Food Punnets Market: Growth on the Horizon, Exhibiting a CAGR of 5.29% by 2033 | FMI Study

Projected to achieve a market value of US$ 16.67 billion in 2023, the global food punnets market is poised for substantial growth, with a projected Compound Annual Growth Rate (CAGR) of 5.29% from 2023 to 2033, reaching a valuation of US$ 27.9 billion by the end of the forecast period. This upward trajectory underscores the increasing demand for convenient and sustainable packaging solutions in the food industry, driven by evolving consumer preferences and stringent regulations. The market’s expansion is fueled by factors such as technological advancements, growing urbanization, and the rising popularity of grab-and-go food options.

The convenience and ease of use offered by punnet trays make them an ideal solution for transporting fruits and vegetables over extended distances, a key factor fueling market growth. Additionally, the escalating demand for environmentally friendly and sustainable packaging solutions further propels the adoption of punnet trays in the packaging industry.

Concurrently, the small rigid punnets market is being shaped by the convenience packaging sector as modern, fast-paced lifestyles drive the need for on-the-go consumption and time-saving options in food preparation.

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The paper-based food punnets market is estimated to have increased demand in the Europe region due to the government strict regulations and impositions over the use of plastic materials. Also, the North America region is expected to have a moderate growth due to high consumption of fruits, vegetables and seafood. On the other hand, Asia Pacific region may witness a significant growth due to developing economies such as India and China which have an exceptional growth of fresh food packaging industry.

Market Drivers:

1. Growing Demand for Convenience: Consumers are increasingly seeking convenient packaging solutions that offer ease of handling and storage. Food punnets provide a convenient way to store and transport fresh produce, contributing to their market growth.
2. Rise in Sustainable Packaging: With increasing awareness about environmental concerns, there’s a growing demand for sustainable packaging options. Food punnets made from recyclable or biodegradable materials meet this demand and are preferred by environmentally conscious consumers and businesses.
3. Expansion of Retail Sector: The expansion of retail chains, supermarkets, and hypermarkets globally has boosted the demand for food punnets. These establishments often prefer pre-packaged produce to streamline operations and offer convenience to customers.
4. Focus on Food Safety and Hygiene: Food punnets help ensure the safety and hygiene of perishable items by providing a protective barrier against contamination and physical damage. With rising concerns about food safety, there’s a heightened demand for packaging solutions like food punnets.
5. Innovations in Packaging Design: Manufacturers are continually innovating in terms of packaging design to enhance product visibility, shelf appeal, and sustainability. Creative designs and features in food punnets attract consumers and drive market growth.

Market Restraints:

1. Cost Constraints: While there’s a growing demand for sustainable packaging, the production of eco-friendly food punnets can be costlier compared to conventional options. This cost factor may restrain their widespread adoption, especially in price-sensitive markets.
2. Limited Shelf Life: Some types of food punnets, especially those made from biodegradable materials, may have a shorter shelf life compared to conventional plastic containers. This limitation could impact their suitability for certain perishable products and distribution channels.
3. Regulatory Compliance: Compliance with stringent regulations and standards related to food contact materials can pose challenges for food punnet manufacturers. Meeting these requirements adds complexity and costs to the production process, potentially limiting market growth.
4. Competition from Alternative Packaging: Food punnets face competition from alternative packaging solutions such as plastic bags, trays, and wraps. These alternatives may offer different benefits or cost advantages, impacting the demand for food punnets in the market.
5. Supply Chain Disruptions: Disruptions in the supply chain, whether due to raw material shortages, transportation issues, or other factors, can impact the availability and cost of food punnets. Such disruptions can hinder market growth and stability.

Key Players

The food punnets market is highly competitive in nature, holding to the existence of leading players. The contenders who are steering in the food punnets market are as follows –

• LC Packaging International B.V.
• AVI Global Plast Pvt Ltd
• Carters Packaging Limited
• Marinucci Australia Pty Ltd.
• T&B Containers Limited
• Nicholas Packaging
• YV Packaging
• Tacca Industries
• Sullivan Packaging
• Velkan Engineering Pvt. Ltd.
• INFIA Srl
• Raptis Pax Pty Ltd.

Recent Developments-

• In September 2022: Amcor Rigid Packaging (ARP) created ‘ClearCor’ to produce ‘DairySeal’, a new PET barrier technology for containers of ready-to-drink dairy beverages. The containers are recyclable and can contain up to 80% recyclable elements in their construction. The company has created a barrier out of PET film to keep dairy beverages fresh. A “concentrated capsulation” developed by new technology designed by ClearCor in the preform’s core gives the containers extra flexibility and resin possibilities.
• In April 2019 – Amcor announced the launch of ‘Amite Ultra Recyclable’, its first packaging product made up of the company’s revolutionary, more sustainable high-barrier polyolefin film. It can cut a pack’s carbon footprint by up to 64%.

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Key Segmentations:

The segmentation of food punnets market is done based on the following segments

Material Type:

• Paper
• Plastic
  • Polyethylene (PE)
  • Polypropylene (PP)
  • Polyethylene terephthalate (PET)
  • Polystyrene (PS)
  • Polylactic Acid (PLA)
  • Polyvinyl Chloride (PVC)
  • Other Plastic

Capacity:

• 50 gm – 100 gm
• 101 gm – 200 gm
• 201 gm – 500 gm
• Above 500 gm

End Use:

• Packaged Food
• Vegetables
• Seafood
• Fruits
• Others

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