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The global food packaging technology market is estimated at US$ 41.36 billion in 2018 and is projected to reach US$ 57.80 billion by 2023, at a compound annual growth rate (CAGR) of 6.92 percent during the forecast period. The food packaging equipment market is estimated at US$ 19.72 billion in 2018 and is projected to reach US$ 26.96 billion by 2023, at a CAGR of 6.46 percent during the forecast period. The market is driven by factors such as high demand for hygienic food packaging, as well as rising consumption of fresh and high-quality food and demand for conveniently packaged food products, a report published by Markets and Markets has estimated.
Based on technology type, the food packaging technology market has been segmented into controlled, active, intelligent, aseptic, biodegradable, edible, and nano-enabled technology. The controlled packaging segment is estimated to account for the largest share in 2018. Controlled technology modifies the composition of the internal atmosphere of the packaging in order to increase the shelf life of the products. It changes the concentration of the gases in the headspace of the packaging. This type of packaging also helps retain the colour of the food intact, thus ensuring visual appeal.
The plastics material segment is estimated to account for the largest share of the global food packaging technology market in 2017. Plastic packaging consists of a wide range of synthetic and semi-synthetic materials, the use of which varies with the food products being packaged. Due to their low cost, versatility, and easy availability, plastics are used in a variety of applications. Properties such as durability, safety, hygiene, and light weight have made plastic packaging popular.
The form-fill-seal segment is projected to account for the largest share of the global food packaging equipment market in 2018. They are used for a wide range of products such as bakery, confectionery, dairy, meat, poultry, and convenience food. Form-fill-seal held the largest share in the global food packaging equipment market owing to their ability to perform multiple tasks. This provides cost efficiency and operational effectiveness to food manufacturers.
The Asia Pacific region witnessed the fastest growth in the food packaging technology and equipment market; one of the key factors being the rapid economic growth and rise in urbanisation. IMF World Economic Outlook estimated that the two economic giants of the Asia Pacific region-China and Japan-were the world's second- and third-largest economies in 2017, respectively. Other drivers that would have a positive impact on this market are the rising household incomes and the growing middle-class population, which are expected to increase the demand for packaged and convenience food products in the region.