The retail value of the world packaged food market is expected to climb to $2.5trillion by 2017, but Western Europe and North America are forecast to be overtaken by the rapidly growing Asian market.
The value is likely to be spread over 200 billion outer packs, around 1.69 trillion primary packs and more than 0.5 trillion closures.
Soy products, pasta and noodles make up the promising food market sectors and, at the same time, the food packaging market sectors.
Blister pack, pouch, sleeve and carton sectors are also forecast to witness a robust growth.
Worldwide food market
The findings come from a report, “Innovations in Food Packaging, 2013 – A review of recent trends, drivers and issues in global food packaging” by Canadean.
It claims bakery and cereals, dairy food and meat formed the top three sectors of the worldwide food market in 2012 and accounted for around 50% of the overall food package market.
Flexible packaging holds the volume share of the materials utilized for primary packaging in the overall packaged food industry. Meanwhile, sachets and bags represent the largest sector of the primary food packaging market by type.
Sectors covered in the report, published by The Market Publishers, include: rigid plastics, flexible packaging, paper and board, rigid metal, glass, and closures, labels and adhesives.