New York, US, May 16, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Food Storage Containers Market Research Report Information by Type, Product, Region, Material, and Application - Forecast Till 2030, the global Food Storage Containers market is predicted to bolter substantially during the review era from 2022 to 2030 at a substantial growth rate of around 4.19%. The reports further predict the market will acquire nearly USD 212.47 billion by the end of 2030. As per the documents, the Food Storage Containers market was valued at nearly USD 148.31 billion in 2022.
Food Storage Container Market Overview:
The global Food Storage Containers industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the escalating demand for fast-moving consumer goods (FMCG).
Competitive Analysis
The listing of the prominent leaders across the global market for Food Storage Containers includes players such as:
- Amcor and Bemis Company Inc.
- Avery Dennison Corporation
- Tupperware Brands Corporation
- Graham Packaging Company
- Newell Brands, LOCK&LOCK Co., Ltd
- Graphic Packaging International, Inc.
- Hamilton Housewares Pvt. Ltd
- Crown Holdings, Inc.
- Ball Corporation
- Berry Global Inc.
- Constar International Constar International Inc. (Plastipak Holdings, Inc.)
- Associated Packaging, Inc.
- Anchor Glass Container Corporation
- ACCO Brands
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Market USP Covered
Market Drivers
The global Food Storage Containers industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the escalating demand for fast-moving consumer goods (FMCG). Furthermore, the factors such as food contact material regulations set by the governments in several nations, growing focus on lowering food packaging waste, and escalating demand for sustainable packaging products are also projected to enhance the market performance over the review timeframe.
Market Restraints
On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the high costs associated.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2030: USD 212.47 billion 2032: Significant Value |
| CAGR during 2023-2032 | 4.19% CAGR |
| Base Year | 2021 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Material, Product and Application |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Drivers | The growing demand for sustainable packaging products |
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COVID-19 Impact
The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The Food Storage Containers market is no different than others. The market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.
Segment Analysis
Among all the types, the flexible segment is anticipated to ensure the top spot across the global market for food storage containers over the assessment era. The expanding flexible packaging industry, at a rapid rate, is substituting rigid packaging in food applications, which is considered to be the vital parameter supporting the growth of the segment globally.
Among all the materials, the plastic segment is predicted to ensure the leading position across the global market for food storage containers over the assessment era.
Among all the products, the containers segment is projected to secure the leading position across the global market for food storage containers over the assessment era, mainly because of the wide use of containers in packaging fruits and vegetables.
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Among all the applications, the candy and confections segment will likely lead the market globally over the review era, given the escalating demand for chocolate and the easy availability of different types of candy & confections.
Regional Analysis
The research reports by MRFR suggest that the Asia-Pacific region is anticipated to secure the top position across the global Food Storage Containers industry over the assessment period. The main parameter supporting the development of the regional market is the escalating demand for fast-moving consumer goods (FMCG). The regional market secured the top spot globally, with the largest revenue share of around USD 92,084.6 million in 2017. Furthermore, the food contact material regulations set by the governments in several nations, such as Singapore, Malaysia, Australia, India, Japan, and China, are also likely to enhance the performance of food storage containers across the region over the coming years. The regional market has China as the leading growth contributor, given the regulations directed by the government for lowering food packaging waste.
The European regional market for food storage containers secured second position across the globe in the year 2017. The growing amount of food packaging made of bioplastics is considered the primary parameter supporting regional market development. Furthermore, the escalating demand for sustainable packaging products among consumers is causing a rise in demand for eco-friendly storage and packaging solutions across the region, which is also projected to boost the regional market's development over the coming years.
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The North American regional market is anticipated to grow substantially over the coming years. The presence of tier 1 food storage containers manufacturers, such as ACCO Brands, Avery Dennison Corporation, Bemis Company, Inc., Newell Brands, and Tupperware, is believed to be the main parameter supporting the performance of the regional market in the last few years.
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