Food
Storage Container Market Overview:
The global food storage
container market size balloon at 4.19% CAGR over the forecast period.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.
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.
Get 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.
Industry Update
The VS2100 Vacuum Sealer by
FoodSaver for storing foods in 8- and 11-inch bags has been designed to keep
food fresh.
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.
Read
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