Wilmington, Delaware , Aug. 27, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Cold Food Packaging Market by Material (Plastic, Aluminum, Paper & Paperboard), by Packaging Type (Boxes, Tubes & Cups, Cans, Trays, Pouches & Bags, Films & Wraps) by Application (Ready-to-Eat Products, Fruits and Vegetables, Meat, Poultry, & Seafood, Dairy Products, Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the "cold food packaging market" was valued at $0.9 billion in 2023, and is estimated to reach $1.8 Billion by 2033, growing at a CAGR of 7.5% from 2024 to 2033.
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Prime determinants of growth
The growth of the cold food packaging market is driven by modern lifestyles and urbanization leading to the increase of supermarkets and convenience stores, and advancements in packaging technology ensuring food safety and quality. Additionally, increased consumer awareness regarding sustainability and environmental concerns has sparked a shift towards eco-friendly packaging solutions. This has led to a surge in demand for recyclable and biodegradable materials, driving innovation in sustainable packaging practices. These combined factors create a favorable environment for the expansion of the cold food packaging market, catering to the evolving needs of both consumers and the food industry.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $0.9 Billion |
| Market Size in 2033 | $1.8 Billion |
| CAGR | 7.5% |
| No. of Pages in Report | 150 |
| Segments Covered | Material, Packaging Type, Application, And Region |
| Drivers | Urbanization Leads To More Supermarkets And Convenience Stores |
| Growth In Consumer Awareness About Sustainability | |
| Rise In Demand For Convenience Food | |
| Opportunities | Expansion Of Online Grocery Shopping And Delivery Services |
| Increase In Focus On Portion Control And Single-Serve Packaging | |
| Restraints | Challenges In Recycling and Disposal Of Certain Packaging Types |
Segment Highlights
By material, the plastic was the dominating segment. Plastic offers excellent barrier properties against moisture and oxygen, extending the shelf life of perishable food. Its versatility allows for the creation of customized packaging shapes and sizes, catering to diverse product needs. Additionally, plastic packaging is lightweight, reducing transportation costs and environmental impact. The transparency of plastic enables consumers to view the product, enhancing its appeal and marketing. However, concerns about plastic waste and environmental sustainability have spurred efforts to develop recyclable and biodegradable alternatives, influencing the future trajectory of plastic packaging in the cold food sector.
By packaging type, the pouches and bags segment dominated the cold food packaging market. Firstly, their flexible nature allows for convenient storage and transportation of various cold food products, enhancing consumer convenience. Additionally, pouches and bags offer excellent barrier properties, preserving freshness and extending shelf life. Their lightweight design reduces packaging material and transportation costs, contributing to sustainability efforts. Moreover, innovative packaging designs and printing techniques enhance product visibility and brand differentiation, attracting consumers. However, increase in environmental concerns have encouraged the development of eco-friendly alternatives, driving the exploration of biodegradable and compostable pouches and bags in the cold food packaging market.
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By application, the cold food packaging emerged as the dominant segment. Demand increased by the busy lifestyles of consumers and modern lifestyles, which leaves consumers seeking convenient and time-saving meal options. Health-conscious consumers prefer cold ready-to-eat meals for their freshness and perceived nutritional benefits compared to frozen alternatives. Additionally, growth in urbanization and change in dietary habits contribute to the rising popularity of these products. Furthermore, advancements in packaging technology ensure food safety and quality, boosting consumer confidence. Moreover, expanding distribution channels such as online grocery platforms and convenience stores provide greater accessibility to ready-to-eat products. However, competition from alternative food formats and concerns about health and nutrition may influence consumer preferences and purchasing decisions in this market segment.
Regional outlook
North America has a significant share and dominance in the cold food packaging market. The region has a large and mature food industry with a diverse range of cold food products catering to varying consumer preferences. Secondly, North America has a high level of urbanization, leading to increased demand for convenient, ready-to-eat cold food, which in turn drives the need for efficient packaging solutions. Additionally, the region's strict food safety regulations necessitate high-quality packaging materials and technologies, further stimulating market growth. Moreover, North American consumers are often early adopters of new packaging trends and innovations, encouraging manufacturers to invest in advanced packaging solutions. These combined factors contribute to North America's dominance in the cold food packaging market.
Players: -
- Amcor
- International Paper
- Mondi Group
- Ampac Holdings, LLC
- Sealstrip Corporation
- Sonoco Products Company
- Alto Packaging
- Sealed Air Corporation
- Huhtamaki Group
- WestRock Company
- Tray-Pak Corporation
- Uflex Limited.
- Amerplast Ltd
- Berry Global Inc.
- Faerch Plast A/S
The report provides a detailed analysis of these key players in the global cold food packaging market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Development:
· In June 2022, Mondi Group launched a product named ‘Grow&Go’. This innovative packaging theme was introduced specially for agricultural products. Right from farms, the products can be kept fresh throughout their shelf-life. The innovative product has received enormous demand.
· In May 2022, Ampac Holdings, LLC acquired Specialty Packaging, Inc. The acquisition deepened the presence of the company in the southern U.S. to meet the demand from the food industry, expansion has been made by the packaging giant. The company has expanded its production capacity with this acquisition.
· In July 2019, Berry Global Group, Inc. announced its acquisition of RPC Group Plc. This strategic move created a leading global supplier of protective solutions, allowing the company to serve a diverse customer base with high-quality, protective, innovative solutions and an extensive manufacturing footprint.
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