Expected to be valued at US$ 17.2 Billion in 2022, the snack food packaging industry is expected to proliferate at a CAGR of 4.2% from 2022 to 2032. As per the report published by Future Market Insights, the market for snack food packaging is likely to reach a valuation of US$ 26 Billion by the end of the said period of assessment.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value for Snack Food Packaging (2022) | US$ 17.2 Billion |
| Projected Market Value for Snack Food Packaging (2032) | US$ 26 Billion |
| Forecast CAGR (2022 to 2032) | 4.2% |
In today's thriving snack food market, it's more crucial than ever to ensure your snack food packaging stands out on the shelf. The growth of e-commerce is the main driver for the global market. Moreover, the ever-evolving convenience trend is fuelling the demand for flexible packaging solutions for snacks. There is high demand for flexible packaging in the food industry.
In the global snack food packaging market, developed countries of North America like U.S, accounts for largest market share which is attributed to the high consumption of consumers as well as stringent government regulations on the safety and the quality of the snack food products.
FMI research indicates snack food packaging solutions show great potential for not only durability but improving outcomes for buyers in different areas.
The snack food packaging should meet the objectives like:
To meet all these objectives, the manufacturer of snack food packaging offers a wide selection of pouch and bag sizes, shapes, and materials with eye-catching graphics to easy-to-open formats to bring out the best in your snack food packaging.
Due to the growing emphasis on food safety and hygiene, manufacturers in the snack food packaging market are increasing the production capabilities of single-serve packaging solutions. The increasing disposable incomes have unwrapped tremendous opportunities for the ready to eat snack foods which in turn driven the growth for the global snack food packaging market.
Also, the manufacturer of snack food packaging has increased R&D to develop sustainable materials including paper and recycled plastic to address sustainability and the issue of growing plastic waste.
For instance, APC is a leader in the push toward sustainable packaging efforts, which can be seen in Nestlé Canada’s Smarties pouch’s shift from plastic to FDA-approved recyclable paper. This packaging transition was recognized with multiple industry awards, including two FPA Gold awards for Packaging Excellence and Technical Innovation, and a Silver award in the Sustainability category.
Research shows manufacturers need to overcome a variety of challenges to provide good snack food packaging solutions. As some snack food packaging manufacturers use flexible packaging due to its being extremely cost-efficient, other options are known for sustainability, such as folding cartons and plastic jars.
Some food companies prefer using economic approaches with their packaging, while others focus on marketing and branding with multi-color printing.
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Snack food is becoming a mainstream trend that has gathered force over time and is considered as one of the most preferred form of commodities, hence snack food packaging should be attractive to buyers in order to gain their attention.
Shifting preference of consumers for snack foods into meals are changing how restaurants and packaged food manufacturers market food. Packaged food manufacturers stay on top of their changing preferences and needs, mostly for health, value and quality as well. For instance, nearly 80% of consumers looks for best value products.
The growing number of nuclear families coupled with increasing disposable incomes has unwrapped tremendous opportunities for the ready to eat snack foods which in turn driven the growth for the global snack food packaging market in the near future. The opportunity to indulge in exotic flavor options at reasonable prices, convenience and changing consumer lifestyle are the major factors that influence the growth of snack food packaging market.
The consumers crave for healthier snack food products and they are unwilling to sacrifice flavor as these are now trends in the overall snack food market. Furthermore, the trend of eating snacks in between meals has led to the tremendous demand for the global snack food packaging market.
Branding and product innovation act as a decisive factor which has provided impetus to the global snack food packaging market. Manufacturers emphasis on their product offering in order to suit the taste of the consumers and developing new alternatives to provide to geographic specific demand which has expanded their consumer base.
Innovations in the global packaging industry, such as sophisticated packaging products which are made of materials such as biaxially-oriented polypropylene (BOPP), biaxially-oriented polyethylene terephthalate (BOPET), and cast polypropylene (CPP) has led manufacturers of snack food packaging market to provide attractive and colorful packs to draw attention to consumers.
Principal Consultant
In geography, the global snack food packaging market is divided into majorly five regions such as North America, Latin America, Europe, Asia Pacific and Middle East & Africa. In the global snack food packaging market, developed countries of North America like U.S, accounts for largest market share which is attributed to the high consumption of consumers as well as stringent government regulations on the safety and the quality of the snack food products.
U.S is considered as a mature market for bakery and snack foods and is projected to grow with around 4% throughout 2016 to 2020 and Europe is considered to be the second largest market in the global snack food packaging market. However, outside of the U.S the opportunity to increase the sales of snack foods is also increasing as well.
Asia Pacific is expected to be primarily driven mainly by china, Japan and India in the global snack food packaging market. Latin America and Middle East & Africa are expected to witness sluggish growth over the forecast period. In Latin America, Brazil, Mexico and rest of Latin America are expected to create market opportunities for companies involved in the global snack food packaging market.
Some of the key players who are engaged in manufacturing snack food packaging are Sonoco Products, Sealed Air Corporation, Graham Packaging Holdings, Bemis Company, American Packaging, Bryce Corporation and many others, Swiss pack private limited and many more.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geography, technology and applications.
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The report is a compilation of first-hand information, qualitative, and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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