ID: MRFR/PNT/3635-HCR | February 2021 | Region: Global | 111 pages
In fact, MRFR predicts the global refrigeration packaging market will reach more than USD 10 Billion by 2027, growing at a CAGR of ~ 5.37% during the period 2020-2027. Global interest in frozen foods has soared in recent years, resulting in numerous growth opportunities for manufacturers.
There are several key drivers that are fuelling the frozen foods segment. With the worldwide economic growth and coinciding rising incomes, and increasingly busy lifestyles consumers, people are looking for convenient meal options that fit within their busy daily lives. Technological advancements have also played a central role, with new film types and improved packaging designs such as transparent and colored films, tear-notch openings, hanging holes, sealable zippers and single serve packaging plays an important role for the growth of the market. Vertical form fill and seal (VFFS) systems are the ideal solutions to respond to the increasing demand for frozen foods as they can quickly and effectively bag a wide variety of products and operate well in the harsh environments of the frozen food industry.
The frozen food industry has come a long way in the past several years. Gone are freezers of the past filled simply with fish sticks and freezer-burned vegetables. Many brands are offering high-quality meals that can easily be heated and served on demand. These luxury frozen food brands have reinvented the idea of frozen food as these ready-to-go premium quality meals are healthy, convenient and sustainable.
The key players of global refrigeration packaging market include Amcor Limited (Australia), Ball Corporation (U.S.), Bemis Company, Inc.(U.S.), Crown Holdings Incorporated (U.S.)., Graphic Packaging International, Inc.(U.S.), International Paper Company (U.S.), Pactiv LLC (U.S.), Sealed Air Corporation (U.S.), Sonoco Products Company (U.S.), and WestRock Company (U.S.).
Rising demand to preserve milk in dairy shops will propel coolers demand over the projected timeframe. Diary companies are upgrading their existing capacities, and setting up cold storages along with the processing plant. This will generate the overall revenue over the forecast period. One challenge in the market is the volatility in raw material prices. The most common raw materials used in the manufacturing of packaged refrigeration, include aluminum, copper, and steel. These materials have volatile prices that affect the manufacturers, and the end-user segments. The expanding demand-supply gap in the last few years has led to the increase in the cost of raw materials.
Refrigeration Packaging Market-By Segment
The global refrigeration packaging market is segmented as North America, Europe, Asia Pacific, and rest of the world (ROW). Among these North America is expected to witness the fastest growth in Refrigeration Packaging as the people in the region are more inclined towards convenience products. The demand for meat, poultry & seafood packaging in the region is also expected to be driven, owing to factors such as demographic shifts and increase in global population. According to the North American Meat Institute (NAMI), the meat and poultry industry is the largest segment of U.S. agriculture. Total meat and poultry production in 2012 reached more than 93 billion pounds.
In this market study, analysts have estimated Asia Pacific to dominate the refrigeration packaging market during the forecast period. Factors such as the introduction of active and intelligent packaging solutions by vendors such as Amcor and the growing demand for flexible packaging will boost refrigeration packaging growth in this region during the forecast period.
Packaging is essential to any food product. It protects, promotes, informs and plays a key role in providing convenience to the consumer. Freezing is one of the easiest, quickest, most versatile and most convenient methods of preserving foods. Properly frozen foods maintain more of their original color, flavor and texture and generally more of their nutrients than foods preserved by other methods.
The report for Global Refrigeration Packaging Market of Market Research Future comprises extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
|Market Size||2027: USD 10 Billion|
|CAGR||5.37% CAGR (2020-2027)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Packaging Material, Packaging Type, and End-user|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Amcor Limited (Australia), Ball Corporation (U.S.), Bemis Company, Inc.(U.S.), Crown Holdings Incorporated (U.S.)., Graphic Packaging International, Inc.(U.S.), International Paper Company (U.S.), Pactiv LLC (U.S.), Sealed Air Corporation (U.S.), Sonoco Products Company (U.S.), and WestRock Company (U.S.)|
|Key Market Opportunities||New product launches and R&D amongst major key players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Refrigeration packaging market is expected to record a substantial market valuation of USD 10 billion by 2027.
Refrigeration packaging market is projected to register a moderate 5.37% CAGR in the forecast period.
Increasing demand for milk preservation and frozen foods are expected to drive the growth of the market.
the fluctuations in raw material prices and impact on the environment is likely to hamper the growth of the market over the review period.
A few major market players operating in the Refrigeration packaging market are Amcor Limited (Australia), Bemis Company, Inc. (U.S.), Crown Holdings Incorporated (U.S.)., Ball Corporation (U.S.), among others.