Demand for innovation pushes global egg packaging market growth
Global egg packaging market forecasted to hit revenue of more than U.S. $10 billion by 2020 as growing demand from emerging markets will augment demand for innovative packaging materials, finds report.
According to the latest research study released by Technavio (technavio.com), the global egg packaging market is expected to reach over U.S. $10 billion in revenue by 2020.
This research report titled ‘Global EGG Packaging Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. Technavio analysts have considered the total revenue generated by different vendors through the sale of egg packaging solutions made from molded paper, polyethylene terephthalate (PET), and polystyrene.
“The global egg packaging market is witnessing different technological innovations with companies introducing innovative products in the market. For example, Huhtamaki launched a new product 'GreeNest' in May 2015, which is made of 50% grass fiber. End-users are looking for high-performing packaging solutions that can also help in reducing their overall costs. They also prefer cost-efficient and visually appealing packaging solutions,” says Sharan Raj Sarathi, one of Technavio’s lead analysts for packaging research.
“End-users from developing countries constitute more than 55% of the overall egg consumption globally. APAC held the highest market share of over 36% in 2015, and it is likely to post a robust growth rate until 2020. The easy-to-cook and protein-rich nature of eggs have particularly made it acceptable among the working class in this regions,” adds Sharan.
Global egg packaging market by type of material 2015
- Molded paper
Global egg packaging market by molded paper
The global egg packaging market by molded paper was valued at USD 4.22 billion in 2015, and it accounted for a market share of over 56% in 2015. The share is expected to increase at a rapid rate in the near future because molded paper is 100% recyclable and there is a growing demand for environmentally friendly products for packaging. Compared to other packaging materials, molded paper is preferred because of certain other factors such as low price, temperature resistance and water resistant properties.
Global egg packaging market by PET
The global egg packaging market by PET was valued at USD 2.74 billion in 2015. The PET packaging segment accounted for the second highest market share of 34.64% in 2015, and the demand for PET packaging is expected to increase at a moderate rate during the forecast period. The fluctuating price of crude oil makes the price of PET packaging materials volatile. However, the cleaning property and reusability makes this packaging solution a preferable option over other packaging material.
Global egg packaging market by polystyrene
The global egg packaging market by polystyrene was valued at U.S. $665 million in 2015. Polystyrene is widely used for egg packaging because of its properties such as easy cleaning and water resistance. Also, polystyrene foam can be recycled many times. Compared to molded paper, foam packaging requires less water and energy for manufacturing.
To encourage the use of polystyrene packaging, vendors are working on innovative ideas to reduce harmful effects of polystyrene. With the use of advanced technology in packaging, egg packaging companies have minimized the use of compounds, which release ozone-depleting gases and impact the environment.