Asia To Experience Highest Growth Rate In The Global Fresh Food Packaging Market
Thursday, May 14th, 2020 | 659 Views
The global fresh food packaging market is valued approximately at USD 77.20 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 3.5 percent over the forecast period 2019-2026, according to Wise Guy Reports. Fresh food packaging is referred as packaging technique which prevents contamination of food from physical, chemical, and biological sources or a change of state.
Fresh food packaging enables longer storage of the product. It is affordable, convenient, and made of sustainable packaging materials, such as PET, paper, aluminium, and polyvinyl chloride. Due to such benefits of fresh food packaging, demand for ready to eat foods are growing across the globe which is driving the market growth over the forecasted years.
As per Statista, revenue in the Ready Meals segment amounts to USD 240,722 million in 2020 and is expected to increase with 3.9 percent till 2023. Moreover, average per capita consumption of ready meals is 5.4 kg in 2020. Furthermore, innovative packaging solutions for extended shelf life of fresh food items is also driving the market.
However, stringent government rules and regulations regarding the raw material used for packaging is hampering its growth.
North America is the leading the market owing to the rapid growth in demand for ready meals in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate over the forecasted period. Factors such as rise in per capita income of the people and stringent government regulation regarding standardised packaging of foods is expected to create lucrative growth prospects for the market across Asia-Pacific region.
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