The global punnet market is poised for significant expansion over the next decade, according to a recent report published by Future Market Insights. With projections indicating substantial growth from 2023 to 2033, the market is expected to reach a valuation of US$ 1,795.5 million by 2033, marking a substantial increase from the US$ 1,102.3 million recorded in 2023.
Punnet packaging, an essential part of storing and shipping fresh fruit, is expected to see a spike in demand in 2023, with plastic punnets leading the way with about 75 percent of the market. Punnet market expansion is being driven by the increasing demand for fresh food goods and the need to improve shelf life and minimize waste.
According to the analysis, one of the main drivers will be the fresh food goods market, which is expected to grow at a 6.7% compound annual growth rate (CAGR) throughout the course of the forecast year. Moreover, by 2023, it is anticipated that regions like East and South Asia will have a combined substantial market share of around 20%.
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The growing inclination for exotic packaged fruits and vegetables, which is being pushed by the trend toward ready-to-eat foods and the growth of hotels and restaurants, is one of the main causes driving the demand for punnets. The punnet market is expanding, which is also a result of the global food and beverage industry’s growth and expansion.
The need for punnet packaging is further supported by the rise in the consumption of fruits, meat, poultry, and seafood. Punnets are the go-to option for customers and end users who prioritize high-barrier and tear-resistant packaging formats to extend the shelf life of perishable items because of its convenient opening and resealable nature.
Consumers are becoming more receptive to novel packaging formats, such as technology-driven single-portion punnets and active and intelligent packaging. Producers are taking advantage of this tendency by developing packaging solutions that satisfy consumer demands for convenience and health conscience while providing a logical display on shelves.
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.
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Growth Opportunities:
- Increasing Consumer Demand: Growing awareness of health and wellness is driving demand for fresh produce, creating opportunities for punnet packaging in fruits and vegetables.
- Retail Expansion: With the expansion of retail outlets, both traditional and online, there is a higher demand for convenient and attractive packaging like punnets to enhance product visibility and appeal.
- Sustainability Focus: Consumers are increasingly valuing sustainable packaging. Punnet materials and designs that align with eco-friendly practices present a significant growth avenue.
- Customization and Branding: Companies can capitalize on the trend of personalized packaging, using punnets as a platform for branding and differentiation to stand out in the competitive market.
- Global Supply Chain Dynamics: The globalization of the food supply chain opens up opportunities for punnet market players to provide innovative solutions that address transportation, shelf-life, and presentation challenges on a global scale.
Industry Trends:
- Biodegradable Materials: There’s a noticeable shift towards the use of biodegradable materials in punnet packaging, reflecting the industry’s commitment to environmentally friendly practices.
- Smart Packaging Integration: Integration of smart packaging technologies, such as QR codes or RFID, is gaining traction. This trend enhances traceability, transparency, and provides consumers with additional product information.
- Premiumization of Packaging: The market is witnessing a trend towards premium and aesthetically pleasing punnet designs, especially for premium and exotic fruits, catering to consumers’ desire for a high-quality visual experience.
- Reduced Plastic Usage: The industry is responding to the global push for reduced plastic consumption by exploring alternative materials and innovative designs that maintain the integrity of punnet packaging while minimizing environmental impact.
- E-commerce Packaging Solutions: With the rise of online grocery shopping, punnet packaging is evolving to meet the specific requirements of e-commerce, including durability during transportation and enhanced visual appeal for virtual shopping experiences.
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Market by Category:
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
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.
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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