Frozen Food Packaging Market by Type (Boxes, Bags, Cups & Tubs, Trays, Wraps, Pouches, and Others), Product (Ready Meals, Meat & Poultry, Sea Food, Potatoes, Vegetables & Fruits, and Soups), and Material (Plastics, Paper & Paperboards, Metals, and Others) - Global Opportunity Analysis and Industry Forecast, 2017-2023
Portland, OR -- (SBWIRE) -- 10/17/2017 -- Increase in demand for frozen ready meals due to increasing female participation in the workforce and changing family dynamics in Asia-Pacific region, accelerates the growth of the frozen food packaging market.
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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, 20172023, 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.
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.
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Key Findings of the Frozen Food Packaging Market:
1. Asia-Pacific is expected to grow at the highest CAGR of 7.8%, followed by LAMEA.
2. Frozen food packaging for ready meals accounted for the highest market share.
3. Plastics-based frozen food packaging accounted for the highest market share and is expected to grow at the highest CAGR of 5.7%.
4. Europe generated the highest revenue, accounted for approximately two-fifths share of the market in 2016.
5. North America frozen food packaging market is anticipated to grow at a CAGR of 4.4% from 2017 to 2023.