The global food container market size is expected to reach USD 346.99 billion by 2025, according to a new report by Radiant insights, inc. Technological advancement in terms of new packaging materials capable of ensuring cold storage and enhancing shelf life to the finished food products is expected to have a positive impact.
The rising importance of bio-plastics packaging in the food & beverage industry as a result of stringent regulations aimed at recycling in the manufacturing sector is projected to expand industry size over the next nine years. Furthermore, the buyers are expected to prefer flexible convenience packaging material over metal and glass counterparts owing to former’ light weight.
Flexible packaging is expected to witness growth at a CAGR of 4.6% from 2016 to 2025. The growing importance of stand up pouch bags as packaging products in the food & beverage industry on account of being contaminant free and certified as safe by the FDA (Food and Drug Administration) is projected to increase industry demand in the near future.
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Further key findings from the report suggest:
Paperboard products accounted for 19.8% of global revenue share in 2015. The excellent recycling ability of paperboard as compared to its plastics and glass counterparts is expected to remain a key influencing factor for industry in the near future.
Bakery goods are projected to account for 22.0% of total market sales by the end of 2025. Positive outlook towards baked goods industry of China and India owing to new product launches including frozen paratha and stuffed garlic bread is expected to increase the packaging scope over the next nine years.
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Europe dominated the market, accounting for 33.5% of global revenue in 2015. The robust presence of manufacturing facilities of dairy goods and bakery products in Western European countries including Germany and the UK on account of easy access to technological expertise and equipment services is expected to remain a favorable factor.
Key industry players include Ball Corporation, Owens-Illinois Group, Silgan, Ardagh, Bemis, Caraustar Industries, Berry Plastics, and Graham Packaging. The establishment of strategic partnerships with buyers and product innovation for the development of tailored solutions are expected to remain major critical success factors in the future.
Over the past few years, the global food container market has been witnessing merger and acquisitions by some of the manufacturers. For an instance, Caraustar Industries, Inc. acquired The Newark Group, Inc. in February 2015 with financial assistance from Jefferies LLC, Wells Fargo Capital Finance Credit Suisse Securities (USA) LLC, and Regions Business Capital.
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