The fresh food packaging market is expected to reach US$93.445 billion by the end of 2023, increasing from US$74.408 billion in 2017, growing at a CAGR of 3.87% during the forecast period.
Food products are packed using a number of materials to protect them from adverse environmental conditions. In addition, the packaging is required for the transportation of produce to avoid any physical damage and waste. Growing demand for convenience food and an effort to improve the shelf life of the fresh food are the major driving factors for the fresh food packaging solutions.
Budding awareness regarding global warming is motivating companies to introduce cost-effective and biodegradable packaging solutions. However, disposal of food waste while packaging remains a major concern for the companies and this might restrict the demand for fresh food packaging solutions. The Asia Pacific region held a significant market share in 2017 and is projected to grow at an impressive rate owing to rising disposable income and increasing population over the forecast period.
Major industry players profiled are Smurfit Kappa, Sealed Air Corporation, Bemis Company, Amcor Limited, Sonoco Products, and LINPAC Packaging among others.
The fresh food packaging market has been analyzed through following segments: