Frozen Food Packaging Market Globally Expected to Drive Growth through 2027
The growing urbanization and fast paced lifestyle means less time for cooking a traditional home cooked meal. In addition, the number of females going out for jobs has increased the dependency on readymade and convenience food. All these factors have led to the rise in demand for frozen food which further accelerated the growth in frozen food packaging market.
Frozen foods are preferred over fresh foods, as it can be stored for longer periods and also can be prepared in very less time. The packaging for frozen food also increases the shelf life of the product and maintains the nutrition value for the food items. One of the reasons for the growth in the frozen food packaging market is that the packaging has become an important factor in the food industry and the continuous innovation and development in the packaging of food items attracts the customer and hence drives the overall growth in the frozen food market.
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Frozen Food Packaging Market Dynamics:
The most important factor which has accelerated the growth of frozen food packaging market is the growth in the demand for frozen food. The global frozen food market is expected to grow at a CAGR of around 4% during the forecast period of 2016- 2024. Some of the factors which have fueled this growth are dynamic lifestyle, urbanization, changing food habits, increasing disposable income, increase interest in international foods, increase in number of nuclear families and easy availability of products due to rise in number of retail chains. Furthermore, the increase in investments for innovative packaging and development of new features in the existing products by the vendors drives the growth in the frozen food packaging market. Some of the innovating packaging trends like tear notch, hanging holes, sealable zippers, single serve packaging further drives the demand for frozen food packaging market.
Even though the frozen food packaging market looks attractive, there are certain factors that can offset this growth. One of the factor that acts as a restraint in the frozen food packaging market is that, there is a section of population that remain resistant to the use frozen food as they believe it is unhealthy and less tasty.
Frozen Food Packaging Market Segmentation:
On the basis of food type, the global frozen food packaging market is segmented into:
Frozen Meat, poultry, and seafood
Frozen specialties (pizza, side dishes, breakfast food etc)
Frozen Fruits and vegetables
On the basis of product type, the global frozen food packaging market is segmented into:
Tubs and cups
On the basis of material, the global frozen food packaging market is segmented into:
Frozen Food Packaging Market- Regional Outlook:
Geographically, the frozen food packaging market can be segmented into North America, Latin America, Europe, Asia-Pacific (APAC) and Middle East & Africa (MEA). The global frozen food packaging market is projected to grow at a CAGR of around 5% during the forecast period (2016 -2024). North America and Europe are expected to witness a healthy growth in the frozen food packaging market due to high demand in packaged food and frozen food market. However, Asia Pacific is expected to grow at the fastest rate, largely due to the developing economies like India and China where the demand for frozen food is on rise as more hypermarkets and supermarkets are coming up and also due to rising urbanization in these regions. Additionally, MEA is also expected to witness an above average growth in frozen food packaging market due growing retail network in the region.
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Frozen Food Packaging Market- Key Players:
Some of the leading players identified across the globe in the frozen food packaging market are: Printpack, Inc., Amcor Ltd, Crown Holdings, Inc., Ball Corporation, Pactiv LLC, Bemis Company, Inc., Sealed Air Corporation, WestRock Company, Graphic Packaging International, Inc, FLAIR Flexible Packaging Corporation, International Paper Company and Huhtamaki N.A.
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