July 24, 2024
Food Container Market

Plastic Packaging Is The Largest Segment Driving The Growth Of Food Container Market

The global Food Container Market is estimated to be valued at US$ 168.83 Bn or Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Food containers are packaging solutions used for packaging food products and items. They help maintain freshness and hygiene of contents. Food containers come in different materials like plastic, metal, glass etc. Plastic food containers are popular due to their lightweight and affordable nature.

Market key trends:

One of the key trends in the food container market is increasing preference for sustainable packaging solutions. There is growing consumer demand for eco-friendly food packaging due to rising awareness about negative environmental impact of plastic waste. Manufacturers are focusing on developing bio-based and recyclable packaging options made from materials like paperboard, bioplastics etc. to meet this demand. However, plastic still dominates the market currently due to their low cost and sealing benefits for various food types.

SWOT Analysis

Strength: Food Container has wide applications in packaging of food products. It helps preserve freshness and hygiene of food items.

Weakness: Introduction of strict environmental regulations on conventional plastic containers. Increased preference for eco-friendly packaging alternatives.

Opportunity: Growth in demand for on-the-go food consumption habits. Rising health-consciousness driving consumption of packaged foods and beverages.

Threats: Availability of substitute packaging materials like glass and paperboard. Economic slowdowns impacting food and beverages industry.

Key Takeaways

The Global Food Container Market Size is expected to witness high growth, exhibiting CAGR of 4.4% over the forecast period, due to increasing demand for packaged and on-the-go consumption of food and beverages.

North America dominated the food container market in 2023 due to growing demand for packaged and convenient food items in the U.S. and Canada. Asia Pacific is expected to witness fastest growth during the forecast period. Rapid economic development and changing lifestyles in emerging Asian countries are fueling the growth of food processing industry in the region.

Key players operating in the Food Container market are Amcor plc, Anchor Glass Container Corporation, Ball Corporation, Berry Global Inc., Crown Holdings, Inc., Graham Packaging Company, Graphic Packaging International LLC, Plastipak Holdings, Inc., and Printpack. The market is highly competitive with major players competing in terms of product portfolio, quality, and cost. Companies focus on developing advanced and eco-friendly food containers to gain competitive advantage.

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it