Food Packaging Market to Reach Value of $305,955.1 million by 2019
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The global food packaging market is projected to reach a value of $305,955.1 million by 2019, according to a report titled Food Packaging Market - Global Trends & Forecast to 2019 being carried by MarketsandMarkets.com, Dallas, Texas, USA. Asia-Pacific, the report notes, is projected to be the largest market and is projected to grow at the highest CAGR during the forecasted period. In this region, the Indian market is estimated to be the second-fastest.
The food packaging market is driven by the trend of consumers shifting towards specialty and processed food, advancement in food packaging material, marketing strategies of companies, increase in the demand for food packaging material products, and consumer awareness in developing economies, the report explains. The key market players adopted expansions, new product launches, agreements, joint ventures, partnerships, and acquisition as their preferred strategies to sustain competition in the market.
The different technologies used to manufacture processed food packaging products, and an introduction of a wide variety of food packaging types for developing materials of food packaging have further driven the market, the report notes.
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