Fresh Food Packaging Market to Reach $105.3 Billion by 2022
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According to a new report from IndustryARC, the global fresh food packaging market is estimated to grow at a CAGR of 3.82% to reach revenue of $105.3 billion by 2022.
The report Fresh Food Packaging Market by Material Type (Paper, Paperboard, Metal, Plastics, Glass); by Technology Type (Active Packaging, Intelligent Packaging, Modified Atmospheric Packaging); by Application (Sea Food, Meat Products, Vegetables, Fruits) and Geography - Forecast (2017-2022), published by IndustryARC (Hyderbad,India, and Wilmington, Del., USA), estimates the market to reach $105.3 billion by 2022.
Innovations for damage free packaging of fresh food are set to drive the market globally to $105 billion by 2022
Packaging is a foundational component for food distribution systems with more than 470 billion units of packaging volume generated annually on a global level. Fresh food packaging is increasingly becoming synonymous with quality as it implies taste and nutrition. As packaging technologies evolve to be more refined and innovative, the utilization of plastics and paper and paperboards for fresh food packaging, is becoming increasingly prevalent. Some of the consideration parameters for choosing a fresh food packaging include efficiency, type of packaging material, and use of packaging technology according to application. As per a recent report from IndustryARC, the global Fresh food packaging market is estimated to grow at a CAGR of 3.82% to reach revenue of $105.3 billion by 2022.
Paper and plastics are the most effective materials used in the fresh food packaging market. Additionally, the properties such as biocompatibility and biodegradability of these materials are set to drive growth of the fresh food packaging market. Paper based packaging is widely employed in various applications such as fruits, vegetables, frozen food, and baked food packaging. Packaging is a complex method involving the use of various technologies to maintain the freshness, quality, and nutritional values of food. These packaging materials are widely utilized for active, intelligent, and other packaging technologies.
The continued preference for innovation in food packaging is mostly driven by consumer needs and demands. Development of polypropylene, polyester and ethylene vinyl alcohol, which provide good protection of food, has led the incredible move away from traditional metal and paper based packaging. However, the developments in active and intelligent packaging have led to many advances in food packaging applications. Growing awareness about global warming and rising concerns for eco-friendly packaging also had an impact on the fresh food packaging market growth.
key players in this Market Include:
- Amcor Ltd. (Mexico)
- BASF SE (Germany)
- Sealed Air Corp. (U.S.)
- Graphic Packaging International Inc. (U.S.)
- Bemis Company Inc.(U.S.).
Asia-Pacific held the major share in the market in 2016 whereas the North American region is projected to witness fastest growth during the forecast period. The Global Fresh Food Packaging market is quite consolidated with the key players of packaging having significant presence. Frequent product launches and acquisitions are a few of the growth strategies the key players in the industry are adopting to increase their market share.
