Market Research Future (MRFR) Announces the Publication of its Cooked Research Report — Global Food Storage Container Market 2018–2023.
The global food storage container market is expected to gain an unprecedented value of USD 347,993.6 million by 2023 with a CAGR of 4.19% during the forecast period (2018–2023). The report covers segmentation and the market dynamics for a better glimpse of the market during the forecast period. Food storage containers are used for the packaging of food for retaining the quality of food products and ensuring safe transport and storage food products. Food storage containers are made from plastic, paper, metal, and glass as per the applications of the product. Food storage containers are mainly made from plastic due to their low cost, recyclability, and reusable properties.
On the basis of region, the market is segmented in to the Americas, Europe, Asia-Pacific, and the Middle East & Africa. In 2017, Asia-Pacific is anticipated to lead the food storage container market during the forecast period, followed by Europe and the Americas. The food storage container market in Asia-Pacific is expected to witness steady growth, owing to the high demand for fast moving consumer goods (FMCG). Additionally, the food contact material regulations set by the governments in various countries, such as Australia, China, Japan, India, Malaysia, and Singapore, are anticipated to propel the demand for food storage containers during the forecast period. Additionally, China, followed by Japan, is expected to dominate the food storage container market in Asia-Pacific.
The global food storage container market is expected to reach USD 347,993.6 million at a CAGR of over 4.19% by 2023 of the forecast period.
Taste the market data and market information presented through more than 160 market data tables and 30 figures spread over 147 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “The Global Food storage container Market Research Report- Forecast to 2023.”
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The global food storage container market is segmented based on type, material, product, and application.
On the basis of type, the global food storage container market is segmented into into rigid and flexible. The flexible segment is expected to dominate the market, due to growing flexible packaging industry at a rapid rate and is replacing rigid packaging in food applications. Also, flexible food packages are lighter and do not require large quantities of raw materials for production as compared to rigid containers. It includes non-rigid structures, such as bags, pouches, shrink films, tubes, sleeves, and carded packaging.
The flexible segment dominated the market and was valued at USD 162,480.3 million in 2017. This value can reach USD 221,332.6 million by 2023. The flexible segment is witnessing significant growth and is expected to attain 5.40% CAGR during the forecast period.
On the basis of material, the global food storage container market is segmented into plastic, paper & paperboard, metal, and glass. In 2017, the plastic segment held the maximum market share and was valued at USD 104,376.7 million. This value can rise to USD 156,569.0 million by 2023. This segment is expected to grow with the fastest CAGR of 7.02% during the forecast period.
On the basis of product, the global food storage container market is segmented into bags, pouches, and containers. In 2017, the containers segment held the maximum market share and was valued at USD 142,809.6 million. This value can rise to USD 179,207.4 million by 2023. This segment is expected to grow with the fastest CAGR of 3.97% during the forecast period.
On the basis of application, the global food storage container market is segmented into fruits & vegetables, dairy products, meat products, frozen food, and candy and confections. In 2017, the candy and confections segment held the maximum market share and was valued at USD 73,393.8 million. This value can rise to USD 94,562.7 million by 2023. This segment is expected to grow with the fastest CAGR of 4.42% during the forecast period.
Some of the prominent players operating in the global food storage container market report are Amcor and Bemis company Inc., Tupperware Brands Corporation, Newell Brands, LOCK&LOCK Co., Ltd, Hamilton Housewares Pvt. Ltd, Ball Corporation, Constar International Constar International Inc. (Plastipak Holdings, Inc.), Anchor Glass Container Corporation, Associated Packaging, Inc., Berry Global Inc., Crown Holdings, Inc., Graphic Packaging International, Inc., Graham Packaging Company, Avery Dennison Corporation, and ACCO Brands.
Newell Brands considers new product development as key strategy and has consistently invested in research and development of plastic container products, glass containers, and food storage container product differentiation to offer well designed products to customers. It is focusing on its e-commerce business division to generate maximum revenue and partnering with different e-commerce companies. For instance, in 2017, the company arranged a two-day event with Amazon.com, offering consumers 16 Newell Deals of the Day and an assortment of 500+ product offerings across its brands. The company has been emphasizing on optimizing its efforts in the live segment, ensuring that they are offering quality products to the right customers in the right markets. This as helped the company, achieve high manufacturing productivity and customer satisfaction.
LOCK&LOCK Co., Ltd focuses on R&D and product innovation to provide quality products to customers. Furthermore, it works on gaining customer satisfaction through product development ensuring the use of eco-friendly materials and innovative design. LOCK&LOCK Co., Ltd has been focusing on expanding its presence in Dubai, Hong Kong, Taiwan, Thailand, the Philippines, and Singapore, through strategic acquisitions and joint ventures. It focuses on expanding its distribution network and selling its products through home shopping television and partnering with e-commerce companies.
Read Industry News: https://www.marketwatch.com/press-release/food-storage-container-market-business-opportunities-target-audience-statistics-growth-potential-trends-company-profiles-global-expansion-and-forecasts-2021-05-07