Study: Sanitary food, beverage packaging market will grow at 5.8% CAGR through 2022
North America and APEJ represent two of the most lucrative regions in the global sanitary food and beverage packaging market.
The global sanitary food and beverage packaging market is likely to grow at a CAGR of nearly 6% during the forecast period 2017-2021, according to a new market research report from Future Market Insights (FMI), Valley Cottage, N.Y.
According to the report, increasing emphasis on maintaining food safety during the supply chain is promoting investments by manufacturers. Regulatory bodies from around the globe are making revisions to food safety guidelines, with an aim to ensure safety of the product. As compliance rate increases, demand for sanitary food and beverage materials and products is also likely to witness an increase.
Paperboard segment accounts for significant market share
By packaging type, the key segments include paperboard, metal, rigid plastic, flexible plastic, glass and others. Among these, demand for paperboard is currently the highest among end-users. According to the report, paperboard accounts for nearly 34% revenue share on the basis of packaging type.
On the basis of product type, the key segments include milk and other beverage cartons, cups and liquid tight containers, folding food containers, boards and trays and other product types. Among these, milk and other beverage cartons account for nearly one-fourth revenue share of the global market. FMI projects this segment to grow at a CAGR of 7% throughout the forecast period. The cups and liquid tight containers segment is also likely to grow at a stable CAGR during the forecast period.
North America and APEJ remain lucrative markets
North America and APEJ represent two of the most lucrative regions in the global sanitary food and beverage packaging market. Demand for sanitary food and beverage packaging in APEJ is on the basis of high volume, whereas, the North American market is characterized by emphasis on innovative technology. Rising disposable income and urbanization are the key macroeconomic factors boosting demand for sanitary food and packaging globally.