Fresh Food Packaging Market to Surpass $124.15 Billion by 2031, Says Coherent Market Insights (CMI)
Burlingame, Sept. 19, 2024 (GLOBE NEWSWIRE) -- The global Fresh Food Packaging Market Size to Grow from USD 93.71 Billion in 2024 to USD 124.15 Billion by 2031, at a Compound Annual Growth Rate (CAGR) of 4.1% during the forecast period, as highlighted in a new report published by Coherent Market Insights. Growing chilled and frozen food retail industry also requires effective packaging solutions to maintain quality during storage and delivery. Further, innovation in active and intelligent packaging materials integrated with sensors is gaining traction to continuously monitor food quality.
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Market Dynamics:
The growth of the fresh food packaging market is driven by increasing demand for convenient packaging from both manufacturers as well as consumers. Fresh food packaging helps extend the shelf life of foods by preventing contamination and moisture loss. Modified atmosphere packaging and active packaging technologies maintain a favorable atmospheric condition inside the package preventing microbial growth. Additionally, innovations in material science have led to the development of materials like ethylene-vinyl alcohol copolymer film and antimicrobial coatings that further enhance the shelf life of fresh foods.
Fresh Food Packaging Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $93.71 billion |
| Estimated Value by 2031 | $124.15 billion |
| Growth Rate | Poised to grow at a CAGR of 4.1% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Material Type, By Packaging Type, By Application |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Growing demand for fresh and healthy foods • Increasing demand for longer shelf life of perishable products |
| Restraints & Challenges | • Volatility in raw material prices • High cost of innovation and manufacturing |
Market Trends:
There is a growing shift towards sustainable packaging materials to reduce environmental footprint. Materials like paper & paperboard, bio-based and biodegradable plastics are gaining widespread acceptance in the fresh food packaging industry. Manufacturers are focusing on 'greening' their portfolios and replacing non-recyclable materials with eco-friendly alternatives highlighting their sustainability credentials to environment-conscious consumers.
The fast-paced lifestyle has boosted the demand for packaged, ready-to-eat fresh foods that offer convenience without compromising on quality. Innovative packaging solutions like re-closable, easy-open and stand-up pouches are well-aligned with the evolving consumption patterns. Customizable pack sizes are also increasingly popular for on-the-go consumption.
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Market Opportunities:
The demand for convenient and easy-to-use food packaging is growing tremendously. With rising health awareness and busy lifestyles, consumers are increasingly looking for packaging that allows them to easily store, transport and consume food items safely and hygienically without much effort. Food brands and retailers recognize this trend and are developing innovative packaging solutions that offer added convenience like re-closable, leak-proof and microwavable features. They are also focusing on portable and lightweight designs for on-the-go consumption. This fast evolving demand for convenience is opening up new opportunities for packaging manufacturers to develop advanced materials and designs.
With sustainability and eco-friendliness becoming a priority, packaging manufacturers are exploring alternatives to plastics and using more recycled content in their products. They are investing in renewable and plant-based materials like paper, bioplastics and biodegradable films that have lower environmental footprint. Brands and retailers also prefer sustainable options for their green image and to comply with stringent regulations. This shift towards eco-packaging presents opportunities to develop innovative and viable sustainable solutions across various segments like meat, fruits, vegetables etc. Companies developing sustainable packages with improved performance, reduced costs and compelling marketing proposition will gain an edge.
Key Market Takeaways
The global fresh food packaging market size was valued at USD 93.71 billion in 2024 and is anticipated to witness a CAGR of 4.1% during the forecast period. Rapid urbanization, increasing disposable incomes and growing demand for packaged and convenience foods are driving the market.
On the basis of material, the flexible & rigid plastic segment holds the dominant position owing to its low cost, durability and versatility. However, paper & paperboard is expected to register higher growth due to growing preference for sustainable options.
On the basis of end use, the meat products segment dominates the market driven by growing meat consumption worldwide. However, the fruits segment is projected to witness highest growth on account of increased health consciousness and demand for seasonal fruits.
Regionally, North America holds the dominant position in the fresh food packaging market driven by well-established food processing sector and demand for packaging innovations. Asia Pacific is slated to emerge as the fastest growing regional market supported by rapid economic expansion, urbanization and rising disposable incomes.
Key players operating in the fresh food packaging market include International Paper Company, Mondi Group, Sonoco Products Company, Ball Corporation, Smurfit Kappa, Amcor, DS Smith, and Sealed Air Corporation. These companies are focused on expanding their product portfolio and presence across major markets through acquisitions and partnerships.
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Recent Developments:
In 2020, Amcor PLC partnered with Moda; this is a New Zealand based company in order to provide innovative packaging solutions in North and Latin American regions.
Amcor PLC successfully merged with Bemis Company Inc.in2019. The acquisition of Bemis was expected to enhance the scale of operations as well as capabilities so that Amcor could
boost its market position.
Detailed Segmentation:
By Material:
- Plastic
- Paper & Paperboard
- Glass
- Metal
- Others
By Packaging:
- Flexible Packaging
- Rigid Packaging
- Semi-Rigid Packaging
- Others
By Application:
- Eggs, Meat and Seafood
- Fruits and Vegetables
- Dairy Products
By Regional:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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Author Bio:
Ravina Pandya, PR Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
Mr. Shah Senior Client Partner – Business Development Coherent Market Insights Phone: US: +1-650-918-5898 UK: +44-020-8133-4027 AUS: +61-2-4786-0457 India: +91-848-285-0837 Email: sales@coherentmarketinsights.com Website: https://www.coherentmarketinsights.com
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