Yahoo Finance Fresh Food Packaging Market worth USD 184.53 billion by 2028, registering a CAGR of 5.68% - Report by Market Research Future (MRFR)
New York, Sept. 22, 2021 (GLOBE NEWSWIRE) -- Fresh Food Packaging Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Fresh Food Packaging Market Research Report, Material, End-Use and Region - Forecast till 2028” the market is projected to be worth USD 184.53 billion by 2028, registering a CAGR of 5.68% during the forecast period (2021 - 2028)., The market was valued at USD 131.37 billion in 2021.
Competitive Analysis
List of the Key Companies Profiled in the Fresh Food Packaging Market Report are–
Amcor Limited (Australia)
D.S. Smith Plc. (UK)
Smurfit Kappa Group (Ireland)
Mondi Plc. (South Africa)
Coveris Holdings SA (US)
Bemis Company Inc. (US)
Silgan Holdings Inc. (US)
E. I. du Pont de Nemours and Company (US)
RockTenn Company (US)
International Paper Company (US)
others.
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The fresh food packaging market witnesses several strategic approaches, such as collaboration, mergers & acquisitions, expansion, and product/ technology launches. Major industry players make strategic investments to drive their research & development activities and expansion plans.
With consumer demand for fresh food packaging on the rise, manufacturers strive to design solutions that can offer innovative solutions to their customers, enhancing products’ direct visibility and longevity.
For instance, recently, on Sep.17, 2021, BW Flexible Systems, a Barry-Wehmiller Packaging Co., launched a new intelligent, sanitary design Hayssen ISB vertical-form-fill-seal (VFFS) bagger for food packaging. BW Flexible Systems offers packaging solutions for frozen/individually quick-frozen (IQF) food, fresh produce, and cheese.
The company expects those food packagers who use flexible packaging would appreciate the new smart, hygienic design and intuitive operation of the VFFS baggers.
COVID-19 Impact:
Onset of the COVID-19 pandemic hit the fresh food packaging industry severely. Although the demand for fresh foods & beverages was significant amid the pandemic-driven crises, growers/shippers, re-packers, and retail stores faced huge revenue losses. Besides, the lockdown mandates halted the production of several key raw materials required to manufacture packaging solutions, resulting in spiked prices and lowered demand for fresh food packaging solutions.
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However, the market is rapidly returning to normalcy and witnessing a steadily increasing demand. Moreover, the rising consumption of intelligent packaging solutions, alongside the increased production activities and demand for storage and distribution applications, is estimated to offer robust market opportunities.
Segmentation
The market is segmented into materials, end-uses, and regions. The material segment is sub-segmented into paper & paperboard, flexible & rigid plastic, glass, metal, and others. The end-use segment is sub-segmented into fruits & vegetables, meat products, dairy products, and others. Among these, the fruits and vegetable segment accounts for the largest market share, witnessing the continually rising demand for food packaging.
Also, the meat, poultry & seafood packaging segment is growing exponentially due to the increasing number of retails outlets, overall rise in retail sectors, and increasing demand for processed food items. The region segment is sub-segmented into Americas, Europe, Middle East & Africa, Asia Pacific, and rest-of-the-world.
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Regional Analysis
The Asia Pacific region accounts for the largest fresh food packaging market share globally. Rising exports of fresh produce boost the region’s fresh food packaging market size. Besides, the growing demand for flexible packaging due to the introduction of intelligent packaging solutions and high production rates of produces increase the fresh food packaging market value in the region.
China and India, backed by the rising demand for efficient packaging solutions and high exports of produces, account for the largest markets for fresh food packaging solutions in the region. Moreover, vast investments in product developments and upgrades of packaging technology, alongside the increasing e-commerce businesses, drive the fresh food packaging market growth in the region.
Segmentation of Market covered in the research:
Fresh Food Packaging Market Information Report: by Material (Flexible & Rigid Plastic, Paper & Paperboard, Metal, Glass, Others), End-Use (Meat Products, Fruits, Vegetables, Dairy Products, Others), Region - Forecast till 2028
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