Food security has become one of the most complex challenges today with an increasing population demanding a sustainable, nutritious, and affordable high-quality food. According to the Food and Agriculture Organization (FAO), the carbon footprint of food spoilage is estimated at 3.3 gigatonnes of CO2. Also, food wastage often occurs before the food reaches to consumer. The U.S. Environmental Protection Agency credits food wastage as the second-largest component of solid waste in developed countries.
Packaging can reduce food waste by extending the shelf life and ensuring consumers can buy smaller quantities. Packaging in food industry is unique in the sense that it allows the content inside product to stay fresh and safe for consumption, even after long hours of shipment and distribution. For this reason, certain products will require specific types of packaging materials that protects them against temperature and manhandling. The primary factors that trigger food spoilage are – light, moisture, development of microbes, temperature, and oxygen retention. Flexible packaging addresses four out of these five challenges to a great extent.
According to the Industry Council for Research and Packaging on the Environment, flexible plastic packaging increases the shelf life and helps reduce in-store waste from 3% to less than 1%. By extending the lifecycle of food and protecting it against spoilage, flexible packaging can provide a solution for decreasing the burden on the ecosystem with provisions that are nutritious and safe to consume.
The packaging industry is booming at a rapid pace with its growing adoption in every industry from manufacturing companies to the retail outlets. The larger chunk is being from the food and beverage industry, contributing approximately 50% of the total packaging market. However, the competing shelf-space of the food products and the irresistible increase in e-commerce shopping and shipping has ensured reconsidering the packaging solutions. The changing customer interactions with the products and the environmental implications have commissioned a rapid shift from rigid to flexible packaging, especially in the food and beverage industry.
Further, the digital flexible packaging has drastically improved the food marketing presentation. It allows affordable short-run packaging for quick turnaround and also helps the manufacturers to promote their products conveniently. The extensive adoption of flexible packaging has benefitted the suppliers and manufacturers by creating a high quality, cost-effective flexible packaging product with maximized consumer appeal to expand their business and promisingly enclave their competition in the packaging world.
Thus, owing to the unique properties and increasing applications in food and beverage industry, flexible packaging market has been witnessing a rapid growth, which is expected to grow at CAGR of 3.7% to reach $243.7 billion by 2023, according to the Meticulous Research®.
Browse in-depth Report: Flexible Packaging Market- Global Opportunity Analysis and Industry Forecast to 2023