Food Container Market size is anticipated to grow at a significant pace over 2021-2027, due to the rising interest in the development of smart and biodegradable food packaging materials worldwide. Moreover, rapid urbanization and a significant shift away from traditional staples to processed or packaged foods will also considerably augment the industry growth in years ahead.
A food storage container refers to a packaging material designed to hold foods at room temperature, in freezers or in the refrigerator. The product is available in various formats, such as plastic bags, glass, or plastic containers. The product is used commonly as a convenient meal prep container, to neatly refrigerate meal servings, and to carry prepared meals as it ensures food safety.
Rising prevalence of busy lifestyles and the subsequent increase in demand for packed food products are the key trends bolstering the food container market expansion. Due to the increasing number of nuclear families and single-person households, the consumption of ready-to-eat food products has been substantially increasing. The evolution of nomadic culture has also boosted the need for food packaging boxes, which will create ideal growth conditions for the industry over the forecast spell.
In terms of segmentation by material, the plastic segment is set to hold a commendable share by 2027, given its cost-effectiveness and versatility as compared to other food storage container materials like glass. Market growth from this segment can further be credited to the high durability of plastic against extreme external conditions and lightweight nature, enabling the product to be seamlessly handled and transported.
Regionally, North America is poised to emerge as a lucrative revenue prospect for the food container market over 2021-2027. This is attributable to the expanding working population and upper-income households, as well as the strong demand for premium canned foods across the region. The per capita disposable income has significantly increased in the U.S., even during the pandemic, owing to the federal unemployment benefit program as well as the stimulus checks paid to taxpayers.
Prominent players operating in the food container market include Packaging Dynamics Corporation (Novolex), Plastipak Holdings Inc., MeadWestvaco Corporation (WestRock), Pactiv, Owens-Illinois Group Inc., Manchester Industries, Hood Companies, Graham Packaging Company, Evergreen Packaging, Caraustar Industries, Inc., Consolidated Container Company, Associated Packaging Technologies, Bemis Company, Inc., Anchor Packaging, Fold-Pak (WestRock), and Alcan Packaging, among others. Innovative product launches and business expansions are among the key strategies being employed by these market participants to boost their product portfolio across the global market.
For instance, in May 2021, Plastipak announced an investment in recycling at its manufacturing plant located in Toledo, Spain, with an objective to convert PET flakes into food-grade recycled PET pellets. These pellets are designed for direct use in new food containers, bottles, and preforms.
The outbreak of novel coronavirus has had a profound impact across all industry verticals, and the food packaging industry is not an exception. In the early months of the pandemic, the Centers for Disease Control and Prevention alluded to the risks posed by non-porous food containers, as they could be potential carriers of SARS-CoV-2. Increasing concern regarding the possible spread of the virus through these containers thus adversely impacted the business operations of some food container manufacturers over the past few months.
Despite these increasing concerns, the work-from-home trend has resulted in a significant rise in consumption of packaged meals and packaged produce. Consumers are rapidly purchasing fresh foods, frozen foods, dairy and bakery products, and meats and seafood, to stock their kitchen during the crisis. This escalating shift towards the consumption of packaged food products may help the food container industry regain traction over the forthcoming years.