Bakery Packaging Market Overview:
Packaging plays an important role in attracting customers to the product offered by the manufacturers. In addition to the mentioned advantages, the packaging is also used for protection during transportation, identification and differentiation of competitive products available in the market. The demand for bakery packaging is increasing, due to consumer appeal of organic, healthy and natural bakery products, which should have a positive impact on the bakery packaging market. The innovation of new flavors and powerful ingredients is expected to boost sales of bakery products, which in turn will increase sales revenue from bakery packaging.
Bakery Packaging Market Size Analysis:
The Bakery Packaging Market was worth USD 247.45 billion in the year 2014 and is expected to reach approximately USD 348.27 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 3.87% during the forecast period.
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Bakery Packaging Market Drivers and restraints:
The global bakery packaging market is expected to be driven by increased sales of bakery products worldwide. The growing demand for bakery products is attributed to several factors, such as the longer shelf life of convenience foods, hectic lifestyles and rapid urbanization. The growth in organized retail sales is an important factor that can stimulate the demand for bakery packaging, due to the increase in the shelf life of the product. Most bakery manufacturers are inclined to adopt luxury packaging, especially during the holiday season to strengthen their brand, as they help customers remember the brand. The flexible plastic is gaining ground in the bakery packaging market due to several properties, such as its lightness, which should feed the demand in the near future.
Bakery Packaging Market Geographical Insights:
Geographically, the global bakery packaging market has been divided into key regions of North America, Latin America, Europe, Asia-Pacific, and Middle East and Africa. North America is expected to dominate the global bakery packaging market during the forecast period. It is expected that markets in Europe and Latin America will record a healthy annual compound growth rate during the forecast period. The Asia-Pacific market is expected to grow rapidly during the same period, due to factors such as changing lifestyles of the population in the region. It is expected that developing economies such as India and China in the Asia-Pacific region will increase sales of bakery products in the respective countries. The market in the Middle East and Africa is expected to grow slowly during the forecast period.
Some of the key players in the global bakery packaging market are: Amcor Limited, Bemis Company, Inc., Smurfit Kappa Group, Mondi, Brow Packaging, Genpak, LLC, Reynolds Group Holdings, Sydney Packaging, WestRock, Benson Box, As Food Packaging and NAPCO.
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