Food Container Market Growth & Trends
The global food container market size is anticipated to reach USD 201.9 billion by 2028, registering a CAGR of 4.2% over the forecast period, according to a new report by Grand View Research, Inc. The global market is predominantly driven by the rapid growth in the food processing industry mainly in the emerging markets. In addition, the rising need to reduce carbon footprints and increasing adoption of bioplastics in the packaging industry are driving the market. Moreover, innovation and new product developments are attracting food manufacturers, which is expected to augment the market growth.
For instance, in 2020, Tetra Pak and Dabur formed a partnership to launch low-calorie juice products in a new packaging format i.e., bare paperboard with wood fiber packaging for a natural look. Due to the COVID-19 pandemic, the market witnessed a decline in demand in 2020. Raw material shortage due to supply chain disruption resulted in the reduced production of food containers. Various major players witnessed a decline in their annual revenue in 2020. For instance, the annual turnover of Amcor plc reduced by approximately 6% in 2020 compared to 2019.
The key market players are following different strategies, such as acquisitions, mergers, and product portfolio & geographical expansions, to enhance their market position and to increase their customer base. For instance, in July 2019, Berry Plastics Corp. completed the acquisition of RPC Group plc — a leading plastic product design and engineering company in the packaging market. This acquisition helped the company to diversify its product range and utilize the RPC Group’s broad distribution network to increase its customer base in untapped markets.
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Food Container Market Report
Food Container Market Report Highlights
- The plastic material segment accounted for the largest revenue share of over 46% in 2020 owing to high demand for plastic as it is durable, inexpensive compared to alternatives, and available in different shapes and sizes
- The metal segment is expected to grow at a significant CAGR from 2021 to 2028 owing to properties of metal, such as reusability and durability. However, the material’s higher price and weight compared to plastic may retrain the segment growth
- The cans product segment is expected to witness the fastest CAGR from 2021 to 2028 on account of the increasing demand for canned foods across the globe, such as canned tuna and vegetables/fruits
- The bottles and jars product segment accounted for the maximum revenue share in 2020 and will expand at a steady CAGR from 2021 to 2028
