Food Storage Containers Market Overview
Food Storage Container Market is projected to be worth USD 212.47 billion by 2030, registering a CAGR of 4.19% during the forecast period 2022 to 2030. Food storage containers are used for the packaging of food for retaining the quality of food products and ensuring safe transport and storage food products. Food storage containers are made from plastic, paper, metal, and glass as per the applications of the product. Food storage containers are mainly made from plastic due to their low cost, recyclability, and reusable properties.
Food Storage Containers market demonstrates a high growth potential which is likely to attract many entrants to the market resultantly, intensifying the competition further. Manufacturers strive to develop innovative materials, and best practices. Incorporating acquisition, collaboration, partnership, and expansion the well-established players gain the competitive advantage to maintain their market position. Also, they make substantial investments in manufacturing & expansion program. Expansions help in reducing logistic cost and increase production capacities and potential to fetch larger turnovers.
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Globally Major key Players accelerates the Food Storage Containers Market are, Amcor and Bemis company Inc., Tupperware Brands Corporation, Newell Brands, LOCK&LOCK Co., Ltd, Hamilton Housewares Pvt. Ltd, Ball Corporation, Constar International Constar International Inc. (Plastipak Holdings, Inc.), Anchor Glass Container Corporation, Associated Packaging, Inc., Berry Global Inc., Crown Holdings, Inc., Graphic Packaging International, Inc., Graham Packaging Company, Avery Dennison Corporation, and ACCO Brands.
- New product launches and R&D Amongst major key Players
- The growing demand for sustainable packaging products
Most important Segments of Food Storage Containers market covered in this report are,
The global food storage container market is segmented based on type, material, product, and application.
On the basis of type, the global food storage container market is segmented into into rigid and flexible. The flexible segment is expected to dominate the market, due to growing flexible packaging industry at a rapid rate and is replacing rigid packaging in food applications. Also, flexible food packages are lighter and do not require large quantities of raw materials for production as compared to rigid containers. It includes non-rigid structures, such as bags, pouches, shrink films, tubes, sleeves, and carded packaging.
The flexible segment dominated the market and was valued at USD 162,480.3 million in 2017. This value can reach USD 221,332.6 million by 2023. The flexible segment is witnessing significant growth and is expected to attain 5.40% CAGR during the forecast period.
On the basis of material, the global food storage container market is segmented into plastic, paper & paperboard, metal, and glass. In 2017, the plastic segment held the maximum market share and was valued at USD 104,376.7 million. This value can rise to USD 156,569.0 million by 2023. This segment is expected to grow with the fastest CAGR of 7.02% during the forecast period.
On the basis of product, the global food storage container market is segmented into bags, pouches, and containers. In 2017, the containers segment held the maximum market share and was valued at USD 142,809.6 million. This value can rise to USD 179,207.4 million by 2023. This segment is expected to grow with the fastest CAGR of 3.97% during the forecast period.
On the basis of application, the global food storage container market is segmented into fruits & vegetables, dairy products, meat products, frozen food, and candy and confections. In 2017, the candy and confections segment held the maximum market share and was valued at USD 73,393.8 million. This value can rise to USD 94,562.7 million by 2023. This segment is expected to grow with the fastest CAGR of 4.42% during the forecast period.
Food Storage Containers Industry Influence of the global market report:
- Comprehensive assessment of all opportunities and risks in the Food Storage Containers Market.
- Food Storage Containers Market recent innovations and major events.
- A detailed study of business strategies for the growth of the Food Storage Containers Market market-leading players.
- Conclusive study about the growth plot of Food Storage Containers Market for forthcoming years.
- In-depth understanding of Food Storage Containers Market, market-particular drivers, constraints, and major micro markets.
- Favorable impression inside vital technological and market latest trends striking the Food Storage Containers Market.
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The Food Storage Containers market trends is growing pervasively, witnessing an exponential growth backed by the increasing investments, competitive activities, global developments, opportunity, and business trends during forecast period 2022 to 2030.
The global Food Storage Containers market during the period has been split into several segments and subsegments, which have then been verified through primary research by conducting extensive interviews with key experts such as CEOs VPs, directors, and executives. Finally, the global market breakdown and data triangulation procedures have been employed to complete the overall market engineering processes and functions and hence, arrive at the exact statistics for all segments and subsegments.
Food Storage Containers Market Regional Analysis
On the basis of region, the global food storage container market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
Newell Brands considers new product development as key strategy and has consistently invested in research and development of plastic container products, glass containers, and food storage container product differentiation to offer well designed products to customers. It is focusing on its e-commerce business division to generate maximum revenue and partnering with different e-commerce companies. For instance, in 2017, the company arranged a two-day event with Amazon.com, offering consumers 16 Newell Deals of the Day and an assortment of 500+ product offerings across its brands. The company has been emphasizing on optimizing its efforts in the live segment, ensuring that they are offering quality products to the right customers in the right markets. This as helped the company, achieve high manufacturing productivity and customer satisfaction.
LOCK&LOCK Co., Ltd focuses on R&D and product innovation to provide quality products to customers. Furthermore, it works on gaining customer satisfaction through product development ensuring the use of eco-friendly materials and innovative design. LOCK&LOCK Co., Ltd has been focusing on expanding its presence in Dubai, Hong Kong, Taiwan, Thailand, the Philippines, and Singapore, through strategic acquisitions and joint ventures. It focuses on expanding its distribution network and selling its products through home shopping television and partnering with e-commerce companies.
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