New York, Aug. 18, 2020 (GLOBE NEWSWIRE) — The Global Fresh Food Packaging Market is forecast to reach USD 102.00 Billion by 2027, according to a new report by Reports and Data. The growing demand from developing markets will help the fresh food packaging industry to maintain a steady growth rate over the forecast period. The rise in disposable incomes, along with higher purchasing capacity, will provide strength to the fresh food packaging industry and help in its growth over the forecasted period.
Due to the pandemic, there are high chances of disruption in the supply chain of raw material supplies. The financial crisis can let people shrink their expenses, which can lead to a decrease in the demand for the fresh food industry. Though food demand is inelastic, there can be a change in consumers’ dietary patterns. While the above reasons can have a negative impact, the inelasticity of food demand will make people adopt a more safe and hygienic way of consuming edibles. Consumers will embrace the freshly packaged edibles more as they will be served tested seafood or meat product along with the nutritional information label and additional facts about the edible product for sale.
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COVID-19 Impact Analysis:
After the COVID-19 outbreak, WHO encouraged people to take more aggressive steps to contain the spread of the virus and to abide by the rules and regulations by the government. Due to the increased importance of safety and hygiene after the COVID-19 outbreak, there was a rise in demand for packaging that protects edibles from moisture, changes in temperature, and various micro-organisms. The market has witnessed a high demand during the epidemic. It is expected to grow in the coming years due to the growth in innovative packaging solutions, which slows down decomposition and prevents food spoilage. Materials like textiles wood and glass will experience fast growth in the fresh food packaging Industry during the pandemic. As demand for food is generally inelastic, packaging plays an essential role.
Further key findings from the report suggest
- The Paper and Paper boards segment held a significant share in the market due to the paper’s convenience and decomposing property. The strict ban on plastics usage by governments of some countries has led to an increase in the demand for paper bags. Consumers shift their preferences towards more affordable, favorable, and feasible packaging materials such as paper, textile woods, and glass. Companies are embracing more eco-friendly and bio-degradable packaging materials.
- Consumers have become more aware of the nutritional value of seafood and meat products. Both seafood and meat products are holding the largest share in the market compared to the other products.
- Asia Pacific has the highest adoption rate in the market. This is due to the increasing demand for packed fresh edible products in countries like China, Japan, Australia, and India, and the availability of cheap raw materials.
- The fresh food packaging Industry is adopting better strategies to stay competitive in between the growing demand of fresh-packed edibles. Collaborations have been observed between prominent brands to increase their product portfolio and enter new markets. Companies adopt effective marketing and branding strategies to hold the position of the products in the competitive market.
- Key participants include Amcor Limited, Mondi PLC, DuPont, Smurti Kappa Group, Sonoco Products Co., International Paper Company, Coveris Holdings S.A., D.S. Smith PLC, Silgan Holdings Inc., and WestRock Company, among others.
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For the purpose of this report, Reports and Data has segmented the Global Fresh Food Packaging Market on the basis of material, packaging type, end-user, application, distribution channel, and region:
Material Outlook (Revenue, USD Billion; 2017-2027)
- Paper & paper boards
- Textile woods
Packaging Type Outlook (Revenue, USD Billion; 2017-2027)
End-user Outlook (Revenue, USD Billion; 2017-2027)
- Baker & Confectionary
- Hotel, Restaurants, and Food Chains
Application Outlook (Revenue, USD Billion; 2017-2027)
- Meat Products
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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