Food container market is expected to grow at a CAGR of over 4.5% from 2016 to 2023. Since these products are required to be preserved for longer span of time, they are required to be packed using extremely durable, efficient and protective methods. Industry surge can be attributed primarily due to increasing number of single person household along with rapidly growth in urban population. Substantial increase in output is anticipated to drive growth from 2016 to 2023.
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Convenience offered by these containers in carrying, packaging as well as during consumption has achieved exceptional importance among numerous consumers. Hence, the manufacturers are needed to keep in pace with consumer’s dynamic lifestyle. Changing lifestyle coupled with hectic schedule among working individuals is expected to positively impact the industry growth over the forecast period. In addition, escalating consumption of processed as well as packaged eatables is projected to fuel the global food container market demand over the next few years.
Plastic food container market size is estimated to be the fastest growing product segment due to the expediency furnished as well as economy offered over other traditional materials such as glass, metal and paper board. Containers such as bags and pouches are much preferred ones owing to various attributes offered. Some of the attributes include visual appeal, freshness protection, convenience, product differentiation, ease of portability and branding opportunities.
Paperboard options are likely to face challenge due to growing significance of the global flexible food container market size. However, folding cartons and paperboard tubs are likely to have upper hand in ice cream and other frozen dessert industries. Changing consumption pattern along with westernization of products across the globe might intensify the demand for packaging to an extent. Food contamination due to low quality might hamper food container industry growth over the coming few years.
The global food containers industry can be segmented on the basis of product and application. Based on product it can be segmented as bags and pouches, plastic, paperboard, metal, glass and other raw materials. On the basis of application, it can be segmented into beverage, baked, dressings and dairy condiments, sauces, canned, chilled or frozen, fast, dried, candy and confections. Smaller size packaging of grain, flour, edible cooking oils, shredded cheese, butter and margarine, ready meals as well as aseptic soups and stocks might furnish the colossal growth opportunities for the industry over the forecast period. Moreover, flourishing number of large super markets in developed as well as developing countries is likely to elevate purchases and thus boost the containers demand from 2016 to 2023.
The U.S. food container market share is anticipated to dominate and also expected to continue its dominance owing to increasing personal income, urbanization as well as ascending interest in packaged food in the region. Major growth of the industry is forecast to be generated from continuous use of the premium features namely unique package sizes & shapes and high-barrier materials enabling shelf stability.
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Asia Pacific is estimated to be the fastest growing region over the forecast period. China food container market is likely to become largest food packaging industry from 2016 to 2023. The spur in the region can be attributed to shift towards buying packaged food for daily cooking rather than buying unpackaged alternatives. Western Europe is likely to witness considerable growth due to lingering recession, which in turn results price conscious customers towards low value packaging products.
Key industry participants capturing majority of the global food container market share encapsulate Alcan Packaging, Fold-Pak, Anchor, Bemis Company Incorporated, Ball Corporation, Associated Packaging Technologies, Consolidated, Berry Plastics Corporation, Caraustar Industries Incorporated, Evergreen Packaging, Graham Packaging Company Incorporated, Crown Holdings Incorporated, Hood Companies, Manchester Industries, Graphic, Owens-Illinois Group Incorporated, Pactiv, MeadWestvaco Corporation, Plastipak Holdings Incorporated and Packaging Dynamics Corporation among others.