The North America Food Container Market would witness market growth of 5.4% CAGR during the forecast period (2021-2027).
In recent years, the growth of packaged food as one of the most profitable divisions of the global food and beverage business has fueled various kinds of advancements across the food container market. The ever-increasing variety of available product kinds in the market, their expanding range of applications are creating new growth avenues for food packaging companies. Furthermore, the rising consumption of processed and packaged foods is expected to drive the food container market demand in the coming years.
Due to a scarcity of raw materials as a result of the supply chain disruption, food container production was limited during the outbreak of the COVID-19 pandemic. In 2020, many key players will see a decrease in annual revenue. For example, Amcor plc's yearly turnover decreased in 2020 as compared to 2019. Food goods are considered vital products; hence the demand for packaged food items has surged throughout the pandemic period. Moreover, given established presence of food companies in the market and solid supply chains in various economies, demand for food containers has not declined.
The consumers residing in the North American region are witnessing a constant upsurge in their disposable incomes, Due to this, their purchasing power is exponentially increasing. In addition to it, the people are looking for ways in which they can preserve and safeguard the quality of food for the long term. These factors are acting as an impetus for the demand & growth of food containers in the regional market.
The growing awareness regarding the benefits of the food containers such as tampering resistance, protection to food, and satisfying specific chemical, physical, or biological requirements are expected to boost the growth of the regional market. Moreover, the constantly broadening scope of available product types in the market and their increasing application are creating new growth avenues for the players operating in the regional market.
The USA market dominated the North America Boxes Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $7684.5 Million by 2027. The Canada market is experiencing a CAGR of 6.5% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 8.5% during (2021 - 2027).
Based on Product, the market is segmented into Cans, Boxes, Bottles & Jars, Cups & Tubs, and Other Product. Based on Material, the market is segmented into Plastic, Metal, Glass and Other Materials. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Food Container Market is Estimated to Reach USD 223.2 Billion by 2027 at a CAGR of 6.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Amcor PLC, Berry Global Group, Inc., Silgan Holdings, Inc., Plastipak Holdings, Inc., Ball Corporation, Novolex Holdings, Inc., Ardagh Group S.A., Sonoco Products Company, Weener Plastics Group BV, and Tetra Laval International S.A.
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