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Anchor Packaging LLC, an innovation leader in rigid food packaging, announced today the acquisition of Panoramic Inc., located in Janesville, Wisconsin. Panoramic Inc is a leading manufacturer of thermoformed products used in fresh food applications, including bakery, produce, and confectionery.
Despite concerns regarding its rising volumes in dumping grounds, plastic will continue to remain the most preferred material for manufacturing rigid food containers.
The rigid food containers market will exhibit a CAGR of 4% from 2017-2022 and rise to a revenue opportunity of $80,000 million by the end of 2022, according to research from Future Market Insights, Valley Cottage, N.Y.
The food and beverage industry is expected to account for nearly one-third of the total revenue in the global rigid packaging market thanks to rising demand for ready-to-eat food products.
The global rigid packaging market is projected to reach $755.9 billion by 2024, growing at a steady 3.2% CAGR during 2016-2024, according to a report released by Transparency Market Research, Albany, N.Y.
The global protective packaging market is estimated to touch $44.6 billion by 2025, according to a report published by Million Insights, Felton, Calif.