LONDON--(BUSINESS WIRE)--The global egg packaging market size is expected to grow by USD 1.76 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. As per Technavio, the impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth. Request a free sample report
Vendors are continuously focusing on strategies to increase profit. Some of the profit-producing techniques employed by egg packaging vendors include incorporation of advanced, cost-effective product design and process control, reduction of machine set up time, and production line rationalization. Using such techniques, egg packaging companies are trying to save production cost and thereby increase profits. In addition, companies are trying to increase their cost efficiency by starting new operations in different regions. For example, in 2019, Hartmann announced its plan to open a new packaging factory in Brazil. This will help in saving the transportation cost and delivery time, along with achieving economies of scale. Thus, the growing need for cost efficiency will drive companies to adopt new strategies, thereby fueling the overall egg packaging market growth.
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As per Technavio, the increasing popularity of health and fitness clubs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Egg Packaging Market: Increasing Popularity of Health and Fitness Clubs
With rising income levels, consumers look forward to upgrading their lifestyle to remain healthy and fit. Hence, an increasing number of people are opting for membership at health and fitness clubs such as gyms. It is expected that the number of memberships at health and fitness clubs in the US in 2021 is going to reach 58.13 million, which is an increase of over 18% compared to 2018. North America led the market with around 50%-55% share of the total memberships in health and fitness clubs globally in 2018. Eggs have high protein content, and the awareness about their health benefits is increasing. Hence, the rise in membership at health clubs can lead to a surge in the demand for protein rich food such as eggs, which will further increase the demand for egg packaging.
“Factors such as the increasing popularity of cage-free eggs, and the growing prominence of digital printing on packaging will have a significant impact on the growth of the egg packaging market value during the forecast period,” says a senior analyst at Technavio.
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Egg Packaging Market: Segmentation Analysis
This market research report segments the egg packaging market by type (egg cartons and egg tray), raw material (plastic and paper), and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the egg packaging market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the growing focus on healthier lifestyles in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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