LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the frozen food packaging market in the US is set to reach close to USD 9 billion by 2019, growing at a CAGR of almost 4%.
This research report titled ‘Frozen Food Packaging Market in the US 2015-2019’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
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The report categorizes the frozen food packaging market in the US into the following five segments in terms of application:
- Meat, poultry, and seafood
- Frozen specialties
- Fruits and vegetables
- Baked goods
Of these five categories, the top three segments for the frozen food packaging market in the US are as follows:
Frozen food packaging market in the US by meat, poultry, and seafood
In 2014, the meat, poultry, and seafood segment accounted for a market share of more than 33% owing to the high demand for plastic films in the packaging of these products. The growth can also be attributed to a shift toward case-ready packaging solutions.
According to Sharan Raj, a lead analyst at Technavio for packaging research, “We expect rapid growth in the meat, poultry, and seafood segment during the forecast period owing to the rising demand for these products and ready-to-eat packaged products. Increased demand among consumers and retailers for flexible packaging materials such as plastic films and vacuum pouches will also lead to market growth.”
Frozen food packaging market in US by frozen specialties
The frozen specialties segment, being the second largest segment, accounted for a market share of over 29%. The growth of this segment is due to a rise in the manufacture of various confectionery and bakery products, and increased demand for single-serving options. The market was valued at USD 2.13 billion in 2014.
Technavio expects the frozen specialties segment to grow steadily during the forecast period, driven by demand for shelf life extension of food products and advancements in technology.
Frozen food packaging market in US by fruits and vegetables
The fruits and vegetables segment in the frozen food packaging market in the US was valued at USD 980 million in 2014. Due to increased health awareness, customers are now focusing more on the consumption of healthy food materials such as vegetables and fruits.
“The rising demand for processed and ready-to-eat food products is also compelling vendors to develop innovative packaging products with features such as re-closability, one-handed use, easy opening, and portability,” says Sharan.
Competitive vendor landscape
The frozen food packaging market in the US is marked by intense competition among vendors, evolving industry standards, and different business models. The F&B industry and the retail sector in the US, which are the key customer segments, are subject to rapid changes depending on customer requirements and preferences.
Due to an increase in the demand for fresh food products, vendors have a huge scope for innovation. However, intense market competition has a negative impact on the pricing, which in turn affects the profit margins of manufacturers.
The top four vendors of the frozen food packaging market in the US are:
- Graphic Packaging
- Sealed Air
Browse Related Reports:
- Global Food Packaging Market 2015-2019
- Food Packaging Machinery Market in North America 2015-2019
- Food Packaging Machinery Market in APAC 2015-2019
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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