According to the new market research report by IndustryARC titled “Fresh Food Packaging Market: By Material Type (Metal, Paper & Paper board, Plastics, Glass); By Technology Type (Active Packaging, Intelligent Packaging, Modified Packaging); By Application (Sea Food, Meat, Vegetables, Fruits) & Geography – Forecast (2018-2023)”, the market is driven by the growing need for food protection, safe distribution and transportation of fresh food products.
Global Fresh Food Packaging Market generated revenue of $87.35 billion in 2017, and is forecast to reach revenue of $110.19 billion by 2023, growing at a CAGR of 3.82% during 2018-2023. Fresh food packaging market was dominated by paper and paper boards material types with a share of 39%, in terms of revenue in 2017. Paper and paper boards is estimated to witness fastest growth during the forecast period. Among all the applications, vegetables segment is projected to witness highest growth, increasing from $29.2 billion in 2017 to $35.55 billion by 2023 at 3.21% CAGR.
Asia-Pacific continues to lead the market share and growth during 2018-2023.
Asia-Pacific held the highest revenue share of 36% in fresh food packaging market in 2017, and is projected to grow at a CAGR of 5.29% throughout the forecast period. Asia-Pacific is estimated to register highest growth in terms of both revenue and growth rate, increasing from $31.88 billion in 2017 to $43.76 billion by 2023 at the highest CAGR of 5.29%. Global fresh food packaging market in Asia-Pacific region has grown considerably in the past few years, and this trend is anticipated to continue in the coming future. China and Japan are the major contributors to the fresh food packaging market demand in the region. China, India, Japan, Australia and New Zealand and Rest of the APAC countries are considered in this region.
Selected / Sample Analysis done in the full Report:
The value chain analysis deals with the comprehensive evaluation of each activity involved in the processing of any product/service, and finally delivering it to the end-users. Each stage across the value chain of a product or service is associated with creating some sort of monetary value. The value chain analysis can offer the company to examine every activity across the value chain and identify the steps where elimination or modification is essential.
In the value chain of fresh food packaging, various stakeholders play different roles to deliver final product to the end consumers. Feed stock suppliers harvest and produce the fresh food products such as seafood, vegetables, fruits and others, which are further supplied to raw material suppliers, who processes the food items through cutting, butchering and harvesting.
Packaging manufacturers will produce the packaging materials in which fresh food products are packed, and then the brand owner labels and distributes through wholesale, retail and online channels to the end consumers.
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Excerpts on Market Growth Factors Mentioned in the Full Report:
- Light weight, low carbon footprint during transport and low cost are the major growth factors driving the plastic based fresh food packaging market.
- Growing need for food protection, safe distribution and transportation of fresh food products is propelling the market growth.
- Burgeoning innovations in the packaging industry for the damage-free packaging of fresh produce is also projected to escalate the market growth during the forecast period.
Key Players of the Fresh Food Packaging Market:
The key players in the market includes Amcor Limited (Australia), Sealed Air Corporation (U.S.), Bemis Company, Inc. (U.S.), E. I. Du Pont De Nemours and Company (U.S.) and Graphic Packaging (U.S.), contributing around 7.2% of the global market share. Amcor Limited is focusing on Capacity expansion, quality improvement, acquisition and streamlining of organizational activities. Sealed Air Corporation is maintaining and extending technological leadership, expertise and sustainability value proposition. Bemis Company Inc. is focusing on innovation and continuous improvement to ensure accelerated growth.
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