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.
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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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Growth Opportunities:
- Increasing Consumer Demand: Growing awareness of health and wellness is driving demand for fresh produce, creating opportunities for punnet packaging in fruits and vegetables.
- Retail Expansion: With the expansion of retail outlets, both traditional and online, there is a higher demand for convenient and attractive packaging like punnets to enhance product visibility and appeal.
- Sustainability Focus: Consumers are increasingly valuing sustainable packaging. Punnet materials and designs that align with eco-friendly practices present a significant growth avenue.
- Customization and Branding: Companies can capitalize on the trend of personalized packaging, using punnets as a platform for branding and differentiation to stand out in the competitive market.
- Global Supply Chain Dynamics: The globalization of the food supply chain opens up opportunities for punnet market players to provide innovative solutions that address transportation, shelf-life, and presentation challenges on a global scale.
Industry Trends:
- Biodegradable Materials: There’s a noticeable shift towards the use of biodegradable materials in punnet packaging, reflecting the industry’s commitment to environmentally friendly practices.
- Smart Packaging Integration: Integration of smart packaging technologies, such as QR codes or RFID, is gaining traction. This trend enhances traceability, transparency, and provides consumers with additional product information.
- Premiumization of Packaging: The market is witnessing a trend towards premium and aesthetically pleasing punnet designs, especially for premium and exotic fruits, catering to consumers’ desire for a high-quality visual experience.
- Reduced Plastic Usage: The industry is responding to the global push for reduced plastic consumption by exploring alternative materials and innovative designs that maintain the integrity of punnet packaging while minimizing environmental impact.
- E-commerce Packaging Solutions: With the rise of online grocery shopping, punnet packaging is evolving to meet the specific requirements of e-commerce, including durability during transportation and enhanced visual appeal for virtual shopping experiences.
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Market by Category:
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.
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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