Dublin, March 31, 2021 (GLOBE NEWSWIRE) -- The "Produce Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The produce packaging market was valued at USD 31.15 billion in 2020 and is expected to reach USD 37.63 billion by 2026, at a CAGR of 3.10% over the forecast period 2021 - 2026, primarily due to market for whole and fresh-cut produce is projected to grow as consumers continue to seek healthy food.
Furthermore, the transformation of whole fresh produce into fresh-cut products results in a highly perishable food with a very short shelf life, demanding for high quality packaging in this segment.
Packaging companies are innovating extensively and looking for extended shelf life which has resulted in modified atmosphere packaging (MAP). Additionally, growers & producers, are more focused upon reducing produce and packaging waste losses and export growth to newer markets.
There is an increase in the number of hypermarkets and supermarkets which is expected to be one of the key factors driving the growth of the paper and paperboard containers and packaging market over the coming years.
Additionally, the number of foodborne outbreaks related to fresh-cut produce are on a rise which makes this market increasingly focus on preventing public health problem.
Key Market Trends
Bags and Pouches as Packaging Material Type to Witness a Significant Share in the Market
Increasing health consciousness and awareness regarding benefits of fresh food consumption are motivating growers to opt for produce packaging with a longer shelf life. Therefore, rising demand for better shelf life products across countries such as the United States is driving the market growth.
Plastic pouch's ability to enable co-polymerization, and the addition of plasticizers, blowing agents, antibacterial additives, and color-changing additives are also fueling the growth of the studied segment.
Stand-up pouches and pillow pouch pouches are some of the most common types used globally and rising consumption of organic food will act as a catalyst for the growth in this segment primarily because Organic agricultural products need superior packaging for increasing their shelf-life.
Also, increased small household sizes have contributed significantly to growing demand for small-sized flexible packaging of fresh produce. Most retailers currently, prefer smaller packages as they are perishables, occupies less shelf space and in stackable displays.
North America to Record a Significant Share in the Market
The region expects a significant share in the market due to trends like, increased packaging of unpackaged produce items such as apples, pears, sweet potatoes and growing demand for cut and shredded produce that deploys convenience packaging.
Moreover, united states export value of fresh vegetables in 2018 stood at USD 2,160 million according to USDA and Export & Import value for fresh fruit, nuts and vegetables and pulse crops together in Canada accounted to 542.5 million & 703.4 million respectively, as per latest data released by Statistics Canada. Such increased activity in the region is leading to increased adoption of produce packaging.
With increasing trends towards reducing food waste in the trend, produce industry is likely to adopt the packaging due to convenience that it gives to retailers by providing smaller portions and eliminating packaging costs at multiple levels.
Further, another major driver for produce packaging is the organic food market in this region. According to FiBL survey in 2017, organic food revenue in highest in united states at EUR 40,011 million and Canada at EUR 3,002 million, making North America lead the distribution of retail sales value. This creates a huge demand for produce packaging in the region.
Companies profiled for this market are adopting eco-friendly packaging by using biodegradable packaging material which can be recycled, renewed, and reused. intense competition is witnessed between the packaging providers in the market resulting in mergers and acquisitions to expand product portfolio and geographical reach.
June 2019 - Amcor acquired Bemis Company Inc, which has provided Amcor with an extensive range of flexible packaging to expand its footprint across America region.
November 2018 - WestRock Company acquired KapStone Paper and Packaging to increase corrugated business by strenghthening West Coast of the United States access and adds attractive paper grades and distribution capabilities to its portfolio.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Key Topics Covered:
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Value Chain Analysis
4.4 Introduction to Market Drivers and Restraints
4.5 Market Drivers
4.5.1 Growing Need Among Consumers for Healthier Lifestyle
4.5.2 Increased Organic Production Worldwide
4.6 Market Restraints
4.6.1 Complexity in Providing Increased Shelf-Life to the Produce Packaging
5 MARKET SEGMENTATION
5.1 By Packaging Material Type
5.1.1 Plastic Containers
5.1.2 Corrugated Boxes
5.1.3 Bags and Pouches
5.1.4 Film Lidding and Laminates
5.2 By Application (Qualitative Analysis)
5.3.1 North America
5.3.3 Asia - Pacific
5.3.4 Middle East and Africa
5.3.5 Latin America
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Amcor PLC
6.2.2 Berry Global, Inc
6.2.3 International Paper Company
6.2.4 Sonoco Products Company
6.2.5 Reynolds Group Holdings Limited (Pactiv)
6.2.6 WestRock Company
6.2.7 Mondi PLC
6.2.8 Sealed Air Corporation
6.2.9 Smurfit Kappa Group
6.2.10 Coveris Holding S.A
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/aj0odi
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