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What Does The Food Containers Market Size Look Like in 2024?
The food containers market size has seen significant expansion in recent years driven by various factors including urbanization, population growth, and changes in lifestyle. The market is projected to grow from $275.51 billion in 2023 to $300.63 billion in 2024, exhibiting a compound annual growth rate CAGR of 9.1%. Experts attribute this growth in the historic period to increased importance given to food preservation and shelf life, convenience and on-the-go lifestyle, heightened food safety regulations, and sustainability concerns.
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How Will The Food Containers Market Expand In The Next Few Years?
The food containers market is set for substantial growth in the coming years. It is expected to rise to $435.82 billion by 2028, with a compound annual growth rate of 9.7%. The rise can be attributed to factors such as branding and customization, increasing health and safety concerns, surge in online food delivery and meal kits, changes in regulatory norms, and packaging standards. Significant trends forecasted for the period include advancements in material science, meal preparation and portion control, alternatives to single-use plastics, smart packaging, and eco-friendly packaging.
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What Are The Key Growth Drivers Of The Food Containers Market?
One pivotal driver stimulating the growth of the food containers market is the increased consumption of processed and packaged frozen food. Constituents like artificial colors, flavors, or chemical additives present in processed foods may be linked to chronic conditions such as obesity, diabetes, and heart disease. With today's fast-paced lifestyle, the intake of processed and frozen packaged foods is rising. Higher consumption has not only intensified the demand for processed and frozen packaged foods but also inspired the food processing and packaging industry to create products with improved nutritional value and minimal side effects. In 2022, the report by the American Frozen Food Institute stated that frozen food sales in the U.S. reached over $72 billion. Virtually all U.S. households 98.6% purchase frozen food at least once a year, amplifying the demand for these containers.
Who Are The Market Leaders In The Food Containers Industry?
Major industry players making their mark in the food containers market include Amcor plc, Plastipak Holdings Inc., Sonoco Products Company, Graham Packaging Company Inc., Ball Corporation, Printpack Incorporated, Ardagh Group, Tetra Laval International S.A., Bemis Company Inc., and many others. These companies are set to influence the industry's expansion and shape its future trajectory.
Do Key Trends Impact The Size Of The Food Containers Market?
Emerging trends such as technological advancements are gaining momentum in the food containers market. These advancements have revolutionized the food manufacturing and associated industries with the introduction of recyclable packaging, smart packaging, and micro packaging, which enhance the lifespan of food materials and prevent direct contamination. For instance, in October 2022, the Finland-based consumer packaging company, HuhtamäkiOyj, launched a novel, recyclable ice cream packaging solution based on paper-based technology.
How Is The Global Food Containers Market Segmented?
The food containers market discussed in this report is segmented into –
1 By Product: Bottles and Jars, Cans, Cups and Tubs, Boxes
2 By Material: Plastic, Metal, Glass
3 By Application: Meat Products, Dairy Products, Bakery Products, Fruits and Vegetables
Will The Asia-Pacific Region Dominate The Food Containers Market?
Asia-Pacific was identified as the largest region in the food containers market in 2023, and it is projected to be the fastest-growing region in the forecasted period. The regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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