Study: Frozen food packaging market to account for $39M by 2022
Demand for frozen food packages will continue to increase thanks to a surge in the food delivery system.
The global market of frozen food products is projected to reflect a CAGR of 4.9% over the forecast period 2017-2022, according to a study released by Future Market Insights, Valley Cottage, N.Y.
Growth of the global frozen food packaging market is mainly bound to various micro-economic and macro-economic factors. Demand for frozen food packages will continue to increase thanks to a surge in the food delivery system. In an attempt to attract customers, food and beverage manufacturers are increasingly offering frozen food products through online portals. Moreover, a surge in demand for frozen desserts has further contributed toward growth of the global frozen food packaging market. With the growing need to protect the food products from exposure to extreme weather conditions and moisture, manufacturers are implementing enhanced packaging solutions such as temperature-controlled and tamper-proof packaging.
On the other hand, high quantity of sodium in various frozen food products has led to a drop in the sales, which in turn, has led to a drop in demand for frozen food packages. In addition, increasing prices of frozen foods add to the overall price of the product, which is projected to witness drop in demand for frozen food packages. These factors are projected to inhibit growth of frozen foods throughout the forecast period.
Plastic materials to witness robust demand
With the increasing demand for tamper-proof packaging, manufacturers prefer using plastic materials for frozen food packaging. By packaging material, the plastic segment is projected to represent relatively high revenue growth, reflecting more than $7,000 million by 2022.
On the other hand, the paper and paperboard segment is expected to reach a relatively high CAGR through 2022. In 2017, the paper and paperboard segment recorded more than $2,000 million. During the forecast period, frozen specialties are expected to reflect a healthy CAGR. On the other hand, the meat, poultry and seafood segment is projected to account for more than $3,000 million by 2022. Europe will continue to remain a leading market for frozen food packaging globally.