The US food industry is forecast to grow at a steady rate of 2.9% compound annual growth rate through 2022, according to the 2016 Food Packaging Trends and Advances report from PMMI, The Association for Packaging and Processing Technologies, organizer of Pack Expo International 2016 and Pharma Expo in Chicago, US from November 6–9.
Based on interviews from 70 professionals across the food processing and packaging industry in the US and overseas, the study forecasts that meat and related products and snack foods will outperform the market with more than 3% growth.
The growth in these two segments is attributed to consumer demand for portion control and convenience options.
Global market growth
The US food industry trails the global market and, while North America is the largest global market across all food segments, the overall growth of the food industry, which includes food packaging, is being driven by emerging markets such as Argentina, Brazil, China and India.
Global growth rates for most segments are double US growth rates, except for meat and related products (8.5%), and candy and confections (8%), which have higher rates of global growth compared to those of the US.
Innovation in the US food industry
US food packaging innovations are often concepts that are already in use in other segments and innovations from other countries are beginning to enter the US food packaging market.
One trend that meat manufacturers find exciting is a product with a film that opens during cooking that allows the meat to brown after a pre-determined period of time.
The most innovative food industry segments are:
• Snack foods: Recycled and biodegradable materials for salty snacks; stylish, vivid graphics and shapes for single-serve packs;
• Meat and related products: New films to keep meat fresher longer; active labels to sense when meat is past its expiration;
• Fruits and vegetables: Clear, tactile films to make consumers pause and consider the product; more single-serve packaging;
Consumer demand continues to drive the industry, as noted in the current major packaging trends.
They include convenience, flexibility, safety, sustainability and technology.
