Report Says Frozen Food Packaging Market Will Rise to $39,000 Million Globally by 2022
According to a report from Future Market Insights (FMI), rising demand for frozen food is projected to generate a compound annual growth rate (CAGR) of 4.9% over the 2017-22 forecast period. This should boost the value of packaging in the sector to US $39,000 million within five years, and Europe will continue to remain a leading market for such products.
Increased usage of frozen food packaging is spurred by various micro-economic and macro-economic factors, according the Valley Cottage, New York-based market intelligence and consulting firm. In an attempt to attract customers, manufacturers in the food and beverage industry are increasingly offering frozen food products through online portals. Moreover, a surge in sales of frozen desserts has further contributed towards growth of the global packaging market.
Ever endeavoring to protect food products from exposure to extreme weather conditions and moisture, manufacturers are implementing enhanced solutions that include temperature controlled and tamper-proof packaging.
Revenue growth generated by plastic packaging purchases is projected to be robust as the segment reaches an estimated $7,000 million in value by the end of 2022, Meanwhile, the paper and paperboard segment is expected to record a relatively high CAGR through over the next five years. Based on the packaging type, the bags and pouches segment is projected to register a solid CAGR, logging more than $2,000 million.
During the forecast period, the frozen specialties segment is expected to experience a strong CAGR. Meanwhile, the meat, poultry and seafood segment is projected to account for more than $ 3,000 million by over the next five years.
Major Market Players
Among leading manufacturers in the global frozen food packaging market are Ball Corporation, Amor Ltd., Crown Holding Inc., Bemis Company Inc., Pactiv LLC, International Paper Company, Sonoco Products Company, Sealed Air Corporation, Printpack Inc., Berry Global Group Inc. and Huhtamaki Oyj.
For more information, contact Future Market Insights by phoning either +1-347-918-3531 or +44 (0) 20-7692-8790 in the United Kingdom, or by visiting www.futuremarketinsights.com.