by The global food container market is driven by the growing demand for convenient and sustainable packaging solutions from the food processing industry. Food containers are used for packaging various food products including meat, poultry and seafood, dairy products, bakery items, candies and snacks, and other products. These provide lightweight, durable, tamper-proof and leak-proof packaging solutions for transporting and storing food items. Food containers offer various advantages such as retaining freshness, preventing damage and contamination, and extending shelf life of packaged food products. They are manufactured using materials like plastics, metals, glass, paperboard which make them microwaveable and freezer safe.
The global Food Container Market is estimated to be valued at US$ 168.83 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Some of the key trends driving growth in the global food container market include rising popularity of ready-to-eat meals, growth in food delivery and takeaway services, and increasing focus on sustainable packaging solutions. Consumers today prefer convenient food packaging owing to their fast-paced lifestyle. This has accelerated demand for ready-to-eat and on-the-go food items packaged in lightweight and easy-to-handle containers. Moreover, thriving foodservice industry has also stimulated the use of food containers as more people opt for takeaway and delivery foods. Additionally, there is growing emphasis on developing eco-friendly food packaging made from renewable and recyclable materials to address sustainability issues. Several companies are investing in innovative packaging technologies and materials with minimal environmental footprint to leverage market opportunities in the future.
Porter’s Analysis
Threat of new entrants: The food container market has moderate threat of new entrants due to high initial investment requirements. However, new low-cost eco-friendly material entrants could disrupt the market.
Bargaining power of buyers: Buyers in the food container market have moderate bargaining power due to availability of substitute materials and standardized products. However, brand loyalty offers some pricing power to suppliers.
Bargaining power of suppliers: A few large suppliers exist for most raw materials used in food containers providing them with strong bargaining power over manufacturers. Suppliers can also threaten to integrate forward.
Threat of new substitutes: New materials like bioplastics offer threat of substitution. however, regulations limit widespread adoption of substitutes currently.
Competitive rivalry: The food container market witnesses high competition due to presence of many global and local players. Manufacturers compete on pricing, innovation, and customer service.
Key Takeaways
Global Food Container Market Demand is expected to witness high growth over the forecast period owing to rising demand for convenient packaging from food processing and foodservice industries.
Regional analysis- Asia Pacific region dominates the global food container market currently. China represents the largest producer and consumer of food containers globally. North America and Europe are other major regions for food containers due to strong food processing industries.
Key players operating in the Food Container market are DJO Global, Inc., BSN medical (now part of Essity), Smith & Nephew plc, medi GmbH & Co. KG, SIGVARIS Group, Bio Compression Systems, Inc., Tactile Medical, RIKEN SEIKI CO., LTD., Paul Hartmann AG, 3M Company, Gottfried Medical, Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
