The global fresh food packaging market size is projected to grow from USD 79.8 billion in 2020 to USD 95.2 billion by 2025, at a CAGR of 3.5% between 2020 and 2025. The major driving factors of the market include growing demand for convenience food items and innovative packaging solutions for extended shelf life of fresh food items.
APAC is projected to be the fastest-growing market for fresh food packaging during the forecast period. Increase in demand for convenience by consumers and concerns about food product safety are some of the major reasons that could drive the fresh food packaging market in the region. However, the fresh food packaging market faces restraints such as stringent government rules and regulations regarding raw materials, which hinder the growth of the market.
The key players in the fresh food packaging market are Amcor PLC (Australia), Interntional Paper Company (US), WestRock Company (US), Sealed Air Corporation (US), Smurfit Kappa (Ireland), Coveris (Vienna), DuPont (US), DS Smith PLC (UK), Mondi PLC (South Africa), Silgan Holdings Inc. (US), Sonoco Products Co. (US), Schur Flexibles (Austria), Anchor Packaging Inc. (US), Printpack Inc. (US), Bomarko Inc. (US), Packaging Corporation of America (US), Graphic Packaging Holding Co. (US), Ampacet Corporation (US), Ultimate Packaging Limited (UK), and Temkin International Inc. (Utah). These players have adopted various strategies, such as merger & acquisition, investment & expansion, new product launch/development, and partnership, contracts & agreements, a joint venture between 2016 and 2020, to enhance their market shares and expand their global presence.
Amcor PLC (Australia) is the largest player in the market. The company has its presence in North America, Europe, Asia Pacific, and in emerging markets. It is one of the leading companies engaged in the manufacturing and distribution of both plastic and fresh food packaging. The company focuses on increasing its profitability by strengthening customer relations and expanding its presence by adopting both inorganic and organic strategies, such as agreements and contracts in emerging markets while optimizing operational performance
In January 2020, the company partnered with Moda (New Zealand) to offer innovative packaging solutions in North America and Latin America. In June 2019, Amcor PLC successfully acquired Bemis Company Inc. (US). The acquisition of Bemis brought additional scale, capabilities, and footprint that will further strengthen Amcor’s market position.
International Paper Company is one of the world’s largest paper and packaging companies based in the US. The main businesses of the company are coated paperboard, pulp, foodservice, industrial packaging group, recycling, and retail display packaging. The company operates through three major segments that comprise industrial packaging, printing papers, and global cellulose fibers. The company has a wide assortment of products in each of its segments. International Paper Company operates in the market through its 15 major brands and many subsidiaries. The company has operations in more than 150 countries across North America, Europe, Latin America, Asia, and North Africa. It is the largest recycler in North America and produces more than 6 million tons of corrugated packaging and paper.
In May 2019, West Coast Paper Mills Ltd. (India) entered into a share purchase agreement to acquire about a 51%-60% stake in International Paper’s (IP) Indian unit, International Paper APPM Ltd. In February 2018, International Paper Company announced that it would be spending more than USD 500 million to upgrade its facility in Selma, Alabama, to meet the growing demand for its products.
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