Once upon a time, moving food from the village where it was produced to the nearest city meant most of it would be lost or spoiled. Evidently, it’s old news now. Today’s technology makes sure food is transferred safe and sound from all over the world. New technologies in this area ensure food waste is kept to a minimum.
New technologies in the food packaging industry and the companies responsible for them are also constantly conscious of being more sustainable and creating less plastic waste. The Paris Agreement, to some extent, addresses these industries since they are responsible for most of the plastic produced in the world. Therefore, the food packaging industry has taken this address seriously and is trying to participate in the carbon reduction program.
New trends in the food packaging industry
The Internet of Packaging
What if you could track your food package every moment of the journey? New packaging companies tend to plant a microchip in the food package so that the customers can keep track of the time the package has to spend every step of the way. Another internet-related trend that’s making a difference in the packaging industry is using QR codes. The information in the QR code includes the date and place of the production of the food. Or the number of days it has spent on the shelves of the storage or the supermarket.
Sustainability has become one of the major concerns of the food packaging industry. During the last few years, companies have tried to use alternative materials to control plastic waste. One of these alternatives is using plant-based packaging. Sugar cane, starch, seaweed, and coconut are some of the main choices in this endeavor. What’s more, another trend for biodegradable packaging is using a single type of plastic. One of the main challenges in the recycling industry is separating the different plastic kinds used in the making of the package. Usually, food packages are comprised of several layers of plastic, which are generally inseparable. Therefore, using a single type of plastic can make the package entirely recyclable.
3D printing is another new trend in packaging food. This trend has two significant benefits. Firstly, it offers personalized packaging to the customers. Second, 3D printing allows companies to use more customer-friendly packaging without contributing to the plastic waste problem.
Companies in the food packaging industry
Amcor is one of the leading companies in the packaging industry. This company offers packs for food, drinks, pharmaceuticals, home and personal care. It’s interesting to know that Amcor has 230 sites and more than 47,000 employees in 40 countries from all over the world.
Amcor is reported to have 12.8 billion dollars of revenue in 2021. This revenue is predicted to grow up to 13.22 billion dollars by the following year, 2022. The stock for Amcor is currently traded for 12.86 dollars per share. This stock was $10.77 last year this time which shows steady growth over time. According to analysis, the stock for Amcor is forecasted to grow by 5.57% per year in the next five years.
Sealed Air (SEE)
Sealed Air was founded in 1960 in Charlotte, North Carolina. This company specializes in making integrated and automated food packaging. These packages are not only cost-effective but also keeps vegetables and meat fresh. Some of the leading technologies this company uses include Vacuum Skin Packaging, Barrier Bags, Easy-Open Shrink Bags, and Overwrap Films.
Sealed Air has 16,500 employees working in 106 manufacturing sites. These factories are located in 117 countries and territories across the globe. This company’s revenue is estimated to be 5.46 billion dollars in the current year, 2021. This revenue is forecasted to reach 5.66 billion dollars by 2022. The stock for Sealed Air is currently traded for $61.22 per share. This stock was $38.50 last year, which shows a significant growth in the previous twelve years. What’s more, this stock is forecasted to increase 9.60% per year in the next five years.
Ball Corporation (BLL)
Ball was founded in 1880 in Westminster, Colorado. Today, this company has an office in Brazil and sends its products to countries in Europe, Asia, and Africa. Ball specializes in manufacturing aluminum packaging for drinks and personal care products.
Ball employs 21,500 people all over the world and is reported to have 13.62 billion dollars of revenue in the current year, 2021. The stock for Ball is estimated to grow by 15.2% per year in the next five years. The stock for Ball is currently traded for 97.38 dollars per share. This stock was 82.47 dollars last year this time.
Crown Holdings (OI)
Crown Holdings specializes in making glass bottles for alcoholic and non-alcoholic beverages and pharmaceutical products. This company currently holds more than 1,800 active patents and technologies in the glassmaking industry. Crown Holdings was founded in 1903, and it is headquartered in Perrysburg, Ohio.
The sustainable and eco-friendly technology of Crown Holdings has changed the glassmaking industry forever. This company has employed more than 25,000 people in its various plants all over the world. Crown Holdings is estimated to have a revenue of 6.31 billion dollars in 2021. This revenue is forecasted to grow up to 6.39 billion dollars in 2022. The stock price for Crown Holdings is $15.55 per share. This stock is predicted to grow by 23.16% per year in the next five years.
The market size for food packaging
The global market for food packaging is growing by the year. This growth is driven by the need for online food shopping and overnight delivery. What’s more, food and food products need to be transported over long distances across the globe.
The technology for food packaging is also showing remarkable changes. From simple plastic wrappers, we have reached food packages that can keep themselves cool or heat themselves without outside interference. The 3D printing technology has made the packages more versatile and personalized. And finally, smart packaging makes sure you have all the information you need and are alerted when the food is starting to go to waste.
The market for food packaging is estimated to be 265.42 billion dollars in 2021. This market is predicted to grow 4.1% in the 2021–2027 period. This market will reach 362.09 billion dollars by 2027.