The US food industry is forecast to grow at a steady rate of 2.9 per cent CAGR through 2022, according to the 2016 Food Packaging Trends and Advanced Report from PMMI, the Association for Packaging and Processing Technologies.
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 over three per cent growth. The growth in these two segments is attributed to consumer demand for portion control and convenience options.
The US food industry trails the global market and while North America is the largest global market across 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 at five per cent; candy and confections at eight per cent, which have higher rates of global growth compared to those of the US.
