The size of the worldwide punnet market is anticipated to expand significantly between 2023 and 2033. The global market is predicted to achieve a valuation of US$ 1,102.3 million in 2023, according to the research report released by Future Market Insights. By 2033, its value is anticipated to reach US$ 1,795.5 million. From 2023 to 2033, the market is expected to grow at a CAGR of 5%.
Plastic punnet is the dependable packaging needed for food goods, and in 2023, it will occupy about 3/4 of the market share, with overall sales growing at a 5% CAGR. Punnets are made specifically for packaging fresh produce items to decrease wastage and extend shelf life. The fresh food products market is anticipated to grow at a compound annual growth rate (CAGR) of 6.7% over the course of the forecast period. In terms of regional market share, South and East Asia are anticipated to account for over 20% in 2023.
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Due to the trend towards ready-to-eat foods, increased demand for exotic packaged fruits and vegetables, and the growth of hotels and restaurants, punnet demand is on the rise.
To capitalize on this existing trend, some of the manufacturers are developing PCR material based punnets and are also developing alternatives to plastic punnets such as cardboard, paper and molded fiber punnets.
For instance, leading manufacturer, Smurfit Kappa Group identified that globally around 95% of all plastic packaging is used for single time and then converted into waste by discarding all of them.
This increased the litter and ultimately landfills. Hence, demand for paper based punnets is expected to increase as they are completely recyclable and reduce the plastic waste.
Meanwhile, Westpack Group Ltd. recently launched cardboard based punnets which are heat sealed. This innovation will minimize long-standing dependency of grocery manufacturers on plastic punnets for commercial heat sealing process. The company is offering set of commercially viable paper based alternative to plastic punnets.
As these paper or cardboard punnets are also good in absorbing moisture, FMI anticipates that they will witness astonishing growth, accelerating the demand in the global punnet market over the coming decade.
Key Takeaways from Punnet Market
The plastic punnet segment is estimated to create an incremental opportunity of US$ 529.4 Mn during the forecast period.
The fresh food produce segment will witness robust growth at a CAGR of 6.5% in the forecast period.
North America punnet market is to anticipated to hold nearly 25% of the global market share during the forecast period.
South and East Asia are anticipated to be the most attractive region for the punnet market during the forecast period.
China and the U.S are expected to dominate the East Asia and North America punnet market, respectively.
“Adoption of sustainable material with ~100% recyclability which can increase the shelf life of fresh produce with attractive print on the punnet is increasing. This is expected to create lucrative growth avenues in the market over the coming decade” –FMI Analyst
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Need to Increase Shelf Life of Fresh Produce to Accelerate Demand for Punnet Packaging
The punnet market is poised to expand with rising demand for products with longer shelf lives. It takes time for packaged food to reach consumers across the globe after it is packaged. As a result, the packaged food may not be fresh, and its aroma and taste may be lost before it reaches the consumer. Hence, to keep the packaged food and fruits more fresh, adoption of punnets is increasing.
Further, packaging industries are investing in technologies and various new packaging techniques, such as intelligent packaging to increase the shelf life of the product. Punnet packages’ enhances the shelf life of fresh goods for longer period of time. This is creating growth opportunities for punnet manufacturers.
Punnet Market Landscape
Leading players operating in the global punnet market include Smurfit Kappa Group Plc, LC Packaging International BV, Coveries Holding SA, T&B Containers Ltd, Tacca Industries Pty. Ltd., Raptis Pax Pty. Ltd., INFIA srl, Quinn Packaging Ltd., Groupe Guillin SA, Paccor Netherlands BV, Leeways Packaging Services Ltd., AVI Global Plast Private Limited, Royal Interpack Group, Alta Global Inc. and Ilip S.r.l.
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By Material:
- Plastic Punnet
- Paper Punnet
- Molded Fiber Punnet
By Capacity:
- Up to 150 gm
- 151-300 gm
- 301-500 gm
- Above 500 gm
By Application:
- Fruits and Vegetables
- Meat, Poultry and Seafood
- Frozen Food
- Ready-to-Eat
By End Use:
- Retail Outlets
- Supermarket
- Convenience Store
- Other Retail Stores
- Hotels, Restaurants and Cafes
- Household
By Region:
- North America
- Latin America
- Europe
- Middle east and Africa
- East Asia
- South Asia
- Oceania
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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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