Global frozen food packaging market will increase 5.06% annually
Technavio’s latest packaging industry report covers the present scenario and growth prospects for the global frozen food packaging market during the period 2016-2020. In this report, Technavio’s transportation and logistics research experts announce their key market highlights for the global food packaging market. Their findings include:
Global frozen food packaging market to grow at a CAGR of 4.78% during the forecast period
The demand for frozen specialties packaging will increase at an average of 5.06% annually, accounting for USD 14.01 billion in revenue by 2020. The demand for frozen food items containing premium ingredients, whole-grain ingredients, and ingredients with reduced calories is also predicted to benefit the growth of the frozen food packaging market. Technavio’s researchers anticipate packaging applications for meat, poultry, and seafood to increase at an average of 5.23% annually and boom the market over the next four years.
One of Technavio’s lead analysts Sharan Raj, who specializes in packaging says, “The meat, poultry, and seafood segment largely drives the demand for plastic films and a shift toward case-ready packaging solutions is expected to drive the market in the future.”
The global demand for ready-to-eat food is augmenting the frozen food packaging market
The growing demand for convenience food, which includes processed and ready-to-eat food products, is also compelling vendors to develop innovative packaging products with features such as re-closability, one-handed use, easy opening and portability.
The growing demand for ready-to-eat packaged products will boost the growth of the overall market over the next four years. Increased demand among consumers and retailers for flexible packaging materials such as plastic films and vacuum pouches will also contribute to the market growth. In addition, the use of case-ready packaging to reduce expenditure on labor-related operations such as cutting, sorting, and grading of products will help the market grow further.
Increasing demand for fresh food products is providing vendors with an extensive scope to innovate
A rise in health awareness among consumers has led to the increased consumption of healthy food, especially fresh vegetables and fruits. These packed frozen food products, including meat, bakery and confectionery products, and dairy products are perishable, and incur financial losses for retailers if not sold on time. To overcome this problem, vendors are innovating with active packaging to increase the shelf life of fresh food products. Such innovative packaging enables steam cooking with improved taste and texture. Our research shows, the market will likely witness a growing trend in the adoption of self-venting pouches for fresh food products during the forecast period.
Growth of organized retail in APAC having a positive impact on the global frozen food packaging market
APAC is expected to grow at the fastest rate during the forecast period because of an increase in the demand for corrugated boxes and plastic containers in the region. An increase in the demand for confectionery and bakery products in APAC is also booming the demand for frozen food packaging.
In 2015, China and Japan led the market in APAC with a combined market share of more than 72%. However, Technavio analysts anticipate that India will witness the highest growth rate during the forecast period.