Pune, India, Nov. 10, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Food Containers Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Material, Application, and Geography,” the food container market is expected to grow from $146 billion in 2022 to $209 billion by 2030; it is estimated to grow at a CAGR of 4.5% from 2022 to 2030.
Anchor Glass Container Corporation, Ardagh, Evergreen Packaging, Silgan, Constar International Incorporated, Graham Packaging, Berry Plastics, Plastipak Holdings Incorporated, Sonoco Products Company, and Amcor Plc. are a few leading players operating in the global food container market. These players focus on developing innovative and attractive products in the food container market to meet consumers' changing requirements.
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The global food container market is growing prominently due to rising concerns regarding food quality and the growing demand for preserving food. Food containers preserve food products fresh and also preserve the quality of the food products. By keeping food products in containers, the consumers keep the food fresh rather than in other boxes. As a result, the demand for food containers rose, boosting the market growth. The global food container market growth has seen traction owing to the COVID-19 pandemic since 2020. Food products, including fruits and vegetables, dairy and desserts, snacks, bakery and confectionery, meat, poultry, and seafood, and other food products are counted as essential products; the demand for packaged food & snacking food items has gained traction during the COVID-19 pandemic. On the other hand, with the profound market penetration and the robust supply chain of designated food brands in several economies, including the US, Brazil, Germany, the UK, China, and Australia, the demand for food containers has not decreased. However, the turnover of key players, such as Amcor plc, Berry Global Inc., and Sonoco Products Company, declined in 2020 due to supply chain disruptions and transportation restrictions.
Food containers support and increase the shelf life of food products by maintaining and preventing food from damage or deterioration. Growing consumer understanding regarding sustainability and environmental concerns influences the global food container market growth. Moreover, the rising focus of key manufacturers on research & development activities resulting in the production of innovative and aesthetic food containers is also incredibly attracting food manufacturers to produce their products through innovative techniques in food packaging, which, in turn, is anticipated to fuel the food container market growth in coming years.
Growing Food & Beverages Industry Propels Food Container Market Growth
The growing food and beverages industry, coupled with the advancement in technology in manufacturing food containers, has driven the global demand for food containers. Establishing packaging techniques such as intelligent packaging, vacuum & active packaging, and edible coating improves the shelf life of the food products. It delivers more reasonable quality food to the global population, which is anticipated to drive the growth of the global food container market. Intelligent food packaging for the food industry witnesses and communicates information about the product's condition without taking direct action. It can discern an attribute of the product and communicate this information to consumers or initiate active packaging operations. This technique is classified into indicators, sensors, and radiofrequency identification (RFID) systems. Active packaging for food products is a packaging technique where the component is either added in the headspace or included within the packaging material that allows for the preservation of food safety, shelf life, and food product quality. Vacuum packaging type is a mode of removing air from the package to deliver a longer shelf life for the consumables. It is believed to be a form of modified atmosphere packaging (MAP). The proper vacuum food bags reduce freezer burn. It is a broadly chosen form for packaging for meat, poultry, and seafood storage across the globe.
Further, the rising trend of consuming convenience food and snack products in the global market is increasing immensely. It is likely to drive global food container demand during the forecast period. Convenience food such as RTE meals, snacks, bakery, and confectionery products is eatable, saving time and cooking efforts. It allows consumers to prepare and cook healthy meals that retain all the fresh nutrients in less time. These are used to compress the time of cooking at home. Thus, the rising popularity of convenience food products further drives the global demand for food container.
Food Container Market: Segmental Overview
The food container market is segmented into plastic, glass, metal, and others based on material. The plastic segment holds a significant share of the global food container market. Based on application, the global food container market is segmented into fruits and vegetables, dairy products snacks, bakery and confectionery, meat, poultry, and seafood. The bakery and confectionery segment is significant in the food container market. Growing inclination toward convenient foods, the rising global population, and changing lifestyles and preferences are escalating the global demand for bakery and confectionery products. A broad array of bakery products is being sold in the global market, and innovations in bakery and confectionery products serve the demands of different segments of consumers, such as working professionals, youngsters, and the old age population. This factor further drove the food container market growth. For instance, bakery and confectionery products, including biscuits, cookies, bread, cakes, muffins, and pastries, are being innovated and mainly produced to meet consumers' changing lifestyles and demands. Additionally, in the growing and established economies around the globe, the increasing disposable income, rising single-hold households, and increasing disposable income resulted in the adoption of convenient food products, further driving the global food container market growth in the bakery and confectionery segment.
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Impact of the COVID-19 Pandemic on the Food Container Market
The COVID-19 pandemic affected economies and industries in various countries. Lockdowns, business shutdowns, and travel banns in leading countries in continents such as North America, Europe, Asia Pacific (APAC), South & Central America, and the Middle East & Africa (MEA) negatively affected the growth of various industries, including the bakery & confectionery, snacks, frozen desserts, and RTE meals and RTC meals. The shutdown of manufacturing plants disturbed global supply chains, manufacturing activities, delivery schedules, and sales of various essential and non-essential products, including plastic, glass, metal, etc. Worldwide companies announced delays in product deliveries and a slump in future product sales in 2020.
The COVID-19 pandemic has severely affected the food & beverage sector in rural and urban areas. In the food & beverages industry, consumers and manufacturers have had to adjust their perceptions of health and safety since the outbreak of Covid-19. Single-use plastic food containers gained tremendous traction since the beginning of the pandemic, owing to consumer crises that reusable packaging might boost the danger of transmission of the COVID-19 pandemic. During the pandemic, there was the belief that the virus could be transmitted through cardboard and plastic, leading to an expansion in using single-use materials to make food containers to store fruits and vegetables. As a result of the COVID-19 pandemic across-the-board distribution, the food container market is rising. As a result of the lockdown, customers shifted to online retail platforms and panic stockpiling, advancing in demand for essential food products such as baby food, milk, snacks, fruits, and vegetables, which led to the increased demand for food containers to store these food products.
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