Food Storage Container Market To Reap Excessive Revenues By 2030
Food storage container solutions are used by hospitality and travel & tourism sector to serve hunger needs of customers. Inclination towards processed foods as well as lack of time in cities can drive its demand significantly. MRFR’s report on the food storage container market outlines drivers and opportunities for the forecast period (2020-2027). The sudden outbreak of the COVID-19 pandemic and its cascading effects on the industry are explored below.
Market Scope
The global food storage container market size balloon at 4.19% CAGR over the forecast period.
Packaged Foods to Drive Market Demand
The convenience offered by food storage containers in transportation of processed and ready-to-eat foods and food mixes can drive the market demand significantly. Huge demand for them can induce demand for suitable packaging solutions. The demand for packaged foods owing to its categorization in essential foods has led to a flood of requests on online channels. Strong supply chains of food brands and sustained demand for food containers can bode well for the market. Long shelf life of containers and prevention of spoilage of foods can lead to innovation of products among manufacturers.
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Raw Material Shortage to Hamper Market Growth
The huge costs of raw materials as well as fluctuations in prices of crude oil can hamper market growth significantly. Awareness of sustainability and environmental issues as well as low consumption of packaged and processed foods can affect market growth.
COVID-19 Impact
The COVID-19 outbreak had weakened the market owing to hurdles in supply chains and production of lights. Dependence on Chinese suppliers for components and lockdown restrictions can wear down manufacturers. The halt on new construction projects and lack of tax benefits on installation of LED lights can prove detrimental to the market. This will cause a dip in adoption rate in highways, roadways, and public places.
Segmentation Analysis
Flexible Packaging to Gain Market Demand
By type, the market is divided into flexible and rigid. Flexible packaging is expected to command a huge demand share over the forecast period owing to replacement of rigid packaging solutions.
Plastic Material to Dominate Market Share
By material, it is segmented into plastic, glass, metal, and paper & paperboard. The plastic material segment is expected to be leading over the forecast period owing to being easily molded into containers, jugs, and films. Its inexpensive and lightweight nature compared to glass and metal can drive segment growth.
Containers to Lead in Global Market
Containers can capture a large market share owing to its use in storage of fruits and vegetables, frozen foods, dairy items, and other processed foods.
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Candy and Confections to Biggest Market Application
Candy and confections are likely to be the biggest market application of the food storage container industry due to growing demand for chocolate and availability of confectionery in various sizes.
Regional Analysis
APAC to Display Highest CAGR
Asia-Pacific (APAC) accounted for the largest market share in 2017 and was valued at USD 92,084.6 million. It is expected to witness steady growth owing to the high demand for fast moving consumer goods (FMCG) and food contact material regulations set by governments in various countries of China, Japan, India, Australia, Malaysia, and Singapore, are anticipated to increase the demand for food storage containers during the forecast period.
In 2017, China held the largest share in the global food storage containers market, owing to regulations mandated by the government for reducing food packaging waste. Moreover, in 2017, the ban on imports of recyclable plastics from other countries, which is anticipated to open lucrative opportunities for local food packaging manufacturers to meet the requirements for recycled plastics.
Competitive Analysis
Amcor and Bemis Company Inc., Ball Corporation, Tupperware Brands Corporation, Crown Holdings, Inc., ACCO Brands, Graphic Packaging International, Inc., Graham Packaging Company, Associated Packaging, Inc., Avery Dennison Corporation, Hamilton Housewares Pvt. Ltd, Anchor Glass Container Corporation, Berry Global Inc., LOCK&LOCK Co., Ltd, Newell Brands, and Constar International (Plastipak Holdings, Inc.) are prominent players of the global food storage container market. Launch of new products and development of biodegradable products are on the agenda of players.
Industry Update
The VS2100 Vacuum Sealer by FoodSaver for storing foods in 8- and 11-inch bags has been designed to keep food fresh.
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