SAN FRANCISCO, July 13, 2021 /PRNewswire/ -- The global food container market size is anticipated to reach USD 201.9 billion by 2028, registering a CAGR of 4.2% over the forecast period, according to a new report by Grand View Research, Inc. The global market is predominantly driven by the rapid growth in the food processing industry, mainly in the emerging markets. In addition, the rising need to reduce carbon footprints and increasing adoption of bioplastics in the packaging industry is driving the market. Moreover, innovation and new product developments is attracting food manufacturers, which is expected to augment the market growth.
Key Insights & Findings:
The plastic material segment accounted for the largest revenue share of over 46% in 2020 owing to high demand for plastic as it is durable, inexpensive compared to alternatives, and available in different shapes and sizes
The metal segment is expected to grow at a significant CAGR from 2021 to 2028 owing to properties of metal, such as reusability and durability. However, the material's higher price and weight compared to plastic may retrain the segment growth
The cans product segment is expected to witness the fastest CAGR from 2021 to 2028 on account of the increasing demand for canned foods across the globe, such as canned tuna and vegetables/fruits
The bottles and jars product segment accounted for the maximum revenue share in 2020 and will expand at a steady CAGR from 2021 to 2028
For instance, in 2020, Tetra Pak and Dabur formed a partnership to launch low-calorie juice products in a new packaging format i.e., bare paperboard with wood fiber packaging for a natural look. Due to the COVID-19 pandemic, the market witnessed a decline in demand in 2020. Raw material shortage due to supply chain disruption resulted in the reduced production of food containers. Various major players witnessed a decline in their annual revenue in 2020. For instance, the annual turnover of Amcor plc reduced by approximately 6% in 2020 compared to 2019.
The key market players are following different strategies, such as acquisitions, mergers, and product portfolio & geographical expansions, to enhance their market position and to increase their customer base. For instance, in July 2019, Berry Plastics Corp. completed the acquisition of RPC Group plc - a leading plastic product design and engineering company in the packaging market. This acquisition helped the company to diversify its product range and utilize the RPC Group's broad distribution network to increase its customer base in untapped markets.
Grand View Research has segmented the global food container market on the basis of material, product, and region:
Food Container Material Outlook (Revenue, USD Million, 2017 - 2028)
Food Container Product Outlook (Revenue, USD Million, 2017 - 2028)
Bottles & Jars
Cups & Tubs
Food Container Regional Outlook (Revenue, USD Million, 2017 - 2028)
Central & South America
Middle East & Africa
List of Key Players of Food Container Market
Silgan Holdings, Inc.
Berry Plastics Corp.
Plastipak Holdings, Inc.
Sonoco Products Company
Graham Packaging Company, Inc.
Check out more studies related to Food Packaging, by Grand View Research:
U.S. Food Container Market– The U.S. food container market size is projected to reach USD 51.92 billion by 2025. Growing demand for frozen baked goods and processed meat products is projected to be a key driving force over the forecast period.
Insulated Food Containers Market– The global insulated food containers market size is expected to reach USD 2.1 billion by 2025. Rising consumer awareness regarding home cooked fresh food at workplace is expected to expand the industry size.
Beverage Cans Market– The global beverage cans market size is expected to reach USD 60.92 billion by 2024. The industry is expected to witness high growth owing to increasing consumption of alcoholic beverages such as beer and cider which are required to cool at a specific temperature for enhanced taste.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.