Frozen Food Packaging Market is expected to garner $47,376 million by 2023: Growth Drivers and Indystry Analysis - Leading manufacturers profiled Amcor Ltd., Ball Corporation, Bemis Company Inc., Crown Holdings Inc., International Paper Company, Pactiv LL

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. Increase in demand for frozen ready meals due to increasing female participation in the workforce and changing family dynamics in the Asia-Pacific region, accelerate the growth of the frozen food packaging market.

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Comprehensive and Competetive Dominating Market Players Profiled

•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
•WestRock Company

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.

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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, seafood, 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.

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.

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