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Global Rigid Food Container Market Growth trends 2022 To 2028 Market Report

In: Business
Rigid Food Container Market
Rigid Food Container Market

The global food container market size was worth USD 145.6 billion in 2020, and it is predicted to expand at a CAGR of 4.2 percent from 2022 to 2028. The increased demand for packaged food products around the world is likely to drive market expansion.

Another key aspect boosting product demand in the global market is the convenience afforded by these containers in packaging, carrying, and transporting food products. Ready-to-eat (RTE) meals, RTE convenience foods, frozen dinners, cake mixes, snacks, and desserts are all examples of packaged foods. Manufacturers are likely to increase production capacity in response to rising demand for these items, which will boost demand for food containers over the forecast period. The market grew slowly in 2020 as a result of the COVID-19 epidemic.

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Due to a scarcity of raw materials as a result of the supply chain disruption, food container production was limited. In 2020, several significant players will see a decrease in annual revenue. For example, Amcor plc’s yearly turnover decreased by around 6% in 2020 compared to 2019.

Due to the fact that food items are considered important, demand for packaged food items has surged during the epidemic. Furthermore, given established food companies’ wide market presence and solid supply chains in various economies, demand for food containers has not decreased. However, due to supply chain delays and transportation restrictions, the turnover of several large corporations, such as Amcor plc, has decreased in 2020.

By conserving and keeping food from deterioration, food containers help to extend the shelf life of items. The industry is projected to be influenced by rising consumer awareness of sustainability and environmental issues. Furthermore, manufacturers’ increased attention on innovation and aesthetics of food containers is enticing food manufacturers to provide their products in a variety of novel food packaging, which is projected to drive market growth in the near future.

Insights into Key Companies and Market Share

Due to the presence of global, regional, and local manufacturers, the worldwide food container industry is extremely competitive. Market manufacturers offer a diverse choice of products in various sizes, shapes, and formats. Players compete on a variety of factors such as corporate reputation and product offerings, pricing, quality, recyclability, and sustainability. Most competitors use new product launches, innovations, distribution network expansions, joint ventures, and mergers and acquisitions as significant tactics to increase their market position and get a larger share. The following are some of the major participants in the worldwide food container market:

• Amcor plc
• Silgan Holdings Inc
• Ardagh Group
• Berry Plastics Corp
• Plastipak Holdings Inc
• Sonoco Products Company
• Graham Packaging Company Inc
• Weener Plastics
• Ball Corp
• Tetra Pak

The Report’s Covered Segments

From 2012 through 2028, this research anticipates revenue growth at the global, regional, and country levels, as well as an analysis of the most recent industry trends in each of the sub-segments. Grand View Research has segmented the worldwide food container market research based on product, application, and geography for this study:

Product Outlook (Revenue, USD Million, 2022 – 2028)

Bottles & Jars
Cans
Cups & Tubs
Boxes
Others

Application Outlook (Revenue, USD Million, 2022 – 2028)

● Meat, Poultry & Seafood
● Dairy Products
● Bakery & Confectionary
● Ready to Eat Food
● Baby Food
● Fruits & Vegetables
● Other Applications

Regional Perspectives

In 2020, Asia Pacific dominated the global market with a revenue share of over 36%, and it is expected to be the fastest-growing regional marker between 2021 and 2028. This can be attributed to the region’s fast expanding food processing industry, which has benefited from significant government support. Countries like India, China, and Japan are important contributors to the APAC regional market’s expansion.

According to Invest India, India now has 18 mega food parks in operation and 19 more in the planning stages. Kraft Heinz Company, Danone, Nestle, McCain, and Mars are among the main investors in the Indian food business. Between 2012 and 2013, India exported around 1,290 kilo tonnes of seafood worth USD 6.68 billion in 2019 and 2020.

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