Food container market is estimated to be valued at USD 172.31 Bn in 2024 and with a CAGR of 4.3% over the forecast period (2024-2031). Furthermore, the growing trend of consuming meals outside home and preference for easy to use and store food packaging solutions are positively impacting the market growth.
The global food container market is primarily driven by the increasing demand for convenience food and growing consumption of ready-to-eat meals. Convenience has become the top priority for modern consumers owing to their hectic lifestyles and busy schedules. This has boosted the demand for packaged and ready-to-eat food products, which, in turn, is propelling the need for innovative food containers that provide re-sealability, leak-proof solutions, and extend the shelf-life of products. Another key factor fueling the market growth is the increasing focus of manufacturers on product development and new product launches. Many players are investing heavily in R&D to develop advanced containers made using lightweight, recyclable, and sustainable materials in order to cater to the dynamic needs of end users and stay competitive in the market.
Increased Demand for Packaged and Processed Food
One of the major drivers for the global food container market is the increased demand for packaged and processed food across the world. With people becoming busier and time constraints increasing due to hectic work schedules, the demand for ready-to-eat packaged food and food items has seen a sharp rise in the past few years. This has directly contributed to the growth of the food container market as all packaged food items require proper packaging for distribution as well as storage. Food containers provide the necessary protection and portability to processed food items.
Growth of the Fast Food Industry
Another key factor boosting the food container market is the steady growth being witnessed in the fast food industry globally. The fast food industry has expanded rapidly over the past decade driven by factors such as increasing disposable incomes, changing lifestyles, and rising number of working women. Fast food is completely dependent on food packaging products such as boxes, cartons, trays, and bags for delivery as well as takeaway. This has augmented the demand for all types of food containers from restaurants as well as food joints.
Stringent Regulations Regarding the Types of Materials Allowed
One of the major challenges faced by the global food container market is the stringent regulations imposed by various governments and regulatory bodies across the world regarding the types of materials allowed for food packaging applications. Plastic materials especially face bans and limitations due to environmental concerns. Regulations mandate the use of recyclable, biodegradable, and eco-friendly materials for food packaging.
Growing Concerns about Plastic Waste
The amount of plastic waste generated from discarded food packaging is massively huge. Improper plastic waste management across countries and growing environmental concerns regarding plastic pollution have created negative market sentiments against plastic food containers. Although plastics provide excellent protection and seal for packed food, they are not perceived as sustainable or environmentally responsible by many consumers. Alternatives like paper containers and recyclable materials are preferred which can restrain the plastic food container segment.
Focus on Innovative and Sustainable Packaging Materials
One of the major opportunities for the food container market players is the focus on developing innovative, sustainable, and eco-friendly packaging materials. There is a lot of scope for material innovation that can result in packaging solutions which are not only functional but also compostable or recyclable. Advancements in materials like bioplastics, paper from sustainable forestry, and edible films can open up new growth avenues. Increased R&D efforts directed at environmentally sound packaging presents a bright opportunity area.
Growth in Emerging Regions
Emerging economies in regions like Asia Pacific, Latin America, and Africa are likely to present significant market potential for food containers over the coming years. Factors such as rapid urbanization, increasing working population, growing disposable incomes, expansion of organized retail, and thriving food service sector are bolstering the demand for packaged foods which directly impacts the sales of food containers positively. Penetration levels are still relatively lower compared to developed markets allowing higher headroom for market growth in developing regions.
*Link: https://www.coherentmarketinsights.com/market-insight/food-container-market-5108
Key Developments
- In 2023, Chuk, an initiative led by Yash Pakka, introduced compostable delivery containers as part of its mission to eliminate the use of single-use plastic in food delivery. This move further reinforces its commitment to creating a more sustainable and environmentally friendly planet.
- In 2023, Novolex, a leading packaging manufacturer, revealed its latest innovation in food packaging: containers made with 10% recycled plastic. This development showcases Novolex's dedication to incorporating recycled materials into their products, contributing to a more sustainable approach to packaging solutions.
- In April 2022, Amcor, a global packaging company, revealed the expansion of its pharmaceutical packaging portfolio with the introduction of "High Shield" laminates. These new laminates were specifically developed to offer enhanced sustainability features, aligning with Amcor's commitment to providing more environmentally friendly packaging solutions for the pharmaceutical industry.
- In October 2021, Silgan Holdings Inc., a leading supplier of rigid packaging solutions, completed the acquisition of Easytech Closures S.p.A., a European company specializing in the production and distribution of easy-open and sanitary metal ends for metal containers, primarily
Key Players
Amcor plc, Silgan Holdings, Inc., Ardagh Group, Berry Plastics Corp., Plastipak Holdings, Inc., Sonoco Products Company, Graham Packaging Company, Inc., Weener Plastics, Ball Corp., Tetra Pak, Arafhat Plastics, Prithvi Polymer Industries Pvt. Ltd., weorex , Zaika Plastopacks, and Ambika Packaging
