Refrigeration Packaging Market Highlights
MRFR predicts the Global Refrigeration Packaging Market will reach more than USD 10 billion by 2023, growing at a CAGR of ~ 5.37% during the period 2017-2023.
The global refrigeration packaging market is a very dynamic market and is expected to witness high growth over the forecast period. With suitable protective materials such as paper or synthetic films, the products can vary from fresh food, processed food and ready-to-eat products. Various packaging technologies are used such as vacuum skin packaging and modified atmospheric packaging (MAP), which essentially removes atmospheric oxygen from the primary package being sealed. Oxygen has been identified as a primary source of most product degradation.
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Changes in consumer preference for safe food have led to innovations in packaging technologies. The packaged refrigeration market is driven by various factors such as government initiatives for food safety, increase in demand for small portion food items/demand for single use packaging. Growth in retail sectors/increasing number of retails outlets, and increasing demand for processed food items, also drive the market growth. The refrigeration packaging market has various restraints such as inclination towards fresh cooked food and added costs of the final product.
One challenge in the market is the volatility in raw material prices. The most common raw materials used in the manufacturing of packaged refrigeration, include aluminum, copper, and steel. These materials have volatile prices that affect the manufacturers, and the end-user segments. The expanding demand-supply gap in the last few years has led to an increase in the cost of raw materials.
The key players of global refrigeration packaging market includes Amcor Limited (Australia), Ball Corporation (U.S.), Bemis Company, Inc. (U.S.), Crown Holdings Incorporated (U.S.)., Graphic Packaging International, Inc.(U.S.), International Paper Company (U.S.), Pactiv LLC (U.S.), Sealed Air Corporation (U.S.), Sonoco Products Company (U.S.), and WestRock Company (U.S.)
Scope of the report
This study provides an overview of the global refrigeration packaging market, tracking one market segment across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Refrigeration Packaging market by its product and region.
By Packaging Material
- Paper & Paperboard
By Packaging Type
- Boxes and Cartons
- Bags and Pouches
- Bottle & Jars and Others
- North America
- Asia Pacific
- Rest of the World
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Market Research Analysis:
With busy consumer lifestyles and rising household incomes, more and more people are looking for convenient options that can fit around their hectic schedules. Technological advancements have enabled the flexible packaging companies with the ability to supply new film types and improved packaging designs, which helps protect, promote and store the product. Specifications such as printed films, re-sealable zippers, tear notch openings and single serve packing, have played a key role in enhancing this trend.
With increasing disposable income and changing consumer preferences, there has been an inclination towards the consumption of frozen meat, poultry and seafood products. The growth of the segment is propelled by consumer demand for frozen foods offering convenience and value along with quality improvements resulting from packaging innovations. There has been a steady rise in income levels in developing nations, recently, resulting in more disposable income among individuals. Developing countries such as China, India, Indonesia, Thailand, Vietnam, and Mexico have the largest disposable incomes, due to which there has been a significant growth in the demand for efficient packaging of meat, poultry and seafood. The higher disposable income in these developing countries, result in the increase in purchasing power. As a result, frozen packaging market is expected to be impacted, positively.
In this market study, analysts have estimated Asia Pacific to dominate the refrigeration packaging market during the forecast period. Factors such as the introduction of active and intelligent packaging solutions by vendors such as Amcor, and the growing demand for flexible packaging, will boost packaged refrigeration growth in this region during the forecast period.
Major TOC :
- Executive Summary
- Scope of the Report
- Market Landscape
- Market Dynamics
- Global Refrigeration Packaging Market, by Material
- Global Refrigeration Packaging Market, by Packaging Type
- Global Refrigeration Packaging Market, by End-user
- Global Refrigeration Packaging Market, by Region
- Competitive Landscape
- Company Profile
- List of Tables
- List of Figures
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