In today's world of global markets and stiff competition in every product along with increasing consumer demand, it becomes imperative for companies to explore ways to improve their productivity in terms of maintaining safety, using sustainable packaging materials, implementing flexible and standardized technology, and adopting proven management principles. In this paper, we look into the state-of-the-art in the food processing and packaging industry in the light of recent advancements in the fields of (i) smart packaging and materials including the application of nanoscience and technology, (ii) automation and control technology, standards, and their application scenarios, and finally (iii) production management principles and their improvements for the food industry. A comprehensive review on the above and related areas is presented in appropriate order. From the survey of literature, it is clear that although researchers have focused on individual aspects of the processing, packaging, and manufacturing, there is need for a more holistic approach to system analysis while understanding the scope of the entire operations. We conclude that it is imperative to investigate why the practical implementations of these advancements seem to lag behind research in the field.