According to estimates released by FMI, the CAGR for the global fresh food packaging market is expected to be 3.88% on average throughout the forecast year. In 2023, the market is expected to be worth US$141.36 billion. By the year 2033, it’s expected that the fresh food packaging market would be worth more than US$ 206.85 billion. For the relevant market during the base year, Future Market Insights researchers calculated a historical market valuation of US$ 131 billion.
FMI has analyzed that there is a high demand for organic food amidst the urban population due to the benefits imparted by the same. Higher levels of food safety and longer shelf life of the food in fresh food packaging solutions are some of the key reasons fostering the growth of the market in 2023.
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In addition to that, there are large numbers of food service operators emerging across developing economies, making significant contributions to augmenting the growth of the market. Fish, meat, poultry, seafood, fruits, and vegetables are being stored in the containers for extending their shelf life and convenience of handling while transiting.
However, it is anticipated that the stringent regulations by governments across developing regions on the use of plastics are likely to impede the growth of the market. The fresh food packaging industry is estimated to get affected by the operational tax affairs through 2033.
Key Takeaways from the Fresh Food Packaging Market
- The fresh food packaging market has witnessed an approximate rise of US$ 10.36 Billion from the base year to the current.
- The Rigid Packaging system by packaging type category is estimated to hold the largest shares in 2023. The segment accounted for 52.4% of revenue shares in 2022.
- The dairy products segment accounted for the highest revue share in the application category. At present, the segment is holding 29.3% shares in 2023.
- The fresh food packaging market is likely to foster at a moderate pace in Korea, registering a CAGR of 4.43% In 2023.
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“Introduction of smart and intelligent packaging solutions is likely to cede a silver lining for fresh food packaging manufacturers in the years to come.” – Says an FMI Analyst.
Competitive Landscape in the Fresh Food Packaging Market
Due to the existence of numerous international and regional companies, the market for fresh food packaging is very competitive. To strengthen their position in the market, major players are implementing a variety of methods, including product portfolio growth and regional development. The key players are adopting various business strategies, such as mergers and acquisitions, to expand their geographic presence and consumer base across the world. Therefore, the fresh food packaging market is projected to register significant growth through the forecast period.
Grupo Lantero, Infia Srl, Sonoco Products Company, Huhtamaki, And Clondalkin Group are some of the key players in the market.
Recent Developments
- In 2021, Amcor launched a 1-liter container bottle of fresh milk. This bottle is made up of 20% transparent post-consumer recycled polyethylene terephthalate which is likely to increase the sustainability of the product
- In March 2021, a Sweden-based Company AR Packaging launched its one-piece barrier carton board tray, which can be used for fresh fruits and vegetables, along with mushrooms, herbs, and seeds.
- In 2020, Amcor PLC, partnered with Moda, a New Zealand-based company for providing innovative packaging solutions in North and Latin American regions.
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