Snack Food Packaging Global Market Opportunities and Strategies to 2032

This report describes and explains the snack food packaging market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global snack food packaging market reached a value of nearly $25,242.0 million in 2022, having grown at a compound annual growth rate (CAGR) of 7.4% since 2017. The market is expected to grow from $25,242.0 million in 2022 to $33,284.9 million in 2027 at a rate of 5.7%. The market is then expected to grow at a CAGR of 7.8% from 2027 and reach $48,510.5 million in 2032.

Growth in the historic period resulted from the increased health consciousness, strong economic growth in emerging markets, rapid growth in ecommerce and a rising demand for ready-to-eat products.

Going forward, the influence of digital media marketing and social media, a rising demand for savory and tasty snack food, a rising penetration of retail and urbanization will drive the growth. Factors that could hinder the growth of the snack food packaging market in the future include intense competition, stringent government protocols and the Russia-Ukraine war.

The snack food packaging market is segmented by packaging type into flexible packaging and rigid packaging. The flexible packaging market was the largest segment of the snack food packaging market segmented by packaging type accounting for 80.6% of the total in 2022. Going forward, the flexible packaging market is expected to be the fastest growing segment in the snack food packaging market segmented by packaging type, at a CAGR of 6.0% during 2022-2027.

The snack food packaging market is segmented by material into plastic, paper, metal and other materials. The plastic market was the largest segment of the snack food packaging market segmented by material accounting for 47.1% of the total in 2022. Going forward, the plastic market is expected to be the fastest growing segment in the snack food packaging market segmented by material, at a CAGR of 6.0% during 2022-2027.

The snack food packaging market is segmented by application into bakery snacks, candy and confections, savory snacks and nuts, dried fruits and other applications. The savory snacks market was the largest segment of the snack food packaging market segmented by application accounting for 30.1% of the total in 2022. Going forward, the savory snacks market is expected to be the fastest growing segment in the snack food packaging market segmented by application, at a CAGR of 5.9% during 2022-2027.

Asia Pacific was the largest region in the snack food packaging market, accounting for 43.6% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the snack food packaging market will be Africa, and, Western Europe where growth will be at CAGRs of 8.0% and 5.9% respectively. These will be followed by Asia Pacific, and, Eastern Europe where the markets are expected to grow at CAGRs of 5.8% and 5.7% respectively.

The snack food packaging market is highly fragmented, with a large number of small players. The top ten competitors in the market made up to 6.83% of the total market in 2021. Amcor Plc was the largest competitor with 1.38% share of the market, followed by The Smurfit Kappa Group plc with 1.30%, Sonoco Products Company with 1.00%, Huhtamaki OYJ with 0.70%, Sealed Air Corp with 0.66%, Berry Global Inc with 0.61%, Constantia Flexibles Group GmbH with 0.49%, Mondi Plc with 0.29%, Graham Packaging Holdings with 0.24%, and Bryce Corporation with 0.17%.

The top opportunities in the snack food packaging market segmented by packaging type will arise in the flexible packaging segment, which will gain $6,829.9 million of global annual sales by 2027. The top opportunities in segment by material will arise in the plastic segment, which will gain $4,041.0 million of global annual sales by 2027. The top opportunities in segment by application will arise in the savory snacks segment, which will gain $2,540.1 million of global annual sales by 2027. The snack food packaging market size will gain the most in China at $1,999.1 million.

Market-trend-based strategies for the snack food packaging market include developing new sustainable packaging products, focusing on case packing to offer integrated and automated packaging room solutions, leveraging digital printing technologies for packaging, focusing on transparency in snack packaging and focusing on partnerships and collaborations to expand product portfolio and geographic presence.

Player-adopted strategies in the snack food packaging market include enhancing paper-based packaging through the launch of new products, providing sustainable and innovative packaging solutions and expanding and strengthening business operations and presence through strategic acquisitions.

To take advantage of the opportunities, the publisher recommends the snack food packaging companies to focus on development of sustainable packaging, focus on use of case packer machines in packaging, use digital printing technology, expand in emerging markets, continue to focus on developed markets, focus on partnerships and collaborations, focus on competitive pricing, continue to use B2B (business-to-business) promotions, participate in trade shows and events and continue to target fast-growing applications.