LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global plastic food container market to grow at a CAGR of close to 5% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global plastic food container market for 2017-2021. The report also lists meat products, dairy products, bakery products, and fruits and vegetables as the four major application segments. In 2016, the meat product segment dominated the market, accounting for 27% of the market share.
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Technavio transportation and logistics analysts highlight the following three market drivers that are contributing to the growth of the global plastic food container market:
- Extension of the shelf life of food products
- Growing consumption of processed and packaged foods
- Growth of organized retailing
Extension of the shelf life of food products
Reducing food wastage has become a major concern in many countries. The UN's Food and Agriculture Organization (FAO) estimates that 1.3 billion tons or nearly one-third of food produced worldwide is wasted annually. The wastage of products often leaves retailers with financial losses. However, food packaging vendors have come up with active packaging to increase their profit margins. Active packaging maintains product quality and increases the shelf life of food products. Consumer acceptance has also increased as product quality, in terms of flavor and freshness, has been enhanced. Extending the shelf life of food products is, thus, driving the growth of the market.
“Barrier plastic can typically provide 18 months of shelf life without the need for preservatives, and with modified atmosphere plastic packaging, shelf life can be increased by 5-10 days, thus, allowing food losses in stores to be reduced from 16% to 4%,” says Sharan Raj, a lead analyst at Technavio for packaging research.
Growing consumption of processed and packaged foods
Increasingly busy lifestyles are leading people to use packaged ready-to-cook meals and beverages. Urbanization, rising middle class population, and growing disposable incomes in South America, Eastern Europe, the Middle East, and APAC have resulted in increased demand for packaged food.
Quality is the consumer's prime concern when making purchases, and this includes parameters such as convenience, taste, aesthetic appeal, and nutrient content. The brand image depends on how the consumer evaluates these parameters. To cater to the growing demand, vendors are developing intelligent packaging solutions that improve safety and convenience, monitor freshness, and extend product shelf life. Also, the rising demand for single-size containers is driving market growth.
Growth of organized retailing
The growth of the organized retail sector has changed consumer shopping patterns and has had a positive impact on the packaging industry in recent years. Vendors are developing new formats, sizes, and shapes of containers to cater to the growing demand from retailers. They are investing in new technologies to develop lightweight products and reduce the size of the packaging without compromising on the quality and safety of the content.
“Consumers generally prefer to shop in smaller volumes and at stores closer to home. This has led to the opening of retail facilities such as corner shops. Retailers demand smaller shipments that can be unpacked faster, are easier to stack and display, and generate less in-store packaging waste. All these factors augur well for the growth of the plastic food container market during the forecast period,” says Sharan.
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