Albany, NY -- (SBWIRE) -- 02/18/2014 -- Food Storage Market Research In US - February 2014: Food & Beverages

The food storage market is expected to grow slowly into 2018. However, the market does face some challenges. Companies and brands will have to continue exploring new innovation opportunities in order to accelerate market growth and stave off competition from private label, as well as better engage the growing Hispanic population.

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Table of Content

Scope and Themes

What you need to know
Definition
Data sources
Sales data
Consumer survey data
Abbreviations and terms
Abbreviations
Terms

Executive Summary

The market
Figure 1: Total US retail sales and fan chart forecast of food storage products, at current prices, 2008-18
Market factors
Median household income levels continue to fall
Better engagement of Hispanic population could help market
Segment performance
Figure 2: Total US retail sales and forecast of food storage products, by segment, at current prices, 2010-15
Market players
Figure 3: Share of MULO sales of food storage products, by leading companies, 2013
The consumer
More than half of consumers are “Leftovers Cooks”
Figure 4: Consumers’ approach to cooking, December 2013
Many food storage products enjoy high incidence of household use
Figure 5: Food storage usage, December 2013
Consumers are shopping the category with cost-savings mindset
Price and effectiveness of keeping food fresh commonly ranked top attribute
Consumers interested in products that offer them greater functional benefits
Figure 6: Interest in new food storage products and attributes, December 2013
What we think

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Issues and Insights

Find ways of accelerating market growth
The issues
The implications
Better compete with private label products
The issues
The implications
Better engage with Hispanics
The issues
The implications

Trend Application

Trend: Sense of the Intense
Trend: Extend My Brand
Mintel Futures: East Meets West

Market Size and Forecast

Key points
Market growing slowly, faster growth derailed by desire to save money
Sales and forecast of food storage products
Figure 7: Total US retail sales and forecast of food storage products, at current prices, 2008-18
Figure 8: Total US retail sales and forecast of food storage products, at inflation-adjusted prices, 2008-18
Fan chart forecast
Figure 9: Total US retail sales and fan chart forecast of food storage products, at current prices, 2008-18

Market Drivers

Key points
Consumer confidence is growing, but consumers still want to save
Figure 10: University of Michigan’s index of consumer sentiment (ICS), 2007-13
Median household income continues to decline
Figure 11: Median household income, in inflation-adjusted dollars, 2002-12
Engaging growing Hispanic population could help the market
Figure 12: Population, by race and Hispanic origin, 2008-18

Competitive Context

Reusable food covers pose competition for the food storage market
Opportunity for the food storage market:

Segment Performance

Key points
Containers, bags, and aluminum foil account for majority of sales
Figure 13: Segment share of total US retail sales of food storage products, 2013
Containers see steady growth
Figure 14: Total US retail sales and forecast of food storage containers, at current prices, 2008-13
Food storage bags experience modest gains
Figure 15: Total US retail sales and forecast of food storage bags, at current prices, 2008-13
Aluminum foil segment struggles slightly
Figure 16: Total US retail sales and forecast of aluminum foil, at current prices, 2008-13
Plastic wrap segment recovering
Figure 17: Total US retail sales and forecast of plastic wrap, at current prices, 2008-13
Though smallest segment, wax paper seeing greatest growth
Figure 18: Total US retail sales and forecast of wax paper, at current prices, 2008-13

Retail Channels

Key points
Most food storage purchases take place through “other retail channels”
Sales of food storage products, by channel
Figure 19: Total US retail sales of food storage products, by channel, at current prices, 2008-13

Leading Companies

Key points
Private label top player in the MULO food storage market
MULO manufacturer sales of food storage products
Figure 20: MULO sales of food storage products, by leading companies, 2012 and 2013

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