Pune, India, July 13, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Chilled Food Packaging Market Size Report, Share, Demand, Growth Strategy, Industry Trends and Forecast to 2030- COVID-19 Impact and Global Analysis – by Material, Type, Application, and Geography,” the chilled food packaging market size is expected to grow from US$ 12.95 Billion in 2022 to US$ 18.9 Billion by 2030; it is estimated to register a CAGR of 5.0% from 2022 to 2030. The projected growth of the market is attributed to the expansion of organized retail and e-commerce and increase in demand for convenience or ready-to-eat food.
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Global Chilled Food Packaging Market: Competitive Landscape and Key Developments
Mondi Plc; Amcor Plc; Sealstrip Corp; Sonoco Products Co; Amerplast Ltd; Berry Global Group Inc; Westrock Co; Graphic Packaging Holding Co; Tetra Pak International SA; and Sealed Air Corp. are among the key players operating in the global chilled food packaging market. These players focus on providing high-quality products to fulfill customer demand. They also focus on strategies such as investments in research and development activities and new product launches.
Chilled Food Packaging Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 12.95 Billion in 2022 |
| Market Size Value by | USD 18.9 Billion by 2030 |
| Growth rate | CAGR of 5.0% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| No. of Pages | 177 |
| No. of Tables | 86 |
| No. of Charts & Figures | 83 |
| Historical data available | Yes |
| Segments covered | Material, Type, and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | Mondi Plc; Amcor Plc; Sealstrip Corp; Sonoco Products Co; Amerplast Ltd; Berry Global Group Inc; Westrock Co; Graphic Packaging Holding Co; Tetra Pak International SA; and Sealed Air Corp |
In 2022, North America held the largest share of the global chilled food packaging market. The major factors driving the growth of the chilled food packaging market in North America are the high demand for packaged food products and growing consumer preference of convenient food for on-the-go consumption. According to research commissioned by the American Frozen Food Institute (AFFI) and conducted by Technomic Inc., more than 90% of food service operators use chilled and frozen foods stored as inventory in their restaurants to offer a quick service experience to the customer.
Expansion of Organized Retail and E-Commerce
Organized retail and e-commerce platforms provide a broader reach and greater visibility for chilled food products. Consumers increasingly prefer organized retail formats due to the convenience and wide range of products they offer. Organized retail, such as supermarkets, hypermarkets, and specialty stores, offers a wide range of produce, dairy products, meat, seafood, ready-to-eat (RTE) meals, and more. The convenience of having multiple products under one roof attracts consumers and encourages them to choose organized retail over traditional retail formats. The diverse product assortment requires appropriate packaging to ensure product integrity, hygiene, and presentation on store shelves.
Chilled Food Packaging Market: Segmental Overview
Based on material, the chilled food packaging market is segmented into plastic, aluminum, paper and paperboard, and others. The plastic segment held the largest share in 2022. Plastic is the most preferred material for packaging refrigerated products. Plastic packaging is a flexible form of packaging, allowing food service providers to customize its shape, style, and size as per customers’ requirements. Plastic packaging is preferred in the food service industry since it is lightweight. Based on type, the chilled food packaging market is segmented into boxes, tubs and cups, cans, pouches and bags, and others. The pouches and bags segment is expected to register the highest CAGR during the forecast period. Bags and pouches are manufactured from materials such as foils and food-grade plastics. They are utilized mostly for packaging frozen vegetables, meats, seafood, and other foods. They are preferred because of their lightweight and compactness.
Based on application, the chilled food packaging market is segmented into dairy products, meat and poultry, seafood, fruits and vegetables, and others. The chilled food packaging market share for the dairy products segment was the largest in 2022. The majority of dairy products are perishable. Numerous types of packaging concepts are needed to pack different types of dairy products. The demand for different dairy products has resulted in improvements in processes and packaging concepts, which significantly raises the shelf life of dairy products in cold chain distribution. Chilled food is packaged to keep the food products fresh and for protection against external factors, such as temperature changes, moisture, and vapor.
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Impact of COVID-19 Pandemic on Chilled Food Packaging Market
The COVID-19 pandemic severely impacted various economies across the globe. The pandemic significantly hampered the growth of the chilled food packaging market due to adverse effects on the growth of the building & construction industry. The COVID-19 pandemic led to temporary disruptions in the operations of industrial bases across Europe, bringing the expansion plans of manufacturing businesses to a halt. In addition, the production of packaging material was minimal in the region due to labor shortage, which disrupted the raw material supply chains. The European manufacturers of paper and packaging solutions experienced several challenges during the crisis. However, various industries began recovering with the gradual resolution of supply constraints affecting these industries. According to a report by Foodware 365, the demand for dairy products decreased in both European Union and non-EU countries. The prices for packaging materials rose steeply, ultimately increasing the cost of dairy products.
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