The produce packaging market is poised to witness robust demand, projected to attain a total valuation of US$ 34,470.9 million in 2023, surging to US$ 44,447.6 million by 2033. Future Market Insights (FMI) forecasts a steady 2.6% Compound Annual Growth Rate (CAGR) in produce packaging sales between 2023 and 2033.
Several trends are driving the demand for produce packaging, shaping its growth trajectory. A notable trend is the escalating demand for fresh and organic food products. As consumers increasingly prioritize health and environmental concerns, their inclination towards fresh and organic food choices has soared. Consequently, this surge in demand for such products has directly propelled the need for efficient produce packaging solutions, a trend that is expected to perpetuate market growth.
Another significant trend impacting produce packaging sales is the rising preference for meat- and gluten-free food products. The growing adoption of vegetarian, vegan, or specialized diets has led to an increased consumption of fresh produce. This dietary shift, in turn, drives the demand for produce packaging supplies, further contributing to the market’s expansion. As these trends continue to influence consumer choices, the produce packaging market is set to flourish.
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Blockchain produce packaging is a key trend that is gaining popularity in the produce packaging market. Blockchain is a way to store data that makes system updates, hacks, and fraud very hard or impossible. Blockchain makes it possible for customers and businesses to track products back to their place of origin. It’s as easy as putting a QR code on a package to get information quickly. This smart feature has increased transparency and quality assurance for customers, which is why many companies have already adopted blockchain for the same reason.
Nestlé, a Swiss food company, put a QR code on each package of the Swedish coffee brand Zogas in 2020. Consumers have access to information about coffee farmers, harvest times, roasting times, and shipping certificates that go back to where the coffee was grown. IBM FoodTrust’s blockchain technology platform is used to do these things. This package’s new idea is likely to appeal to coffee drinkers who care about doing the right thing and who value sustainability.
In November 2021, Graphic Packaging Holding Company, which is a United States-based vertically-integrated provider of sustainable consumer packaging solutions, acquired AR Packaging Group for US$ 1.45 billion. The acquisition is expected to help Graphic Packaging strengthen its position as a provider of sustainable fiber-based packaging alternatives to consumer-packaged goods companies around the world. AR Packaging Group is a company in the United States that makes fiber-based consumer packaging.
Key Takeaways
- The corrugated boxes segment held a share of 35.5% in 2022.
- Market growth is expected to be driven by the rising demand for fast food.
- Japan produce packaging market is expected to record a CAGR of 6.3%.
- The demand for produce packaging is likely to be slowed down by quickly changing technologies and rising costs of raw materials.
Competitive Landscape
The produce packaging market is marked by differentiation, growing service penetration, and a lot of competition. Innovation in design, technology, and application can give a business a sustainable competitive edge. During the forecast period, the company concentration ratio is expected to grow at a faster rate, since many players see the market as a good chance to combine their products. The players in the market are affected by things like short product development cycles and high barriers to leaving. Overall, the level of competition is likely to be very high.
Recent Developments:
In May 2022, Berry Global Group, Inc. announced that it may work with Cleanfarms and Poly-Ag Recycling on a closed-loop plan to improve Canada’s circular economy. The recycling program in Canada was started at the beginning of 2022. Its goals are to recover used agricultural films, process recovered grain bag material, and make new products with recycled content.
In October 2021, the Smurfit Kappa Group paid US$ 390 million to buy the 600,000-ton containerboard mill Verzuolo in Northern Italy. This mill adds to what the company is already doing and is strategically placed near the port of Savona, which helps the company a lot with operations and logistics.
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Key segments
Application:
- Food Grains
- Vegetables
- Fruits
End User:
- Growers/Shippers
- Re-packers
- Retail Stores
Packaging Type:
- Corrugated Boxes
- Bags & Liners
- Plastic Containers (Cups, Tubs, Bowls, etc.)
- Trays
- Other Packaging (Plastic Film, Molded Pulp Containers, Wooden Crates, etc.)
Region:
- North America
- Latin America
- Europe
- Asia Pacific excluding Japan (APEJ)
- The Middle East & Africa
- Japan
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Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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