food storage container market

Global Food Storage Container Market is expected to expand at 4.19% CAGR during the forecast period.

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Market Highlights: The global food storage container market is expected to gain an unprecedented value of USD 347,993.6 million by 2023 with a CAGR of 4.19% during the forecast period (2018–2023). The report covers segmentation and the market dynamics for a better glimpse of the market during the forecast period. Food storage containers are used for the packaging of food for retaining the quality of food products and ensuring safe transport and storage food products. Food storage containers are made from plastic, paper, metal, and glass as per the applications of the product. Food storage containers are mainly made from plastic due to their low cost, recyclability, and reusable properties.

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Regional Analysis: Based on region, the market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.

In 2017, Asia-Pacific is anticipated to lead the food storage container market during the forecast period, followed

by Europe and the Americas. The food storage container market in Asia-Pacific is expected to witness steady growth, owing to the high demand for fast moving consumer goods (FMCG). Additionally, the food contact material regulations set by the governments in various countries, such as Australia, China, Japan, India, Malaysia, and Singapore, are anticipated to propel the demand for food storage containers during the forecast period. Additionally, China, followed by Japan, is expected to dominate the food storage container market in Asia-Pacific.

The global food storage container market is expected to reach USD 347,993.6 million at a CAGR of over 4.19% by 2023 of the forecast period.

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Segmental Analysis: The global food storage container market is segmented based on type, material, product, and application.

Based on type, the global food storage container market is segmented into into rigid and flexible. The flexible segment is expected to dominate the market, due to growing flexible packaging industry at a rapid rate and is replacing rigid packaging in food applications. Also, flexible food packages are lighter and do not require large quantities of raw materials for production as compared to rigid containers. It includes non-rigid structures, such as bags, pouches, shrink films, tubes, sleeves, and carded packaging.

The flexible segment dominated the market and was valued at USD 162,480.3 million in 2017. This value can reach USD 221,332.6 million by 2023. The flexible segment is witnessing significant growth and is expected to attain 5.40% CAGR during the forecast period.

Based on material, the global food storage container market is segmented into plastic, paper & paperboard, metal, and glass. In 2017, the plastic segment held the maximum market share and was valued at USD 104,376.7 million. This value can rise to USD 156,569.0 million by 2023. This segment is expected to grow with the fastest CAGR of 7.02% during the forecast period.

Competitive Analysis: Some of the prominent players operating in the global food storage container market report are Amcor and Bemis company Inc., Tupperware Brands Corporation, Newell Brands, LOCK&LOCK Co., Ltd, Hamilton Housewares Pvt. Ltd, Ball Corporation, Constar International Constar International Inc. (Plastipak Holdings, Inc.), Anchor Glass Container Corporation, Associated Packaging, Inc., Berry Global Inc., Crown Holdings, Inc., Graphic Packaging International, Inc., Graham Packaging Company, Avery Dennison Corporation, and ACCO Brands.

Newell Brands considers new product development as key strategy and has consistently invested in research and development of plastic container products, glass containers, and food storage container product differentiation to offer well designed products to customers. It is focusing on its e-commerce business division to generate maximum revenue and partnering with different e-commerce companies.

Key Competitors: The key players of global food storage container market are Amcor and Bemis company Inc., Tupperware Brands Corporation, Newell Brands, LOCK&LOCK Co., Ltd, Hamilton Housewares Pvt. Ltd, Ball Corporation, Constar International Constar International Inc. (Plastipak Holdings, Inc.), Anchor Glass Container Corporation, Associated Packaging, Inc., Berry Global Inc., Crown Holdings, Inc., Graphic Packaging International, Inc., Graham Packaging Company, Avery Dennison Corporation, and ACCO Brands.

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