The global fresh food packaging market is expected to grow at an average CAGR of 3.88% over the next ten years, new data from Future Market Insights has found.
As of 2023, the market is valued at $141.36 billion (€132.12 billion), and is expected to surpass a market value of $206.85 billion (€193.35 billion) by 2033.
The growth of the fresh food packaging market over the coming decade is set to be influenced by a number of factors, including the rise of food-service operators in developing economies, growing concern for the environment and sustainability, increased demand for fresh food products, growing demand for extended shelf-life, and rising disposable income.
Rigid fresh food packaging is the largest packaging type category, accounting for a revenue share of 52.4% in 2022. Rigid packaging is expected to continue its dominance in the market, Future Market Insights said, particularly in the demand for fruits, eggs, and vegetables, due to its ability to protect food from external damage during transportation and handling.
The flexible fresh food packaging segment is also expected to grow at a notable pace, registering a CAGR of 5.6% through to 2033. This is due to their easy-to-carry and lightweight nature.
In the United States the total market value for fresh food packaging is estimated to surpass $182 billion (€170.1 billion) in 2023.
In Europe, meanwhile, the fresh food packaging market is expected to grow at a CAGR of 2.13%, with this growth set to be driven by a shift towards organic food and a focus on enhanced shelf-life, as well as strong demand for fresh vegetables and fruits.
According to Future Market Insights, the competitive landscape of the fresh food packaging market is dynamic, with companies such as AR Packaging, Amcor, and Bemis Company Inc among the companies launching innovative solutions and partnering for growth.
In March 2021, AR Packaging launched a one-piece barrier carton board tray for fresh fruits and vegetables, mushrooms, herbs, and seeds. Elsewhere, Amcor partnered with Moda in 2020 for providing innovative packaging solutions in the North and Latin American regions.
© 2023 European Supermarket Magazine – your source for the latest packaging news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.