Sealed Air Corporation (US), American Packaging (US), Bryce Corporation (US), Clondalkin Group (the Netherlands), Huhtamaki Global (Finland), ProAmpac (US), and Modern-Pak Pte Ltd (US).
Recent Developments
During the COVID-19 pandemic, JJ Snack Foods began to offer self-serve pretzel options for customers traveling to work. Customers can enjoy the pretzels with a variety of dips and sauces, and they can be reheated from the store. To safeguard the safety of their frequent customers, retailers offer tailored packages.
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