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The Food Container market to witness robust growth at a CAGR of 4.53% owing to growth in imports and exports of Food Container along with increasing support sectors.
Further,increase in number of families consuming packaged foods,rising population across urban locationscoupled withthe increasing number of single-person householdsare the other major factors driving the market growth.
Ongoing drive towards investments and plans for market expansion into developing countries to further fuel the market growth.
In addition,rise of packaged food as one of the lucrative market share of the food and beverage industry to fuel the large-scale developments across thefood container market for food containers.
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Moreover, the rising status of secure disposal and lightweight during the packaging in the F&B industry is to have a significant impact over the forecast period 2020-2026.
Therefore, for the making of food containers, regulatory norms aimed to control deforestation on a global level to lessen the accessibility of paper as a feedstock.
Technological innovation in terms of the development of biodegradable plastics by marketcompanies to open key opportunities for rigid packaging products.
Furthermore, smaller size packaging of flour, edible oil, and ready meals to deliver massive growth opportunities for key players over the forecast period.
However, fluctuating consumption pattern along with westernization of products across the world might strengthen the demand for packaging to an extent, food contamination due to low quality tochallenge the food container market growth.
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Regional prospects of Food Container Market
North America to hold the major market share of foot container owing to mounting interest in packaged food. Further, continuous use of the premium features namely unique package sizes & shapes and high-barrier materials enabling shelf stability enables the market growth.
In addition, rising importance of flexible packaging in the nutrition industry revealing excellent properties including flavor retention, heat insulation, and moisture resistance to drive the market growth regionally particularly in the U.S.
Whereas, Asia Pacific is set to emerge asthe fastest-growing region due to outgrowth in the region attributed to shifting towards buying packaged food for daily cooking.
Further, the presence of a food chain and eateries engaged in food packaging, rise in migration from rural to urban areas, an increase in disposable income positively are the other factors booming the Asian Pacific market growth.
Moreover, a large number of superstores to increase the purchase of processed foodin developing countries of AisaPacific including China, India, Japan, and others to upraise purchases and thus boost the container demand.
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Key players
Cutting edge technology, Product innovation, strategic alliances by key market players to boost the market growth over the forecast period 2020-2026. For instance, Fluorescent markers produced a new fluorescent tech to light up food packaging recycling rates.
In addition, in 2020,The US Food and Drug Administration (FDA) introduced new nutritional labels, changing the way that manufacturers mark packaged foods to increase awareness among consumers.
Further, in 2020, cookies baked in space took two hours and was packed in the spaceflight container to remain frozen in a Houston-area lab after splashing down two weeks ago in a SpaceX capsule.
Additionally, in 2019, Daikin named a number of factors for reefer containers to robust fruits and lifted some restrictions on beef imports to boost the food container market demand.
Also, in 2019, Zume Inc Acquires Pivot Packaging and launched a new plant-based packaging alternative to plastic food containers.
Moreover, in 2019, Nestlé invested inLoop launching Häagen-Dazs in a reusablecontainer to keep the ice cream at the optimal condition during transport and consumption.
Key players contributing to the Food container market include Ardagh, Berry Plastics, Caraustar Industries,Alcan Packaging Food Americas, Anchor Glass Container Corporation, Constar International Incorporated, Plastipak Holdings Incorporated, Evergreen Packaging, Ring Companies, PWP Industries, Rio Tinto Group among others.
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