Food containers have become an essential daily use product that helps preserve food for longer durations and keep it fresh. With modern lifestyles becoming increasingly busier, consumers rely on packaged and preserved food that can be conveniently stored and transported. Food containers come in various materials like plastic, glass, metal etc. and help protect contents from external contamination and damage during storage and transportation through supply chains. Their moisture and air tight sealing properties aid in extending the shelf life of food by preventing spoilage from microbes, air and moisture. With complex global supply chains facing challenges like delays and product waste, effective and sustainable food packaging solutions are important to address food security and efficiency.
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 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Sustainable and Biodegradable Packaging Emerges as Key Trend
With growing awareness on environmental impact of plastic waste, consumers and regulations are putting pressure on packaging industry to adopt sustainable solutions. Biodegradable and compostable food containers made from renewable plant-based materials like paper, bagasse and bamboo are gaining traction. They efficiently serve food preservation needs while ensuring minimal carbon footprint. Their properties allow natural breakdown without toxic residues. Leading food brands are actively partnering with packaging innovators to replace petroleum-based plastics with eco-friendly alternatives manufactured via green processes. This shift towards circular economy aligned solutions is expected to strongly influence packaging format choices and drive the green packaging market trends.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the food container market is moderately low due to the high capital required and established brand value of existing players.
Bargaining power of buyers: The bargaining power of buyers in the food container market is high. Buyers can negotiate on pricing and demand high quality products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are numerous suppliers for raw materials in the food container market.
Threat of new substitutes: The threat of substitutes is moderate as other packaging products like flexible packaging and pouches can replace rigid packaging to some extent.
Competitive rivalry: The competitive rivalry in the food container market is high among existing players.
Key Takeaways
The global Food Container Market Size is expected to witness high growth in the forecast period of 2023-2030.
Regional analysis: North America is expected to dominate the global food container market during the forecast period. Growing demand for convenient and sustainable food packaging solutions in the US and Canada will drive the North America regional market.
Key players: Key players operating in the food container market are Amcor plc, Anchor Glass Container Corporation, Ball Corporation, Berry Global Inc., Crown Holdings, Inc., Graham Packaging Company, Graphic Packaging International LLC, Plastipak Holdings, Inc., and Printpack. These players are focusing on new product launches and mergers & acquisitions to gain more market share.
The global food container market size for 2023 is US$ 168.83 Bn. Increasing demand for packaged food and beverages coupled with growing focus on food safety and quality will propel the market growth over the forecast period. Regional analysis comprises fastest growing regions and dominating regions. Key players analysis comprises analysis of given key players operating in the market.
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Market Synopsis The data experts at Market Research Future Reports (MRFR), the Global Food Storage Container Market are projected to thrive at a CAGR of 4.19% during the assessment period.
Besides, the surging urbanization and the population has resulted in an upgraded standard of living, resulting in changed food habits of the consumer, which has actuated the global storage container market size.
Furthermore, the work constraints have resulted in increased usage and demand for stored food.
In addition, the increased demand for perishable products such as dairy products and meat has posed several opportunities for expansion.Moreover, the stern rules executed by the government towards protecting the environment and monitoring greenhouse emissions are projected to be another factor leading to market expansion.
Besides, due to the pandemic, various companies in the market have temporarily shut their daily operations.
The halt caused in business operations is estimated to bring a considerable impact on market revenue.
