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The global food packaging market is projected to grow at a CAGR of 6.5% during the forecast period. The key factors that drive the growth of the market include several advancements in the food packaging industry. Some of the advancements include active packaging, antimicrobials, intelligent packaging, and nanotechnology in packaging. The industry has been significantly introducing advanced packaging options that have led to improved food quality and safety. Such advancements in the food packaging industry have primarily focused on delaying oxidation and controlling moisture migration, volatile flavors and aromas, microbial growth, and respiration rates.
Further, the presence of the key players has also contributed to the food packaging industry growth over the forecast period. American Packaging Corp., Ball Corp., Bemis Co. Inc., Berry Global, Inc., DS Smith Plc, International Paper Co., Mondi Plc, Sealed Air Corp., Smurfit Kappa Group, Sonoco Products Co., and Stora Enso Oyj are among the prominent market players contributing to the market growth. For instance, in June 2019, Mondi Plc announced to build fully recyclable polypropylene for thermoforming applications. This step is also intended to reduce carbon emissions by 23% in packaging. Thus, this is likely to contribute to the food packaging market growth.
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.
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