Food Packaging Market Set to Reach $318 Billion by 2026 with Rise of Processed Foods and Packaged Foods According to Business Research Company Global Food Container Market Report 2022
LONDON, March 15, 2022 (GLOBE NEWSWIRE) – According to a Business Research research report on the food containers market, the increasing consumption of processed and packaged foods is expected to drive the growth of the food packaging market. Processed foods include various ingredients such as artificial colors, flavors or other chemical additives, which affect the health of individuals and cause obesity and other chronic diseases such as diabetes and heart disease. Nowadays, due to the fast-moving lifestyle of individuals, there has been an increase in consumption of processed and packaged foods. This high consumption increases the demand for processed and packaged foods, again allowing the food processing and packaging industries to develop more products with greater nutritional value and ensuring minimal side effects. According to Renolon, an online publisher, in America, between June 2019 and June 2020, digital fast-food orders increased by 23%, and this is expected to triple in 2021. Therefore, the demand for processed and packaged foods is driving the demand for the containerized market food.
The global food container market size is expected to grow from $223.37 billion in 2021 to $238.36 billion in 2022 compound annual growth rate (CAGR) 7.19%. The growth in the market is mainly due to companies rearranging their operations and recovering from the impact of COVID-19, which earlier led to restrictive containment measures including social distancing, remote work and business closures which led to operational challenges. The market size of food storage containers is expected to reach $318.96 billion in 2026 at Compound annual growth rate of 7.55%.
Technological advancement is a major trend that is gaining popularity in the food containers market. Advanced technology has transformed the food industry and its related businesses. Technology such as the use of recyclable packaging, smart packaging and precision packaging increase the shelf life of foodstuffs and avoid direct contamination. Recyclable materials are mostly used in the packaging industry, helping companies implement circular packaging practices. Moreover, recyclable packaging technologies also meet single-material packaging, which avoids the use of multi-layer packaging systems. Technological advancement, including recyclable packaging solutions, is the discovery of knowledge that advances technology. For example, in 2019, Amcor, a UK-based packaging company, launched a new AmLite Ultra Recyclable high barrier laminate solution, which is made from the company’s high barrier polyolefin film. The product is environmentally friendly as it can be recycled and can reduce the carbon footprint of the packaging by up to 64%. It’s a recyclable packaging solution with an attractive packaging design that keeps food fresh.
The major players in the global food container market are Amcor plc and Plastipak Holdings, Inc. and Constar International UK Ltd. and Sonoco Products Company and Graham Packaging Company, Inc. Ball Corporation, Printpack Incorporated, Ardagh Group, Tetra Laval International SA, Bemis Company, Inc. and Graphic Packaging International, LLC, Anchor Glass Container Corporation, Alcan Packaging Food Americas, Caraustar Industries Incorporated, Evergreen Packaging, PWP Industries, Inc.
The global food containers market is segmented by product into bottles, jars, cans, cups, tubs, and boxes; by material in plastic, metal and glass; By applying it to meat products, dairy products, bakery products, fruits and vegetables.
According to TBRC Food Containers Market Report, Asia Pacific It was largest area on the market in 2021. Asia Pacific expected to be the fastest growing region in the forecast period. The regions covered in the Food Container market report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, and the Middle East & Africa.
About Plastic Food Containers Market:
The global Plastic Food Containers market size is projected to reach USD 50980 million by 2028, from USD 37070 million in 2021, at a CAGR of 4.6% during 2022-2028.
The United States and Europe are the largest markets for plastic food containers, with a market share of about 30 percent, followed by China with about 20 percent.
BY MAGNUM HERMOSA