Frozen Food Packaging Market

Frozen Food Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

SR499052 | 26-Mar-2021 | 120 Pages | Mordor Intelligence |

Summary

The frozen food packaging market was valued at USD 41.53 million in 2020 and is expected to reach a value of USD 56.2 million by 2026, at a CAGR of 5.18% over the forecast period (2021 - 2026). Recently, according to consumers convenience, frozen food packaging provides features like the packings are lightweight, unbreakable, and resealable, lower fossil fuel usage, and is also capable of greenhouse gas emissions, water usage for creating an eco-friendly environment.

- Majority consumers of frozen food products prefer large retail stores, supermarkets, and hypermarkets. Organized retail stores are a significant part of large retail chains, that have a huge presence in the global market. The growth in the organized retail chain is translating directly into the demand for food packaging solutions in the frozen food industry.
- For instance, Walmart is expected to host more than 11,000 stores, worldwide, and Amazon Go. Amazon is expected to open more than 3,000 cashier-less stores by 2021. Hence, the frozen food packaging market is expected to flourish.
- Consumers are also switching to frozen food to reduce the amount of waste they create, as a study in the British Food Journal showed that families reduced their food waste by over 47% by switching to frozen food.
- As packaging for frozen specialties like meat, poultry, and seafood are the fastest gains among major frozen food applications. Many large food packaging companies in North America and Asia-Pacific are investing hugely for creative and decorative packaging.
- However, the government packaging laws regulations in most of the developing and developed countries stand as a challenging factor for the market.

Key Market Trends

Bags Packaging Type to Account for a Major Share in the Market

- Various factors, such as changing lifestyle, increasing disposable income, and rapid urbanization in developing countries, especially the growing middle-income population, are increasing the demand for bags for frozen food. In the United States, the growing adoption of freezer bag has increased the growth of the frozen food packaging market.
- Plastic bags are available in different sizes and shapes. It offers several benefits, such as the ability to tolerate temperatures, and technical advantages, which is further fuelling the demand for bags in frozen food packaging.
- Ziploc bag is an important example of bag packaging. This type of bag is available in various sizes and can be used for storing meat and dairy food. For instance, dairy products can be frozen in freezer bags, as these are ideal for short-term usage and saving space. Another major trend being followed is customizing the product based on client requirements.

Asia-Pacific to Witness the Fastest CAGR

- In the Asia-Pacific region, the demand for food products is expected to grow with increasing population, and quality products are expected to be on demand, with urbanization and expanding awareness about foodborne illnesses, food wastage, and food spoilage.
- China has the largest share in the Asia-Pacific frozen food packaging market. Large population and urbanization in this country have led to an increased demand for frozen food products. Chinese consumers are now looking for easy-to-use and quality food products. The demand for frozen meat and other regularly consumed products in the frozen food market has been constant in the region, because of their availability.
- According to the National Bureau of Statistics of China, the growth of food packaging in China had increased by 32% by 2018, since 2013. Furthermore, the market also provides an opportunity for vendors of frozen food packaging solutions, as it is still in the nascent stage in terms of adoption of the latest packaging products.

Competitive Landscape

The frozen food packaging market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with creative and decorative packaging patterns, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.

- May 2019 - Cascades Sonoco, a joint venture of Cascades Inc. and Sonoco Products Company, inaugurated the expansion of packaging facility in Birmingham, Alabama, by its new production line of innovative, eco-friendly packaging. They have invested USD 17 million to produce a water-based functional coating solution which can create recyclable, repulpable and compostable containers.
- Apr 2019 - WestRock Company has got the "Innovator Award" for the company’s work in improving the recyclability of foodservice packaging.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

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