BlueWeave Consulting revealed that the global food storage container market reached USD 156.1 billion, with a compound annual growth rate (CAGR) of 4.1% the market during the forecast period to reach a valuation of USD 196.6 billion by 2026. Because of the growing demand for paper and paperboard food storage containers, the growth of food container storage is increasing. Cardboard boxes are industrially prefabricated boxes, majorly used for packaging goods and materials, and can be easily recycled. Industry specialists seldom use the term cardboard because it does not denote a specific material. The term cardboard refers to a variety of heavy paper-like materials, which include: card stock, corrugated fiberboard, or paperboard.
Driver: Emerging market of paper and paperboard food storage container
Paper and paperboard food storage containers seem to be the most environmentally friendly of all the products. Paper & paperboard food storage containers witnessed an increased use in the end-user sector, with nearly 81% of total paper & paperboard solid waste produced is recycled. Paper & paperboard food storage container is not only easily recyclable, but are also cost-effective, easily process-able, and does not harm the environment if left unchecked in soil, as they are biodegradable. All these factors have contributed to the rising demand for paper & paperboard food storage containers, which is also propelling the global food storage container market forward.
Opportunity: The Emergence of Bioplastics and synthetic bioplastics
Plastic is one of the most essential materials in today’s world. It has to be one of mankind’s best inventions, but there is one big concern about its usage. It is non-biodegradable and remains as it is without getting decomposed. Moreover, when burnt, it releases toxic fumes into the environment. These problems are seriously impeding the use of plastics. As a result, environmental groups are protesting in support of a ban on its use. With these concerns in mind, companies are coming up with new products that have the properties of plastics and can easily tackle the concerns related to its usage. Bioplastics and synthetic plastics are two examples of plastic substitutes.
Flexible package segment is the largest in byType
The flexible package segment accounted for the largest market share in 2020, whereas rigid packaging accounts for nearly 40% market share in the same year. It has been that the ongoing pandemic has triggered a multi-fold increase in demand for flexible packaging. Rigid packaging witnessed a decrease in demand while flexible packaging demand grew exponentially with plastics packaging winning the race in the food packaging segment.
Global Food Storage ContainerMarket: Regional Insights
Based on region, the global food storage container market has been segmented into- NorthAmerica, Europe, the Asia-Pacific, Latin America, and the Middle East and Africa. The food storage container market in Asia-Pacific is expected to witness steady growth, owing to the high demand for fast-moving consumer goods (FMCG). Additionally, the food contact material regulations set by the governments in various countries, such as Australia, China, Japan, and India, are anticipated to increase the demand for food storage containers during the forecast period. This is owing to an increase in disposable income, changing lifestyles, and the growing popularity of packaged foods including canned food.
Impact of COVID-19 Outbreak
Like every major industry, the packaging industry was also affected by the COVID-19 pandemic. Although the demand for packaging in other segments fell exponentially, the demand for packaging in pharmaceuticals and food increased exponentially. Countries went under a month-long lockdown, borders were sealed, and people were not allowed to roam outside to combat the raging pandemic, resulting in an all-time high demand for canned food and medicines. While other industries were either shut down or operating at reduced capacity, food and medicine industries, along with the packaging industry were working overtime to meet the increased demand for food and medicines. Food and healthcare packaging demands were at an all-time high during the lockdown period. With lockdown restrictions easing and other industries reopening, the demand for other types of packaging is expected to go up but it will take some time before things go back to pre-COVID levels.
The food storage container market witnessed an increase in demand owing to the exponential growth in the demand for food products. The worldwide lockdowns and travel bans imposed by the governments of different countries to tackle the raging pandemic hampered the supply of fresh produce, leading people to stockpile processed food items, along with frozen food. This directly contributed to the increased demand for food storage containers. Flexible food storage containers, along with plastic and paper & paperboard food storage containers registered exponential growth while rigid food storage containers, along with steel and aluminium food storage containers registered a decrease in demand. Plastic food storage containers were slowly being phased out of the industry, but the pandemic has acted as a revitalizing medicine for plastic food storage containers. During the pandemic, the demand for flexible food storage containers skyrocketed, resulting in a surge in demand for plastic food storage containers.
Key Market Players: Some of the leading market players include: Amcor, Tupperware Brands Corporation, Newell Brands, Lock & Lock Co., Ltd., Hamilton Housewares Pvt. Ltd., Ball Corporation, Anchor Glass Container Corporation, Associated Packaging Incorporation, Berry Global Inc., Crown Holdings Incorporated, Graphic Packaging International Inc., Avery Dennison Corporation and other prominent players.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics on global food storage containermarket size & forecast. The report promises to provide recent technology trends in the global Food storage container market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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