“AMR team is working exclusively on COVID-19 impact on various Frozen Food Packaging markets. The COVID-19 update is in progress and our research team is doing primary research activity to find out the revised growth curve of across all the industries at country level. Conducting an exclusive study keeping COVID-19 in mind would help client to interpret the economic impact in near-terms of and long term future. AMR research team is also tracking the changing dynamics of Frozen Food Packaging Market industry along with its immediate impact on the market”.
According to a new report published by Allied Market Research, titled, Frozen Food Packaging Market by Type, Product, and Material: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global frozen food packaging market was valued at $33,231 million in 2016, and is projected to reach $47,376 million by 2023, registering a CAGR of 5.3% from 2017 to 2023. In 2016, boxes type segment accounted for approximately one-third share of the global market in terms of revenue.
Various types of packaging such as boxes, bags, cups & tubs, trays, wraps, pouches, and others are used to package frozen food products. Packaging not only extends the shelf life of the product but maintains its nutrition value as well. Rapid rise in popularity of convenience, increase in the purchasing power, and changes in lifestyle in emerging economies (China, India, and others) has largely supplemented the growth of the frozen food products such as frozen vegetables, fruits, potatoes, meats, sea food, frozen ready meals, and soup which in turn fuels the growth of frozen food packaging market. Moreover, the growth in demand for attractive and innovative packaging in the food industry for product differentiation is also one of the factors driving the market growth.
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In 2016, boxes type accounted for the highest revenue growing at a significant CAGR of 4.8%. Boxes are made of plastics, paper & paperboards, metals, and wood. They have high resistance to abrasion, impacts, and shocks. Bags on the other hand are mostly made of plastics. It gives better design flexibility and provides optimum utilization of shelf space. Bags type are expected to grow at the highest CAGR of 6.0% from 2017 to 2023.
Consumer perception about low nutritional contents in the frozen food in the developing countries leads to lower sales of frozen food products which hampers the growth of the frozen food packaging market.
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Key Findings of the Frozen Food Packaging Market:
- Asia-Pacific is expected to grow at the highest CAGR of 7.8%, followed by LAMEA.
- Frozen food packaging for ready meals accounted for the highest market share.
- Plastics-based frozen food packaging accounted for the highest market share and is expected to grow at the highest CAGR of 5.7%.
- Europe generated the highest revenue, accounted for approximately two-fifths share of the market in 2016.
- North America frozen food packaging market is anticipated to grow at a CAGR of 4.4% from 2017 to 2023.
Europe and North America collectively contributed more than two-thirds of the global market share in 2016. The key players operating in the global frozen food packaging market are Amcor Ltd., Ball Corporation, Bemis Company, Inc., Crown Holdings, Inc., Graphic Packaging International, Inc., International Paper Company, Pactiv LLC, Sealed Air Corporation, Sonoco Products Company, and WestRock Company.
Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
Allied Market Research provides one-stop solution right from data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients understand the significance and impact of market dynamics. The company applies client’s insight on the factors such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligence support to help clients transform into a prominent business firm.