by The Food Container Market is estimated to be valued at US$ 168.83 Bn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The food container market consists of packaging solutions used for packaging various food products. Mainly used food containers include flexible and rigid packaging. Flexible packaging includes pouches, bags, and wraps made using materials like plastic, paper, aluminum foil etc. Rigid packaging includes bottles, cans, boxes, cartons etc. made using materials like glass, metal, cardboard, plastic etc. Food containers provide protection to food from damage, contamination and leakage during transportation and storage. They also help extend the shelf life of foods. Growing urbanization and changing consumer lifestyles have increased the demand for convenient packaged food items, driving the food container market.
Market Dynamics:
The food container market is driven by factors such as growing disposable incomes, increasing demand for convenience foods and changing consumer lifestyle and consumption habits. Rapid urbanization has resulted in more people living in cities away from their families. This has boosted the demand for ready-to-eat packaged foods that can be prepared and consumed quickly without much efforts. Additionally, busier work schedules leave consumers with less time for cooking, further promoting the sales of packaged foods and driving the need for suitable food packaging solutions. Moreover, the rising influence of western culture has popularized consumption of snacks and packaged drinks among consumers, especially youth. However, stringent government regulations regarding use of plastics in food packaging and increasing focus on adoption of sustainable packaging solutions are some of the challenges restraining the growth of food container market.
Segment Analysis
The global food container market can be segmented based on material type, product type and end-use. In terms of material type, plastic food containers dominated the market in 2022, accounting for around 35% of the market share. Plastic food containers are cost-effective, durable and provide good barrier properties, which make them suitable for packaging various food products. Some of the popular types of plastic used in food containers include polyethylene terephthalate (PET), high-density polyethylene (HDPE), polyvinyl chloride (PVC) and low-density polyethylene (LDPE).
PEST Analysis
Political: Food packaging regulations are becoming more stringent worldwide to reduce environmental pollution. Various governments are implementing regulations to encourage usage of sustainable packaging materials.
Economic: The rising population, growth of middle-class community and changing consumer lifestyle & food consumption patterns are fueling the growth of foodservice industry globally, which in turn is driving the demand for food containers.
Social: Changing consumer preference toward convenience food and awareness about food safety & hygiene are positively influencing the food container market. Rising health consciousness is also boosting the demand for portion-controlled and ready-to-eat food packaging containers.
Technological: Advancements in packaging materials and emergence of novel technologies such as active & intelligent packaging are encouraging innovations in food containers. Smart packaging solutions enable real-time monitoring of food quality & freshness.
Key Takeaways
The Global Food Container Market Growth is expected to witness high, exhibiting CAGR of 4.4% over the forecast period, due to increasing demand for convenient and packaged food products especially in developing regions of Asia Pacific and Latin America. The market size for 2023 is US$ 168.83 Bn.
The Asia Pacific region dominated the global food container market in 2022 and is expected to maintain its lead over the forecast period. This can be attributed to rapidly growing food processing and foodservice industries, rising disposable incomes, and changing eating habits in major Asian countries such as China, India and Indonesia.
Key players operating in the food container market are Amcor plc, Anchor Glass Container Corporation, Ball Corporation, Berry Global Inc., Crown Holdings, Inc., Graham Packaging Company, Graphic Packaging International LLC, Plastipak Holdings, Inc., and Printpack. These players are focusing on developing innovative and sustainable packaging solutions by incorporating recycled resins and biopolymers to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
