Food containers have become an important packaging solution for the food and beverage industry due to the growing demand for convenience food around the world. Food containers are used to package a wide variety of food products including fresh and frozen foods, dairy products, snacks, packaged food, confectionery products and beverages. They help to maintain the freshness, nutritional value and quality of food during transportation and storage. Food containers also showcase branding and important information about food products to attract consumers. The global food container market provides innovative solutions such as lightweight and microwavable containers. The growing popularity of ready-to-eat meals, on-the-go snacks and takeaways has fueled significant growth in the food container industry.
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 Key Trends
Sustainable and Eco-friendly Packaging: The rising focus on environmental protection is driving demand for sustainable food packaging solutions. Many food brands and manufacturers are adopting eco-friendly materials like paper, glass, aluminum and bioplastics to manufacture food containers. Compostable and recyclable food packaging helps reduce plastic waste and supports circular economy initiatives. Advanced materials and technologies are also being developed to manufacture lightweight yet durable food containers with minimum resource footprint.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the food container market requires high initial capital investment for operations. However, low brand loyalty allows scope for new players.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of a variety of food containers from different manufacturers. Buyers can choose from a wide range of options based on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate since raw materials required for food containers such as plastic, paper, and glass are commodity products available from numerous suppliers globally.
Threat of new substitutes: The threat of new substitutes is low as food containers made from various materials effectively fulfill the purpose of packaging different types of food items for storage and transportation.
Competitive rivalry: The competitive rivalry is high owing to the presence of numerous global and regional players offering similar food container products. Companies compete based on product differentiation, pricing, and innovative packaging solutions.
Key Takeaways
The Global Food Container Market Size is expected to witness high growth over the forecast period supported by rising demand for convenient food packaging from the food service industry. 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.
Regional analysis: North America dominates the global food container market currently due to high consumption of packaged and ready-to-eat meals. However, Asia Pacific is expected to grow at the fastest pace during the forecast period owing to growing disposable incomes, rapid urbanization, and rising health consciousness among consumers in countries like China and India.
Key players: Key players operating in the food container market are DJO Global, Inc., BSN medical. These companies focus on new product launches and expansion strategies to strengthen their market position and cater to the growing needs of various end-use industries. For instance, DJO Global launched advanced knee braces with new designs and features for improved patient outcomes.
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