The global frozen food packaging market will grow at a CAGR above 5.1% for the forecast period 2020-2027 and reach a market value of around USD50bn by 2027, according to a report released by Acumen Research and Consulting. The report provides an analysis of the global frozen food packaging market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
As consumers turn to online outlets when purchasing food items, demand for frozen food packages continues to rise worldwide. Increased demand for safe shipping of frozen food items has driven suppliers to select tamper-proof and temperature-controlled packaging in the food industry. Even more so, for the packaging of frozen food items like ice cream, fruit, beef, and vegetables, producers tend to use plastic materials. During the forecast period, these trends would contribute significantly to the growth of the global frozen food packaging industry, authors of the study note.
From a regional standpoint, demand for food products is expected to rise in the Asia-Pacific region as better goods are expected to be available on sale. Urbanization and growing information on foodborne diseases, food waste, and food spoilage will also have a high contribution to the forecasted market growth. While no company owns a market share that would allow controlling the industry, innovation remains a key driver for frozen food packaging. Developments in packaging materials and associated technology will continue, generating potential opportunities for industry players in the foreseeable future.