According to Market Research Future (MRFR), the Snack Food Packaging Market had a market value of USD 37 billion in 2021 and is expected to witness a CAGR of around 5.5% from 2022 to 2030 (forecast period). The report addresses and explores the effect of the Covid-19 outbreak on the global snack food packaging market, including future opportunities and challenges, drivers, and risks.
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The global snack food packaging market has seen substantial growth over the last few years. The market for snack food packaging is projected to be powered by a rise in ready-to-eat food consumption and consumer awareness of healthy lifestyles. These trends have led to a rise in the consumption of snack foods and have contributed to the growth of the snack food packaging industry worldwide.
Market Dynamics
The rising penetration of franchise food organizations and the rise in home food consumption in urban areas, along with the growing retail sector, drive demand for ready-to-eat snacks. Busy lifestyles, aging of the population, and increasing awareness of the nutritional value, safety, variety, and product appeal increase the acceptance of processed and convenience food alternatives. Both of these factors are likely to push food packaging in the global market. Nonetheless, it is projected that strict regulation of plastic packaging hinders the growth of the market.
Key Players
The key participants identified by MRFR in the Global Snack Food Packaging Market are Sonoco Products (US), Graham Packaging Holdings (US), Bemis Company (US), Amcor (Australia), Swiss pack private limited (India), 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).
Market Segmentation
The global market for snack food packaging has been segmented based on material, packaging type, and application.
Based on the packaging type, the global market for snack food packaging has been segmented into rigid packaging and flexible packaging. The flexible packaging segment captured the largest market share in the global snack food packaging market in 2018 and is anticipated to rise with the highest CAGR during the forecast period.
Based on material, the global market for snack food packaging has been segmented into plastic, paper, metal, and others. The plastic segment is further segmented as Bopp, polypropylene, polyethylene, LLDPE, polyester, and others. The plastics segment had the largest market share in the global food packaging market in 2018 and is predicted to experience the fastest growth rate during the assessment period.
By application, the global market for snack food packaging has been segmented into bakery snacks, savory snacks, candy & confections, nuts & dried fruits, and others. The Savory Snacks segment captured the largest market share of the global snack food packaging industry.
Regional Analysis
The global market for snack food packaging has been segmented, based on region, into Asia Pacific, Europe, the Middle East & Africa, North America, and South America.
The Asia Pacific had a significant market share in the global snack food packaging market in 2018, followed by North America and Europe, and is predicted to remain dominant until 2030. Higher consumption of snack foods in the region, primarily in developing countries such as India, Indonesia, China, and Malaysia, is one of the key factors expected to increase demand for snack food packaging in the area during the forecast period.
North America is expected to see significant growth in the chips packing market. The region profits from the involvement of Tier 1 food packaging manufacturers such as Bemis Company, Inc., Amcor, Sealed Air Corporation, and Berry Global, Inc. Such industry players are aggressively strengthening their market position through strategic alliances to extend their global reach and create innovative packaging solutions for their customers. For example, in June 2022, Amcor acquired Bemis Company Inc. intending to enhance its size, capabilities, and global presence and generating significant value.
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