The United States Punnet Market stands as a prominent industry within the processed meat sector, and it is poised for steady expansion due to evolving consumer lifestyles and urbanization trends. In 2022, the United States held a substantial 28.5% share of the global market. Notably, the country was recognized as the leading meat consumer in 2021 by the United States Department of Agriculture (USDA), which has led to increased sales of packaged meat and, consequently, a surge in punnet demand.
This trend is fueled by a growing preference for nutrient-rich foods as protein consumption rises, particularly among the working population with hectic lifestyles. Additionally, the increased consumption of animal-based protein by fitness enthusiasts in the United States, Canada, and Mexico has witnessed a significant uptick. Considering these factors, the United States market is expected to reach an impressive value of US$ 379 million over the next decade.
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The size of the worldwide punnet market is anticipated to expand significantly between 2023 and 2033. The global market is predicted to achieve a valuation of US$ 1,102.3 million in 2023, according to the research report released by Future Market Insights. By 2033, its value is anticipated to reach US$ 1,795.5 million. From 2023 to 2033, the market is expected to grow at a CAGR of 5%.
Plastic punnet is the dependable packaging needed for food goods, and in 2023, it will occupy about 3/4 of the market share, with overall sales growing at a 5% CAGR. Punnets are made specifically for packaging fresh produce items to decrease wastage and extend shelf life. The fresh food products market is anticipated to grow at a compound annual growth rate (CAGR) of 6.7% over the course of the forecast period. In terms of regional market share, South and East Asia are anticipated to account for over 20% in 2023.
Due to the trend towards ready-to-eat foods, increased demand for exotic packaged fruits and vegetables, and the growth of hotels and restaurants, punnet demand is on the rise.
To capitalize on this existing trend, some of the manufacturers are developing PCR material based punnets and are also developing alternatives to plastic punnets such as cardboard, paper and molded fiber punnets.
For instance, leading manufacturer, Smurfit Kappa Group identified that globally around 95% of all plastic packaging is used for single time and then converted into waste by discarding all of them.
This increased the litter and ultimately landfills. Hence, demand for paper based punnets is expected to increase as they are completely recyclable and reduce the plastic waste.
Meanwhile, Westpack Group Ltd. recently launched cardboard based punnets which are heat sealed. This innovation will minimize long-standing dependency of grocery manufacturers on plastic punnets for commercial heat sealing process. The company is offering set of commercially viable paper based alternative to plastic punnets.
As these paper or cardboard punnets are also good in absorbing moisture, FMI anticipates that they will witness astonishing growth, accelerating the demand in the global punnet market over the coming decade.
Key Takeaways from Punnet Market
- The plastic punnet segment is estimated to create an incremental opportunity of US$ 529.4 Mn during the forecast period.
- The fresh food produce segment will witness robust growth at a CAGR of 6.5% in the forecast period.
- North America punnet market is to anticipated to hold nearly 25% of the global market share during the forecast period.
- South and East Asia are anticipated to be the most attractive region for the punnet market during the forecast period.
- China and the U.S are expected to dominate the East Asia and North America punnet market, respectively.
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“Adoption of sustainable material with ~100% recyclability which can increase the shelf life of fresh produce with attractive print on the punnet is increasing. This is expected to create lucrative growth avenues in the market over the coming decade” –FMI Analyst
Need to Increase Shelf Life of Fresh Produce to Accelerate Demand for Punnet Packagin
The punnet market is poised to expand with rising demand for products with longer shelf lives. It takes time for packaged food to reach consumers across the globe after it is packaged. As a result, the packaged food may not be fresh, and its aroma and taste may be lost before it reaches the consumer. Hence, to keep the packaged food and fruits more fresh, adoption of punnets is increasing.
Further, packaging industries are investing in technologies and various new packaging techniques, such as intelligent packaging to increase the shelf life of the product. Punnet packages’ enhances the shelf life of fresh goods for longer period of time. This is creating growth opportunities for punnet manufacturers.
Punnet Market Landscape
Leading players operating in the global punnet market include Smurfit Kappa Group Plc, LC Packaging International BV, Coveries Holding SA, T&B Containers Ltd, Tacca Industries Pty. Ltd., Raptis Pax Pty. Ltd., INFIA srl, Quinn Packaging Ltd., Groupe Guillin SA, Paccor Netherlands BV, Leeways Packaging Services Ltd., AVI Global Plast Private Limited, Royal Interpack Group, Alta Global Inc. and Ilip S.r.l.
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By Material:
- Plastic Punnet
- Paper Punnet
- Molded Fiber Punnet
By Capacity:
- Up to 150 gm
- 151-300 gm
- 301-500 gm
- Above 500 gm
By Application:
- Fruits and Vegetables
- Meat, Poultry and Seafood
- Frozen Food
- Ready-to-Eat
By End Use:
- Retail Outlets
- Supermarket
- Convenience Store
- Other Retail Stores
- Hotels, Restaurants and Cafes
- Household
By Region:
- North America
- Latin America
- Europe
- Middle east and Africa
- East Asia
- South Asia
- Oceania
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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