Food Container Market is Estimated to Witness High Growth Owing to Growing Demand for Sustainable and Microwave-Safe Packaging Products

Food Container Market

Food containers are widely used for packaging various food items including ready-to-eat meals, snacks, frozen foods and so on. They are made using various materials such as plastic, glass, metal and paper which protects the packed food from external contamination and damage. Food containers provide advantages such as freshness retention, spill proof, microwave safety, transparency and sustainability. Growing awareness regarding environmental sustainability and demand for convenient packaging is driving the adoption of food containers across various end-use industries.

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:

One of the major opportunities for growth in the food container market is the growing consumer preference for sustainable and eco-friendly packaging solutions. There is increasing focus on reducing plastic usage and production of single-use plastics due to rising environmental concerns. Biodegradable and compostable food containers made using materials such as paper, bioplastics are gaining popularity as they are sustainable alternatives to traditional plastic packaging. Many food brands and retailers have launched sustainable food packaging initiatives using recyclable and compostable materials to cater to growing demand. Advancing technology is also enabling development of innovative biodegradable materials for food packaging. The shift towards sustainable packaging presents significant growth prospects for food container market players.

Porter’s Analysis
Threat of new entrants: Food container market requires significant investments in manufacturing facilities, distribution networks and marketing campaigns which acts as entry barriers for new players.
Bargaining power of buyers: There exist several options for buyers in the global market in terms food containers which increases their bargaining power.
Bargaining power of suppliers: Raw material suppliers like plastic, glass and aluminum manufacturers have relatively low bargaining power due to fragmented nature of suppliers in the global market.
Threat of new substitutes: Food containers face competition from food delivery services and takeaways which puts pressure on existing substitutes.
Competitive rivalry: Players in the market compete on the basis product differentiation, branding and innovation which leads to intensive competition.

SWOT Analysis
Strength: Wide range of product portfolio, global distribution network, strong brand recognition.
Weakness: Heavy dependence on disposable plastics, fluctuations in raw material prices.
Opportunity: Growth in foodservice industry, innovations in sustainable packaging materials.
Threats: Stringent regulatory policies, economic slowdowns impacting consumer spending.

Key Takeaways
Global Food Container Market Demand is expected to witness high growth owing to rising demand for convenient packaging from food service providers and consumers.

Regionally, Asia Pacific dominates the market and is expected to grow at fastest pace during forecast period supported by growing middle class population, rapid urbanization and changing lifestyle in countries like China and India.

Key players operating in the food container market are Amcor plc, Sealed Air Corporation, Berry Global Group, Inc., Mondi Group, Silgan Holdings Inc., Sonoco Products Company, Packaging Corporation of America, ProAmpac LLC, and Airlite Plastics Co.

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