The global fresh food packaging market size is expected to reach USD 181.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.0% from 2021 to 2028. Increasing demand for fresh dairy products from developing countries is expected to be the key driver for the market over the forecast period.
The industry has experienced a significant impact of the COVID-19 pandemic owing to the disruption of the supply chain. The shutdown in China, which is one of the key raw material producers, has impacted packaging manufacturers globally. The shortage in supply of raw materials like plastics, aluminum, steel, and others from Chinese manufacturers has resulted in a demand-supply gap, however, the manufacturing is expected to ramp up the production gradually.
The demand for packaging of fresh vegetables and fruits remained intact as the supply chain remained unaffected and imports continued during the COVID-19 pandemic. Specifically, the fruits and vegetables with high vitamin C content witnessed a significant increase in sales which further contributed to the increased supply-demand gap for the market.
The increasing demand for eco-friendly packaging solutions has forced various companies to develop products that are recyclable or biodegradable. For instance, in November 2020, Amcor plc introduced a new product line, Packpyrus, which is a paper-based packaging solution for meat and cheese. Similarly, in September 2019, PPC Flexible Packaging LLC launched PPC green products, which include compostable and recyclable pouches to strengthen its sustainable eco-friendly product portfolio
Major market players are constantly acquiring smaller market participants to increase their market shares in the global market. For instance, in February 2019, Sealed Air announced the acquisition of MGM’s flexible packaging business to increase its market presence and expand its food packaging product portfolio. Similarly, in June 2019, Amcor Plc acquired U.S.-based Bemis Company Inc., a manufacturer of flexible and rigid packaging, to increase its global reach.
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