Food Containers Market Is Expected To Reach US$ 342.5 Bn By 2023: Ready To Eat Food To Bolster The Market Growth
According to a new market report published by Credence Research “Food Containers Market – Growth, Future Prospects, and Competitive Analysis 2016 – 2023,” the food containers market has been estimated to be valued at US$ 247.2 Mn by the end of 2016, and is expected to reach US$ 342.5 Mn by 2023, expanding at a CAGR of 4.8% from 2016 to 2023.
Food containers are generally utilized in the form of sacks, flexible bags, rigid plastic containers, paperboard, metal containers, and others. Rising significance of ready to eat food has strengthened the demand for food containers in all over the world. The substantial increase in food output as well as convenience of carrying, packaging and consumption has gained popularity among customers in today’s time. It has been notified that the number of women in service sector and other job related field has intensified over the past few years and this has ultimately increased the consumption of packed foods among urban people and has strengthened the demand for food containers all over the world. Rising urbanization as well as increasing number of single-person household is expected to spur the growth of food containers market over the period 2016-2023.
Browse the full Food Containers Market by Application, Product Type, and Geography – Growth, Future Prospects, and Competitive Analysis 2016 – 2023 report at http://www.credenceresearch.com/report/food-containers-market
Increasing significant consumption of ready to eat food all over the world has strengthened the demand for food containers in the market. Apart from this, emergence of various new and innovative packaging containers is anticipated to foster the growth of food containers market over the forecast period. Changing lifestyle and fast living along with hectic work schedule among both men and women is anticipated to positively impact the growth of the market over the forecast period.
Food containers market is segmented on the basis of product type such as flexible packaging, rigid packaging, paperboard, and others. In 2015, flexible packaging segment contributed the highest revenue share of the total food containers market. The paperboard packaging is anticipated to expand at a robust CAGR till 2023. The global food containers market is further bifurcated by application which includes bakery, dairy, fruit and vegetables, processed meat, and others. Processed meat segment marked the highest revenue share in food containers market in 2015. Rising sales of beef and pork products in the countries such as U.S.A. and U.K. and Germany is anticipated to expand the growth of segment during the forecast period.
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