by Food containers are used to package food items safely. This includes containers for various food types like packaged food, frozen food, dairy products, beverages, and more. Food containers help maintain freshness, prevent contamination, and offer convenient packaging solutions. Their versatility allows packaging food for on-the-go consumption as well as for storage.
The global food container market is estimated to be valued at US$ 168.83 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing global food consumption is driving the food container market. As per data, global food consumption is expected to rise by 70% between 2005 and 2050 due to population and economic growth. This rising food demand will require safe and hygienic packaging of various food items. Moreover, the driver mentioned in the heading, growing global food consumption, leads to an increase in the packaging of food commodities. Food containers play a vital role in packaging food products for storage as well as transportation from production facilities to retailers. They help extend the shelf life of packaged food and beverages. The proliferation of restaurants, takeout service providers, cafes is also fueling the need for convenient food packaging like containers. Rapid urbanization and hectic consumer lifestyles have increased the demand for on-the-go food consumption which is driving the food container market size.
SWOT Analysis
Strength: The food container market has a large customer base as food containers are used extensively by retail as well as food service sectors. Growing food delivery and takeaway culture has further increased the demand for food containers. Various materials such as plastic, paper, and glass are used to manufacture food containers making it convenient for various food types and tastes.
Weakness: Growing environmental concerns around plastic waste have increased regulations regarding the use of plastic food containers. Disposable food containers add to non-biodegradable waste. Developing alternatives with minimum environmental impact is a challenge.
Opportunity: The market provides opportunities to manufacturers to develop eco-friendly and sustainable food container options using bio-plastics and materials which can reduce waste. Compostable and biodegradable food containers are gaining traction. Growth of online food delivery platforms has opened new opportunities.
Threats: Volatility in raw material prices especially resin prices can impact the container manufacturing cost. Growing health awareness has increased focus on toxicity or leaching of chemicals from containers into food items. This poses threats of stringent safety and quality regulations.
Key Takeaways
The Global Food Container Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for the year 2024 is projected to reach US$ 168.83 billion with a CAGR of 6.3% through 2030.
Regional analysis: Asia Pacific dominates the global food container market and is expected to maintain its leading position over the forecast period. The region accounts for over 35% of the global market share owing to thriving food processing and fast food industries in countries such as China, India, and Japan. Growing middle-class population coupled with increasing expenditure on convenience food and beverages is propelling the regional market growth.
Key players: Key players operating in the food container market include Sealed Air Corporation, Bemis Company, Amcor, Berry Global, Huhtamaki Oyj, Sonoco Products Company, Printpack Inc., Bomarko Inc., and International Paper Company. These players are focusing on capacity expansion, new product development, and mergers and acquisitions to strengthen their market position and cater to the rising demand for sustainable food packaging globally.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
