The shortage of Chinese ingredients, raw materials, and semi-finished goods is the latest example of the global economy’s dependence on products made in China, from iPhones to auto parts to pharma. Much of the fallout may still be hidden and is likely to play out over months. Even before the coronavirus outbreak, business investment was already in poor health in the United States. It fell in the last three quarters of 2019. Some analysts now expect more companies could soon announce reductions in their capital spending.
Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Global Fresh Food Packaging market.
Trusted Business Insights presents an updated and Latest Study on Global Fresh Food Packaging Market 2019-2030. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Global Fresh Food Packaging market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: Global Fresh Food Packaging Market
The global fresh food packaging market size was estimated at USD 110.56 Billion in 2018 and is projected to register a healthy CAGR of 3.9% over the forecast period. The packaging prevents contamination and changes of physical, biological or chemical form to the food items. The market is mainly driven by increasing food transportation and demand for food safety.
Increased health consciousness and the awareness regarding the nutritional value of the food items has been driving the demand for printed food packaging. Also, consumer preference for packaged food to avoid contamination caused by bacteria, pathogens, and other micro-organisms, instead of buying it from street vendors is projected to bode well for the market growth. Furthermore, growing sophistication and increased awareness about airborne diseases has fueled the demand for safely packaged fresh food.
Rising concerns over the amount of pesticides and other chemicals sprayed on the fruits and vegetables and the artificial ripening methods used by the street vendors are projected fuel the product demand. Availability of affordable, sustainable, and convenient packaging material such as paper, polyvinyl chloride, and aluminum is expected to further boost the product demand.
Furthermore, introduction of advanced technologies such as, intelligent packaging and active packaging developed gradually over the years, enable flexible packaging of food items. Other solutions such as Modified Atmospheric Packaging (MAP) and antimicrobial and aseptic packaging boost the growth opportunities for the manufacturers as they offer advanced safety to fresh food.
However, stringent government rules and regulations regarding the raw material used for packaging material may restrain the market growth. Environmental concerns and rising global warming are expected to challenging the growth. However, rising demand for improved food quality and extended shelf life is projected to positively drive the fresh food packaging market.
Material Insights of Global Fresh Food Packaging Market
Metal/wood and glass packaging material segment is anticipated to register rapid CAGR, followed by plastic and paper bag/board material. The paper bag/board material holds the largest share of the market. It is anticipated to reach USD 57.06 billion by 2025 owing to the convenience and decomposing property of the paper. Stringent government regulations and ban on plastic packaging is projected to further drive the demand for this material. Paper is treated or coated and laminated or infused with resins, lacquers, and waxes to make it durable. The popular types of paper used for packaging are kraft paper, sulfite paper, greaseproof paper, glassine, and parchment paper.
Application Insights of Global Fresh Food Packaging Market
Meat and seafood application segment is expected to continue holding the largest market share in near future, owing to the awareness regarding the nutritional value of seafood and meat and changing eating habits. The increasing need for fresh, safe, and storable meat is expected to boost the growth of the segment. Consumer preference for packaged and tested seafood and meat products is anticipated to further fuel the growth of this segment in near future.
Fruits and vegetables segment held the second largest market share in 2018 and is expected to register the fastest CAGR over the forecast period. Tremendous rise in demand for fruits and vegetables is projected to drive the growth of the segment. Introduction of smart packaging technologies to prevent damage and spoilage is expected to boost the sales.
Regional Insights of Global Fresh Food Packaging Market
Asia Pacific held the largest market share of about 37.50% in 2018, owing to the rising demand for packaged foods coupled with rising health consciousness among consumers from China and India.. Prevalence of airborne diseases in countries such as China and India coupled with increasing disposable income of the consumers in these highly populated countries is projected to fuel the growth.
North America is expected to expand at a healthy CAGR of about 4.00% over the forecast period. Increasing awareness about global warming and growing concerns about environment coupled with the availability of solutions like eco-friendly packaging in U.S. is anticipated to drive the growth These solutions are inexpensive and are manufactures using recycled materials and eco-friendly methods. This factor is anticipated to further fuel the regional growth.
Fresh Food Packaging Market Share Insights
Collaborations and partnerships on a large scale for sustainable product development, and mergers and acquisitions of small-scale industries are some of the key strategies adopted by the market players. For instance, DuPont focuses on optimizing the amount of packaging material used, sustainability in packaging, and enabling a futuristic technique where all the material is recycled.
Smurfit Kappa Group, on the other hand, is focused on increasing manufacturing setups to maintaining strong foothold in the market. It also strategizes to collaborate with prominent players to expand the geographical reach and to achieve technological advancements. For instance, in February 2018, the company collaborated with Nestle.
Key market players include Amcor Limited; Mondi Plc.; Smurfit Kappa Group; Bemis Company, Inc.; E. I. du Pont de Nemours and Company; International Paper Company; Coveris Holdings S.A; D.S. Smith Plc.; Silgan Holdings Inc.; and RockTenn Company.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Global Fresh Food Packaging Market Research Report
This report forecasts revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global fresh food packaging market report based on material, application, and region:
Material Outlook (Revenue, USD Billion, 2019 – 2030)
Application Outlook (Revenue, USD Billion, 2019 – 2030)
Meat and Seafood
Fruits and Vegetables
Quick Read Table of Contents of this Report @ Global Fresh Food Packaging Market Research Report 2020 | Industry Report, Industry Analysis, Key Players, Trends, Revenue, Regional Segmented, Outlook Until 2030
Trusted Business Insights
Media & Marketing Executive
Email Me For Any Clarifications
Connect on LinkedIn
Click to follow Trusted Business Insights LinkedIn for Market Data and Updates.
US: +1 646 568 9797
UK: +44 330 808 0580