Food containers are used for packaging and storage of various food products including fruits & vegetables, bakery & confectionary items, meat, seafood & poultry, dairy products and processed food. Food containers provide protection against contamination, heat and moisture during transportation and storage. Growing adoption of smart and active packaging for food containers is gaining popularity. Smart packaging incorporated with sensors monitor parameters like gas concentration, temperature, humidity, and detects spoilage or contamination in food.
The global Food Container Market is estimated to be valued at US$ 168.83 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Smart packaging monitors quality parameters and provides real time data about food condition. It helps reducing food wastage by detecting expiry or contamination at early stage. Advantages of smart food packaging include improving logistics, supply chain management and prolonging shelf life of foods. Food manufacturers are increasingly adopting smart containers to gain competitive advantage in market. The technology is likely to transform food packaging industry by enabling safe and sustainable food transportation. Growing consumer awareness regarding food safety and government emphasis on reducing food wastage will further drive adoption of smart food containers.
Porter’s Analysis
Threat of new entrants: Low barriers to entry for small players. However, large players have established brand value and distribution networks.
Bargaining power of buyers: Large retail chains have higher bargaining power due to bulk purchasing. However, brand loyalty gives power to leading players.
Bargaining power of suppliers: Large producers and raw material suppliers have moderate bargaining power due to limited alternatives.
Threat of new substitutes: Growing demand for biodegradable materials offers opportunities for new substitutes
Competitive rivalry: Intense competition between leading global players. Emphasis on packaging innovation, sustainability and affordable solutions.
SWOT Analysis
Strengths: Established brands and distribution reach. Economies of scale in production.
Weaknesses: Rising raw material prices impact margins. Dependence on disposable income levels.
Opportunities: Growing on-the-go food consumption drives sales in emerging markets. Increased use of bio-based and recyclable materials presents new avenues.
Threats: Stringent regulations on single-use plastics in some regions. Threat from substitutes like paper bags.
Key Takeaways
The Global Food Container Market Size is estimated to be valued at US$ 168.83 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.
The global Food Container Market is expected to witness high growth due to rising disposable incomes in emerging economies. Rapid urbanization is also driving the demand for convenient packaging as people increasingly opt for on-the-go eating options. The Asian market is witnessing the fastest growth due to rising middle class populations in countries like India and China. North America currently holds the largest share due to busy lifestyles and increasing consumption of ready-to-eat meals in the region.
Regional analysis – Asia Pacific region dominates food container market with a share of over 30% in 2024 led by China, India and other developing Asian countries. Growing working population and changing eating patterns towards convenience foods are major factors driving demand. Regulations restricting single use plastics also offer opportunities for players offering sustainable solutions.
Key players operating in the food container market are Dart Container Corporation, Bemis Company Inc.,Anchor Packaging Inc., and Pactiv LLC. Leading players focus on lightweight and microwavable containers along with sustainable packaging solutions using recycled content to meet regulatory norms and consumer preferences.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it