Asia Pacific Food Packaging Market Size Expands at Steady CAGR of 4.33% During 2024–2030, to Reach USD 96.6 Billion by 2030

Published | 08 January 2024

Asia Pacific Food Packaging Market is flourishing due to a spurring demand for convenience packaging with sustainable materials from thriving e-commerce and online food delivery apps.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Asia Pacific Food Packaging Market size at USD 74.91 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Asia Pacific Food Packaging Market size to expand at a CAGR of 4.33% reaching a value of USD 96.6 billion by 2030. The Asia Pacific Food Packaging Market is propelled by the rising disposable income of consumers, leading to an improved standard of living. Increasing exports of fruits and vegetables from the region are expected to contribute significantly to the expansion of food packaging market.  There has been a global upswing in imports of fruits and vegetables, registering a 17.6% increase worldwide, while the Asia Pacific region has witnessed a notable 51.6% surge in imports of these products. In major APAC countries like India, the surge in demand for online food ordering, exemplified by the substantial growth of prominent delivery companies like Zomato, has propelled the use of packaged food boxes in the food packaging market. Lifestyle changes, evolving food preferences, and population growth in developing nations are additional factors expected to drive market growth. The preference for processed food due to a growing working population, particularly working female population, higher disposable incomes, and busy lifestyles, coupled with population migration from rural to urban areas, further fuels the demand for food packaging products. The market is also witnessing the rapid adoption of advancements in packaging technologies, such as active packaging, intelligent packaging, and engineering science, facilitating the flexible packaging of food products. Moreover, food packaging companies are increasingly adopting eco-friendly practices by utilizing biodegradable packaging materials that can be recycled, renewed, and reused. As a result, such aspects are expected to boost the expansion of the Asia Pacific Food Packaging Market during the period in analysis.

Impact of COVID-19 on Asia Pacific Food Packaging Market

COVID-19 pandemic had a dual impact on the Asia Pacific Food Packaging Market. The imposition of curfew-like situations, where operational activities were severely restricted, contributed to the impact. The pandemic shed light on the significance of fresh food packaging, particularly for safety reasons, as packaging proves crucial in safeguarding food from air, moisture, temperature variations, and various micro-organisms. Recognizing COVID-19 as a communicable disease, spreading from person to person according to the World Health Organization (WHO) and other international health and food safety authorities, underscores the importance of safe food handling. While food demand tends to be relatively stable, overall consumption is constrained, highlighting the pivotal role of packaging in ensuring food safety. The collective effect of these factors underscored the critical role of the fresh food packaging market amid the COVID-19 pandemic.  However, post-pandemic, the focus on food safety, extended shelf life, and convenience is expected to drive the growth of the food packaging market during the forecast period.

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Asia Pacific Food Packaging Market

Segmental Information

Asia Pacific Food Packaging Market – By Application

Based on application, the Asia Pacific Food Packaging Market is divided into Bakery & Confectionary, Dairy Products, Fruits & Vegetables, Meat, Poultry, & Seafood, and Sauces & Dressings segments. The bakery & confectionary segment holds the highest share in the Asia Pacific Food Packaging Market by application, due to the universal appeal and consistent demand for baked goods and sweets across diverse cultures. The segment relies heavily on effective packaging to preserve freshness, maintain product quality, and enhance visual appeal, contributing to its dominant market position.

Asia Pacific Food Packaging Market – By Country

Geographically, the Asia Pacific Food Packaging Market is segmented as major countries of the region including China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Vietnam, and Rest of APAC. India is expected to dominate the Asia Pacific Food Packaging Market during the forecast period. The market in the most populous country is primarily driven by rising per capita income, increased health consciousness, and evolving lifestyle trends. The Indian market benefits from abundant raw material supplies for plastic, metal, and paper packaging. Hence, India is expected to emerge as a preferred hub for the packaging industry. Government regulations, coupled with a demand for convenient packaging, particularly in the form of flexible packaging, further contribute to the industry's growth. The international trade in packaging material and machinery has expanded, facilitated by global trade growth and India's WTO commitment to tariff rationalization. The India Food Packaging Market is also witnessing a rise in small pack sizes, including "Tabekiri" packets, meeting the preferences of single-person households.

Competitive Landscape

The Asia Pacific Food Packaging Market is highly fragmented, with numerous players serving the market. The key players dominating the Asia Pacific Food Packaging Market include Amcor plc, Sealed Air, Sonoco Products Company, Berry Global, Inc., WestRock Company, Mondi, Genpak LLC, and Pactiv LLC. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

Don’t miss the business opportunity of the Asia Pacific Food Packaging Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the Asia Pacific Food Packaging Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Asia Pacific Food Packaging Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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