The fresh food packaging market is expected to reach USD 118.31 billion in 2024 from USD 83.48 billion in 2018, at a CAGR of 6.50% in the forecast period 2019-2024. Nanotechnology, which represents the discipline of tiny materials, is ready to play a significant role in food manufacturing and packaging. Nanostructured materials are used as antimicrobial thin films, oxygen hunters, and gas-permeable composites. At the same time, nanocomposite films are employed to remove dirty air, for example, carbon dioxide from the package. The freshness of food can be observed by the people, during its storing or conveyance.
- Fresh food packaging is a packaging technique to prevent food from a change of state or contamination from physical, chemical, and biological sources. This helps in longer storage of the product. The affordable, convenient, and sustainable packaging material such as PET, paper, aluminum, and polyvinyl chloride is increasing the demand from customers, which in turn, is increasing the packaging rate of poultry and meat products, fruits and vegetables and dairy products.
- New packaging technologies, such as active packaging, intelligent packaging, and engineering science, have evolved over the years, which enables flexible packaging of fresh food products. Companies are adopting eco-friendly packaging by using biodegradable packaging material which can be recycled, renewed, and reused.
Scope of the Report
Fresh food packaging provides protection, safety and gives great resistance to protect from microorganisms and bacteria. Moreover, the food enclosed in the package needed to be safeguarded from other things such as vibration, compression, temperature, among others. Major packaging materials such as paper, plastic, glass, and metal manufacturers are ensuring not to affect the quality of food by producing healthy and convenient products.
Key Market Trends
Increasing Demand for Extended Shelf Life of Products to Drive the market Growth
- After packaging, it takes time for packaged food to reach consumers across various parts of the world. The packaged food may not be fresh and might lose its aroma and taste before reaching the consumer. The threat of food being spoilt before reaching the consumer is increasing, as it would result in a loss of the capital invested in the packaging.
- To overcome this, food processing industries are investing in technologies and various new packaging techniques, such as intelligent packaging and engineering science, which help in increasing the shelf life of the product. Organizations are focusing on consumer satisfaction, apart from revenues, as it impacts the image and value in the market.
- Increasing health consciousness and awareness regarding consuming fresh food are influencing consumers to opt for packaged products with a longer shelf life. Therefore, rising demand for better shelf life products across countries such as the United States is driving the market growth.
Asia-Pacific to be the Fastest Growing Market
- Asia-Pacific has experienced positive growth in the fresh food packaging market and is estimated to witness significant growth, over the forecast period. The disposable income of consumers in the region has witnessed significant growth, which increased the standard of living of people in the region.
- The growing urban population in India and China is increasing the demand for fresh food packaging in this region. India and China, together contributed over 70% of the total share of Asia-Pacific share, in 2018.
- The increasing exports of fruits and vegetables in Asia-pacific is increasing the growth of the market. The world imports of fruit and vegetables have increased by 17.6%, imports of fruits and vegetables in the Asia Pacific region increased by a remarkable 51.6%.
- Moreover, in a country such as India, the growing demand for online food ordering is increasing the usage of packaged food boxes which is pushing the fresh food packaging market.
The fresh food packaging market is fragmented. Due to the growing demand for packaging products, many players are entering the market making it competitive. Some of the key players include Coveris Holdings SA, Amcor Limited, E. I. du Pont de Nemours and Company, Smurfit Kappa Group, International Paper Company, Sonoco Products, ITC Limited, Mondi Limited, Bemis Company Inc., among others.
- May 2019 - Sealed Air Corporation signed a definitive agreement to acquire Automated Packaging Systems, Inc., a leading manufacturer of high-reliability, automated bagging systems, for a purchase price of USD 510 million on a cash and debt-free basis.
- April 2019 - Amcor launched Amite Ultra Recyclable, its first packaging product made from the company's revolutionary, more sustainable high-barrier polyolefin film. It can reduce a pack's carbon footprint by up to 64%.
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