SEATTLE, Feb. 25, 2019 (GLOBE NEWSWIRE) -- The global insulated food container market was valued at US$ 1,200 million in 2017 and is projected to exhibit a CAGR of 5.6% over the forecast period (2018–2026).
Key Trends and Analysis of the Insulated Food Container market:
Growing food and beverage industry in emerging economies is fueling growth of the insulated food container market. For instance, according to India Brand Equity Foundation (IBEF), food industry in India is expected to reach US$ 63.5 billion by 2018
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Furthermore, rising employment ratio and long duration of working hours results in increasing demand for fresh and quality food at workplace. Hence, people are adopting insulated food containers, which keeps the food fresh and warm.
Various key players are focused towards increasing the consumer base and global footprint by adopting strategies such as mergers and acquisitions. For instance, in November 2014, Thermos LLC, the world’s leading manufacturer of portable insulated food and beverage containers, announced the acquisition of Alfi brand of WMF group, which is a world market leader in premium insulated containers.
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Key Market Takeaways:
- The global insulated food container market is expected to exhibit a CAGR of 5.6% during the forecast period (2018–2026)
- Asia Pacific held significant market share in the global insulated food container market in 2017, owing to rising need of food and beverages to cater to increasing population in the region
- According to the Indonesian Food and Beverage Association (Gapmmi) study, Indonesia's food and beverage industry witnessed significant growth rate of around 8.5 percent (y/y) in 2017. Moreover, Indonesia is the most lucrative market for Foreign Direct Investment (FDI). According to Badan Koordinasi Penanaman Modal (BKPM) data, FDI in Indonesia's food and beverage industry totaled US$ 1.5 billion in 2015.
- Therefore, growth of food & beverage industry is expected to create opportunities for global and local key players to tap potential market for insulated food containers, especially in emerging economies
- Some of the major players operating in the global insulated food container market include Cambro Foodservice Equipment and Supplies, Carlisle FoodService Products, Newell Brands, Zojirushi America Corporation, Stanley, Kuuk, Thermos L.L.C., and Hamilton Housewares Pvt. Ltd.