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(MoneyNewsWire.Net, May 21, 2018 ) The Asia Pacific Food Containers market size was around USD 85 billion in 2016. It is expected to grow at a CAGR of 5.2% to reach USD 109.52 billion by 2021. It captures 34% of the global market.
The emergence of packaged food as one of the most lucrative segments of the Asia Pacific food and beverage industry in the past few years has fuelled large-scale developments across the market for food containers. The continuously widening array of available product varieties in the market and their broadening scope of applications are presenting significant growth opportunities to companies operating in the field of food packaging. Food containers are utilized in the form of flexible bags, rigid plastic containers, sacks, paperboard, metal containers, and glass bottles
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The increasing importance of flexible packaging material in the nutrition industry because of exhibiting splendid properties like aroma retention, good heat insulation, and moisture barrier resistance is anticipated to drive the market over the aforementioned forecast period. The growing concerns over greenhouse emissions in the F&B industry owing to stringent regulations aimed at reducing carbon dioxide usage are expected to promote the demand for sustainable packaging goods derived from bioplastics. Furthermore, the rising importance of secure disposal and light weight during the packaging in F&B industry is anticipated to have a significant impact over the forecast period.
Upgrading organic personal care industry of Germany and France is anticipated to promote the packaging activity thereby reducing the access of raw material to the food processing sector. Moreover, stringent regulatory norms aimed at controlling deforestation worldwide are anticipated to reduce the availability of paper as a feedstock for the production of food containers.
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The market is segmented by product and by application. By product it is categorized into Flexible Packaging, Paperboard, Rigid Packaging, Metal, and Glass. Flexible packaging was the largest product segment, accounting for 41.4% of market share in 2015. The growing importance of thin-film packaging in the nutritional industry as a protective medium for improving the shelf life of finished food goods is anticipated to promote the application growth over the forecast period. Rigid plastics is estimated to foresee growth at a CAGR of 4.4% from 2016 to 2021. Technological innovation in terms of the development of biodegradable plastics by market players like Cargill Foods is likely to open new market opportunities for the rigid packaging product forms over the aforementioned forecast period. By application the market is segregated into Grain Mill Products, Bakery Products, Dairy Goods, Fruits & Vegetables, Meat Processed Products, Others. Meat processing products earned a revenue of USD 62.16 billion in 2016 and is likely to undergo significant growth due to the growing sales volumes of frozen beef product forms in the developed countries including the U.S. and Germany. Dairy goods are estimated to foresee growth at a CAGR of 4.0% from 2016 to 2021. Product innovation by Fonterra, Kerry Foods, and Dairy Foods America Inc. along with the development of new products like cheese and chilled desserts are anticipated to play a vital role in growing the demand for containers over the forecast period.
By geography the market is segmented into India, China, Korea, Japan and others. Asia Pacific was the largest market and accounted for 33.5% of global share in 2015. Population growth, rapid urbanization, and rising disposable income in developing countries including China, India, Bangladesh, and Thailand is anticipated to play an important role in increasing the industry size of the food & beverage sector which in turn will fuel growth over the next nine years.
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Major players in the market are Silgan, Ball Corporation, Bemis, Ardagh, Berry Plastics, Caraustar Industries, and Graham Packaging.
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