Fresh Food Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Fresh Food Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The fresh food packaging market has registered a CAGR of 6.50% in the forecast period 2021-2026. 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, they remove carbon dioxide from food packages, so that the freshness of food can be observed by the people during its storing or conveyance.

Key Highlights

• 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. Affordable, convenient, and sustainable packaging materials, such as PET, paper, aluminum, and polyvinyl chloride, are experiencing increasing 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 materials, which can be recycled, renewed, and reused.

Key Market TrendsIncreasing Demand for Extended Shelf Life of Products is Expected to Drive the Market Growth

• After packaging, it takes time for packaged food to reach consumers worldwide. Thus, 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, which would, in turn, result in a loss of the capital invested in the packaging.
• As an attempt to overcome this challenge, 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. Moreover, 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 longer shelf life. Therefore, rising demand for products with better shelf life 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. There has been an increase in the disposable income of consumers in the region, which increased the standard of living in the region.
• The rising 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 from Asia-Pacific region, in 2018.
• The increasing exports of fruits and vegetables in Asia-Pacific is boosting the market growth. The global 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 increasing demand for online food ordering is increasing the usage of packaged food boxes, which is, in turn, is positively impacting the fresh food packaging market.

Competitive Landscape

The fresh food packaging market is fragmented. Due to the increasing demand for packaging products, many players are entering the market, thereby, 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, and 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%.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Amcor PLC
E. I. du Pont de Nemours and Company
Smurfit Kappa Group
Mondi PLC
International Paper Company
Sonoco Products Co.
Schur Flexibles Group
Anchor Packaging Inc.
ITC Limited

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