Food containers are packaging products used for storage and transportation of a wide variety of food products. They come in different shapes, sizes, and styles made from materials like plastic, glass, metal and paperboard to cater to diverse food packaging needs. The growing demand for convenient, sustainable and tamper-proof food packaging solutions is driving innovations in food containers.
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 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
For instance, development of intelligent or smart containers embedded with technologies like RFID (Radio Frequency Identification) tags for tracing the entire supply chain of food products. Smart containers help track spoilage, monitor temperature fluctuations and send alerts to prevent food wastage. They are gaining popularity among food processors and retailers. Rising demand for such innovative products will continue to present lucrative opportunities for players in the food container market over the coming years.
Threat of new entrants: The food container market is moderately competitive due to the presence of a large number of established players. However, the threat of new entrants remains moderate to low owing to high capital investments and stringent government regulations.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of alternative products. However, requirements such packaging recyclability and sustainability keep buyers demands in check.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as the raw materials used in food container production are commoditized and widely available. However, suppliers differentiation strategies and certifications related to sustainability provide some bargaining leverage.
Threat of new substitutes: Potential substitutes include bulk-pack and reusable options like glass bottles. However, the threat from substitutes remains moderate as food containers offer convenience at an affordable price-point along with enhance product shelf-life.
Competitive rivalry: Intense due to numerous global and regional competitors and low product differentiation.
Strengths: Durable and tamper-proof nature of plastic containers enhances product safety. Growing online food delivery trends bolster container demand.
Weaknesses: Volatile raw material costs and regulatory compliance burden add production challenges. Growing backlash against plastic usage threatens certain applications.
Opportunities: Shift toward sustainable and eco-friendly packaging boosts opportunities in recyclable alternatives like paper. Growing packaged food consumption in emerging nations presents new markets.
Threats: Stringent regulations pertaining to single-use plastics curb certain applications. Substitution threat from reusable containers also exists.
The Food Container Market Size is expected to witness high growth over the forecast period supported by increasing consumption of convenience and packaged foods. The Asia Pacific region currently dominates the global market owing to rising living standards and burgeoning food processing industry in countries like China and India.
Key players operating in the food container market are Amcor plc, Anchor Glass Container Corporation, Ball Corporation, Berry Global Inc., Crown Holdings, Inc., Graham Packaging Company, Graphic Packaging International LLC, Plastipak Holdings, Inc., and Printpack. These players are focusing on capacity expansions and new product launches catering to sustainability and recyclability needs. For instance, Amcor launched new lightweight packaging solutions to reduce material usage.
Regional analysis for the Asia Pacific region: The Asia Pacific region currently represents the largest and fastest growing market for food containers. Countries like China, India, Japan, and South Korea account for a major share of the regional demand supported rising population, urbanization, and increasing disposable incomes. The rapidly expanding food processing sector in the region also stimulates packaging needs. The region’s packaging industry is constantly advancing greener alternatives to cater environmental concerns. China alone accounts for over 30% of global plastic packaging production.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it