New York, USA, Dec. 23, 2022 (GLOBE NEWSWIRE) -- Food Containers Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Food Containers Market Information By Type, Material, and Application, and Region - Forecast till 2028”, the market is estimated to grow at a 4.3% CAGR to reach USD 191 Billion by 2028.
Market Synopsis
A food container can be described as a container used to transport, preserve, and store food in order to increase its shelf life and facilitate handling. The market for food containers is expanding as a result of rising awareness of environmental problems such as pollution and sustainability-related difficulties with food packaging.
As a result, consumers will receive food of the highest caliber. Another element fueling the demand for packaged foods that are ready to eat is shifting consumer lifestyles, which ultimately boosted demand for food containers internationally.
There is a plethora of different food storage containers on the market. A wide range of sizes, styles, and colors are available for food containers. There are food containers, like lunch boxes and containers, designed for single meals for individuals that may be used for multiple meals for groups. Food can be kept in both sectioned and unsanctioned containers depending on the type.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2028 | USD 191 Billion |
| CAGR | 4.3% (2021–2028) |
| Base Year | 2020 |
| Forecast Period | 2021–2028 |
| Historical Data | 2019 |
| Forecast Units | Value (Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Material, and Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The tremendous properties of the market like airtight containers which make the product free from moisture. |
| Another property of the market is that it will provide leakage proof packaging. |
Market Competitive Landscape:
The affluent companies in the food container market include
- Bemis Company Inc. (U.S.)
- Berry Plastics Corporation (U.S.)
- Crown (U.S.)
- Graham Packaging Company (U.S.)
- Ball Corporation (U.S.)
- Constar International UK Ltd. (U.K.)
- Anchor Glass Container Corporation
- Plastipak Holdings Inc. (U.S.)
- PRINTPACK (U.S.)
Due to the existence of global, regional, and local producers, the industry is quite competitive. There are many different sizes, shapes, and formats of products available from manufacturers in the market. Players compete against one another on a variety of factors, such as corporate reputation, product offerings, pricing, quality, recyclability, and sustainability. In order to expand their positions in the market and increase their share, the majority of players use a variety of important strategies, including new product releases, innovations, distribution network expansions, joint ventures, and mergers and acquisitions.
In April 2022, Amcor debuted the addition of new, more environmentally friendly high-shield laminates for its pharmaceutical container business. The innovative, recyclable and low-carbon packaging choices were created to meet the high barrier and performance standards underlying the pharmaceutical industry's recyclable objectives.
Market USP Covered:
Market Drivers:
The development of biodegradable and intelligent food packaging materials has increased attention worldwide, which has led to an expansion of the global food container market. Additionally, during the projection period, the market for food containers is expected to increase significantly due to rising urbanization and a dramatic shift away from traditional staples toward processed or packaged meals.
The development of packaged food as one of the most lucrative segments of the global food and beverage industry in recent years has fueled significant developments in the food container market. Food packaging businesses have a lot of room to grow due to the market's constantly expanding selection of product types and the widening scope of uses accessible for them.
The market for food containers will profit from the dramatic increase in global food production. Consumers want straightforward packaging that is simple to transport, consume, and store. As a result, it is crucial for manufacturers of food containers to keep up with changing consumer preferences. Due to developments in technology, logistical applications, distribution networks, and the packaging sector, the global food container is anticipated to develop quickly.
The rise in the number of households consuming packaged goods, the rise in the proportion of working women, and the enormous rise in the number of households with two earners are all factors in the robust growth prospects of the global market for food containers. The demand for the product will be fueled by the growing populations of single-person homes and metropolitan areas.
Market Restraints:
Changes in Consumer Tastes
The market for food containers is expanding quickly, but certain factors are limiting this growth, such as shifting consumer preferences, which make it challenging for market participants to keep up with shifting preferences since they must invest a sizable sum of money in cutting-edge designs that appeal to consumers. As a result, the forecasted expansion of the worldwide food container market is being constrained by shifting consumer preferences.
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COVID 19 Analysis
The manufacture of food containers was limited after COVID-19 because of a scarcity of raw materials brought on by a broken supply chain. 2020 saw a fall in annual revenue for a number of significant players. In contrast to 2019, Amcor plc's yearly turnover decreased by about 6% in 2020.
The demand for packaged food items has surged throughout the pandemic because they are considered vital products. Additionally, the demand for food containers has not decreased due to the established food brands' strong supply chains and broad market penetration in several economies. The interruption of the supply chain and transportation constraints have, however, resulted in a fall in the turnover of many large corporations, including Amcor plc.
Market Segmentation
By Type
Based on type, this global market has been split into rigid packaging and flexible packaging. Due to its many benefits, including its high barrier qualities, high impact strength, and high rigidity, rigid packaging is frequently used in the food container industry to pack foods and beverages since it helps to avoid damage and makes handling easier.
By Material
The global market has been segmented into paper and paperboards, glass, plastic, metal, and others depending on the materials used. The plastic material section of this industry has the largest market share, followed by the paper and paper board segments.
By Application
Meat products, fruits and vegetables, baked goods, confectionary, dairy products, and frozen foods make up the various application-based segments of the global market. Frozen meat and dairy products hold the largest market share in the food container industry. The anticipated term also anticipates increased growth for frozen food.
By Product
Based on the product, the global market has been segmented into bags, containers, pouches, and other categories. The bags and pouches sector commands the greatest market share because of numerous advantages like mobility, affordable performance, convenience, and lightweight features.
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Regional Insights
The North American market is the clear winner, as a result of rising packaged goods consumption, household adoption of smaller food containers, a decline in waste, and rising demand for fresh food.
The Asia Pacific market will achieve the fastest growth in the years to come thanks to the changing lifestyles, rising total demand for canned food, rising popularity of packaged goods, and rising personal disposable income of consumers, now holds the second-largest market share in the worldwide market. Europe currently holds the third-largest market share in terms of food containers globally.
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