Global Punnet Packaging Market 2024-2031

Global Punnet Packaging Market 2024-2031

Punnet Packaging Market Size, Share & Trends Analysis Report by Material (Paper, and Plastic), by Capacity (Up to 150 gm, 151-300 gm, 301-500 gm, and Above 500 gm), and by Application (Fruits and Vegetables, Frozen Food, Meat, Poultry, and Seafood, and Ready-to-Eat Food) Forecast Period (2024-2031)

Punnet packaging market is anticipated to grow at a CAGR of 5.4% during the forecast period (2024-2031). A punnet is a small, compact basket used to package soft fruits and vegetables, such as mushrooms, grapes, berries, and cherries. As the punnet packaging prevents soft fruits and vegetables from bruising, squashing, or rotting, it extends their shelf life. The growing demand for flexible packaging options to safeguard food items is a key factor driving the growth of the global punnet packaging market.

Market Dynamics

Growing demand from the food sector

The demand for punnet is increasing heavily in the food sector due to the growing number of restaurants and hotels that offer at-home delivery options. The growing trend of ready-to-eat cuisine and exotic packaged fruits and vegetables is further aiding the global market growth. Therefore, the growing food industry globally is likely to drive the global punnet packaging market.

Rising demand for sustainable packaging

The punnet packaging market is anticipated to be driven by the growing demand for paper and fiber punnets as substitutes for plastic punnets in the packaging of food goods. Punnet packaging helps to prevent food goods from being harmed during transit, which in turn propels the punnet packaging industry. For mushroom storage, the conventional polypropylene punnet packaging is being replaced by recyclable polyethylene films, or R-PET, and polypropylene thin gauge sheets, which can lower the environmental carbon footprint. Looking towards the growing demand for sustainable packaging, in April 2021, Graphic Packaging launched a new paperboard punnet.

Market Segmentation

Based on material, the market is segmented into paper and plastic.

Based on capacity, the market is segmented into up to 150 gm, 151-300 gm, 301-500 gm, and above 500 gm.

Based on application, the market is segmented into fruits and vegetables, frozen food, meat, poultry, and seafood, and ready-to-eat food.

Plastic is Projected to Emerge as the Largest Segment

The plastic segment holds a major share of the global market. PET is the most popular material for creating plastic punnets owing to its offered benefits including strength and durability. Plastic punnet packing materials provide a wide range of punnet sizes for mild, medium, and heavy-duty applications.

Regional Outlook

The global punnet packaging market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).

North American countries to invest in new packaging options

The North American market is anticipated to grow steadily due to shifting consumer habits and rising urbanization.

In recent years, athletes in the US, and Canada have drastically boosted their consumption of animal-based protein which further creates demand for punnets.

Asia-Pacific Holds Major Market Share

Asia-Pacific holds the major share of the global punnet packaging market. The growing usage of punnet packaging in the food and beverage industries across China, India, Malaysia, and Japan is a key factor contributing to the regional market share. Punnet-packed grapes, which account for a large portion of the global demand, are exported from South Asia. Additionally, China is thought to consume the second most processed meat worldwide. It is anticipated that this will increase punnet packing demand. Punnet packaging is becoming more and more in demand as a result of China's restaurants' growing need for packaged food, processed meat, and fruits.

Market Players Outlook

The major companies serving the global punnet packaging market include AVI Global Plast Pvt Ltd., Smurfit Kappa Group plc, INFIA srl, Berry Global, and Coveris Holdings SA among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market.