Food packaging assists in preserving and transporting food products to their desired location without affecting their taste or quality. It also aids in protecting food products from bacteria, spillage, moisture and toxins. Besides this, food packaging enables manufacturers to transmit information about the products’ price, origin, expiry date, and nutrition content. It also acts as a modern marketing means as well as for attracting consumers. According to the global food packaging market report by IMARC Group, the market reached a value of US$ 289.5 Billion in 2018. Looking forward, the market value is projected to reach US$ 372.8 Billion by 2024, expanding at a CAGR of 4.3% during 2019-2024.
Some of the major players operating in the industry include AMCOR PLC CDI 1:1 (AMC.AX), Crown Holdings, Inc. (CCK), Owens-Illinois, Inc. (OI), Bemis (BMS), Tetra Tech, Inc. (TTEK), Ball Corporation (BLL) and American Packaging Corporation (PKG).
At present there as both small and large players in the food packaging companies across the globe. The profiles of the leading players are discussed below:
- Amcor
- Crown Holdings
- Owens-Illinois
- Tetra Pak
- American Packaging Corporation
- Ball Corporation
Source: IMARC Group
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