Global Plastic Food Container Market 2017-2021: Drivers and Forecast by Technavio

LONDON–(BUSINESS WIRE)–#Logistics—Technavio
market research analysts forecast the global
plastic food container market to grow at a CAGR of close
to 5% during the forecast period, according to their latest report.

The market study covers the present scenario and growth prospects of the global
plastic
food container market for 2017-2021. The report also lists meat
products, dairy products, bakery products, and fruits and
vegetables as the four major application segments. In 2016, the meat
product segment dominated the market, accounting for 27% of the market
share.

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Technavio transportation
and logistics analysts highlight the following three market
drivers that are contributing to the growth of the global plastic food
container market:

• Extension of the shelf life of food products
• Growing consumption of processed and packaged foods
• Growth of organized retailing

Extension of the shelf life of food products

Reducing food wastage has become a major concern in many countries. The
UN’s Food and Agriculture Organization (FAO) estimates that 1.3 billion
tons or nearly one-third of food produced worldwide is wasted annually.
The wastage of products often leaves retailers with financial losses.
However, food packaging vendors have come up with active packaging to
increase their profit margins. Active packaging maintains product
quality and increases the shelf life of food products. Consumer
acceptance has also increased as product quality, in terms of flavor and
freshness, has been enhanced. Extending the shelf life of food products
is, thus, driving the growth of the market.

“Barrier plastic can typically provide 18 months of shelf life
without the need for preservatives, and with modified atmosphere plastic
packaging, shelf life can be increased by 5-10 days, thus, allowing food
losses in stores to be reduced from 16% to 4%,” says Sharan Raj, a
lead analyst at Technavio for packaging
research.

Growing consumption of processed and packaged foods

Increasingly busy lifestyles are leading people to use packaged
ready-to-cook meals and beverages. Urbanization, rising middle class
population, and growing disposable incomes in South America, Eastern
Europe, the Middle East, and APAC have resulted in increased demand for
packaged food.

Quality is the consumer’s prime concern when making purchases, and this
includes parameters such as convenience, taste, aesthetic appeal, and
nutrient content. The brand image depends on how the consumer evaluates
these parameters. To cater to the growing demand, vendors are developing
intelligent packaging solutions that improve safety and convenience,
monitor freshness, and extend product shelf life. Also, the rising
demand for single-size containers is driving market growth.

Growth of organized retailing

The growth of the organized retail sector has changed consumer shopping
patterns and has had a positive impact on the packaging industry in
recent years. Vendors are developing new formats, sizes, and shapes of
containers to cater to the growing demand from retailers. They are
investing in new technologies to develop lightweight products and reduce
the size of the packaging without compromising on the quality and safety
of the content.

“Consumers generally prefer to shop in smaller volumes and at stores
closer to home. This has led to the opening of retail facilities such as
corner shops. Retailers demand smaller shipments that can be unpacked
faster, are easier to stack and display, and generate less in-store
packaging waste. All these factors augur well for the growth of the
plastic food container market during the forecast period,” says
Sharan.

Browse Related Reports:

• Food
  Storage Container Market in the US 2017-2021
• Global
  Flexible Intermediate Bulk Container Market 2017-2021
• Global
  Paper Cups and Containers Market 2017-2021

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About Technavio

Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
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and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.

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