Global Food Storage Container Market Overview:
MRFR’s
report on the food
storage container market outlines drivers and
opportunities for the forecast period (2023-2030). The sudden outbreak of the
COVID-19 pandemic and its cascading effects on the industry are explored below.
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.
Food Storage Container 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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Free Sample Report of Food Storage Container Market
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.
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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