According to a new report Global Food Container Market, published by KBV research, The Global Food Container Market size is expected to reach $223.2 billion by 2027, rising at a market growth of 6.6% CAGR during the forecast period.
The cans product segment would be the fastest growing segment during the forecast period. This is credited to the increasing demand for different kinds of canned foods and beverages. The cups and tubs segment is also expected to grow at a substantial rate. This is due to their unique application, which is mostly for thick and non-viscous food products. Desserts, bakery, and confectionery products, such as pudding, ice cream, and cakes, are commonly packaged in cups and tubs. Cups and tubs are mostly made out of plastic and glass.
The plastic segment acquired the maximum revenue share of the food container market. As it offers numerous advantages over other materials, plastic is the most widely used material in the packaging industry. Plastic is more energy efficient to manufacture than other materials and is lighter than other materials. Additionally, it is less costly in comparison to other materials such as metals and glass.
In 2020, Asia-Pacific region emerged as the leading region of the global food container market. Moreover, the regional market would exhibit fastest CAGR/growth rate throughout the forecast period. Factors such as booming food processing industry in the region due to the favorable government policies are responsible for the growth of the regional market. Countries like India, China, and Japan are important contributors to the APAC regional market's expansion.
Full Report: https://www.kbvresearch.com/food-container-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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