According to a new report published by Allied Market Research, titled, “Produce Packaging Market,” The produce packaging market size was valued at $35.6 billion in 2021, and is estimated to reach $53.8 billion by 2031, growing at a CAGR of 4.1% from 2022 to 2031.
Produce packaging includes various types of packaging materials such as plastic containers, cardboard boxes, bags and liners, trays, etc. Produce packaging has many advantages over fresh produce, including protection from physical damage, avoidance of contamination, labeling, improved shelf life, and reduced food waste.
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The global produce packaging market is anticipated to grow owing to the change in lifestyles and alternative eating habits. In addition, factors such as comfort and the use of high-performance materials such as plastic, paper and paperboard, and others support the produce packaging market growth. Moreover, improved shelf life and improved efficiency in preventing contamination of contents are expected to drive the growth of the market.
In addition, factors such as population growth, rise in disposable income, and decrease in number of households are having a positive impact on the growth of the produce packaging market.
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Major players have adopted product launch, partnership, and acquisition as a key strategy to sustain the competition and improve the product portfolio. For instance, in February 2022, Sealed Air Corporation acquired Foxpak Flexibles Ltd. which is a privately owned Irish packaging solutions.
Asia-Pacific registered the highest share of the global produce packaging market share in 2021, owing to increased consumer disposable income, urbanization, and rise in consumption of fresh produce such as fruits and vegetables and others due to large population base.
However, during the COVID-19 pandemic, various manufacturers in the produce packaging market had to stop their business in countries such as China, the U.S., and India. This break directly impacted the sales of produce packaging companies.
In addition, lack of manpower and raw materials also constricted supply of fresh produce, which negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of produce packaging companies.
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KEY FINDINGS OF THE STUDY
The report provides an extensive analysis of the current and emerging global produce packaging market trends and dynamics.
Depending on material, the plastic segment has dominated the produce packaging market, in terms of revenue in 2021 and paper and paperboard is projected to grow at a significant CAGR during the forecast period.
By application, the vegetables segment has registered highest revenue in 2021.
Asia-Pacific is projected to register the highest growth rate in the coming years.
The key players within the global produce packaging market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the produce packaging industry.
The produce packaging market forecast analysis from 2022 to 2031 is included in the report.
In-depth global produce packaging market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.
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