According to the report, the global frozen food packaging market generated $38.82 billion in 2020, and is estimated to generate $63.98 billion by 2031, witnessing a CAGR of 5.03% from 2022 to 2031. The report offers a detailed analysis of changing market trends, value chain, top segments, key investment pockets, regional scenarios, and competitive landscape.
Rise in urbanization, fast-paced lifestyle, increase in female participation in the workforce, rise in “on-the-go” consumer base, and growth in purchasing power in emerging economies drive the growth of the global frozen food packaging market. However, lower frozen food sales in several emerging countries are due to negative customer perceptions of packaged meals and low market penetration hampers the market growth. On the other hand, the availability of packed ready-to-eat foods, bakeries, and desserts in the food service industrycreates new opportunities in the coming years.
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Covid-19 Scenario:
- The outbreak of Covid-19 negatively affected the food and beverage sector. This is due to several factors, including manufacturing disruptions, market closures, restricted travel &transportation, sourcing issues, and others.
- The interruption of the supply chain and limitations in manufacturing capacity, according to market players, were the major hurdles they faced during the Covid-19 pandemic.
- However, market disruptions in frozen food packaging are projected to slow down in the coming years.
The report offers detailed segmentation of the global frozen food packaging market based on type, product, material, and region.
Based on type,the boxes segment held the highest market share in 2020, accounting for around one-third of the total share, and is projected to maintain its leadership status during the forecast period. However, the trays segment is estimatedto grow at the fastest CAGR of 5.88% from 2022 to 2031.
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Based on product,the ready meals segment accounted for the largest share in 2020, contributing to nearly two-fifths of the global frozen food packaging market, and is expected to maintain its lead position during the forecast period. However, the seafoodsegment is projected to portray the highest CAGR of 5.59% from 2022 to 2031.
Based on region, Europecontributed the highest share in 2020, accounting for nearly two-fifths of the total share, and is expected to continue its dominant share in terms of revenue by 2031. However, Asia-Pacificis projected to manifest the largest CAGR of 6.75% during the forecast period.
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Leading players of the global frozen food packaging market discussed in the research includeBall Corporation, Sonoco Products Company, Amcor Ltd., Bemis Company, Inc., Graphic Packaging International, Inc., Crown Holdings, Inc., International Paper Company, Sealed Air Corporation, Pactiv LLC, and WestRock Company.
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