Food Storage Container Market Growth
27 Feb 2017
The worldwide market in food storage containers looks set to continue growing in the near future, with the latest report forecasting it will reach nearly $3,000 million by the year 2021.
The report, prepared and recently released by global technology advisory and research firm Technavio, predicts the market in such containers will increase at a compound annual growth rate (CAGR) of nearly 4% in the next few years.
The report, entitled Global Food Storage Containers Market 2017-2021, will be looked at closely by shareholders, suppliers, CEOs and traders alike. It contains in-depth information about the current and upcoming financial and technical specifications and predictions of the market in the wide range of plastic containers.
The report analyses recent developments and market share of the whole range of plastic containers across the globe, including the Americas, Europe, Middle East and Africa (EMEA) and Asia Pacific (APAC).
It found that the Americas accounted for the bulk of the market share in 2016 and predicted the region will continue to dominate much of the market in the years to come.
What Are Food Storage Containers?
Foodstuffs are increasingly being transported and stored in plastic boxes or containers, due to their ability to maintain freshness and expand the shelf life of a wide range of products.
The containers are made of high-performing, lightweight polycarbonate plastic, which not only keeps food fresh but is also resistant to heat and shattering.
Containers come in three main shapes – square, rectangular and round. Foods kept and transported in such containers include sugar, cereals, beans, peas, salt and flour.
Many clients choose round containers because they allow food to be easily removed, which does not result in foodstuffs being stuck in corners. However, round containers take up more space in storage than rectangular and square ones, as they cannot sit flush.
Why the Market Is Growing
According to the Technavio report, there has been increased demand for storage solutions which allow food products to stay fresher for longer, as having an extended shelf life enables costs to be reduced and profits to be increased. An increase in freshness often results in an increase in quality, which is an important consideration in the food and beverage industry.
There is also a growing interest in lessening food wastage as a whole, as wasting food results in less profit and is also of course less environmentally friendly.
In addition, plastic food containers allow companies to store food without the risk of cross-contamination.
The increase in demand is also being driven by the tendency of hotels and restaurants to buy their food in bulk and store it in containers fit for the purpose.
It is expected that the demand for more sophisticated designs will drive manufacturers to develop new styles of container, such as those with tight-fitting covers to enable products to remain fresh for even longer. There is also a need for containers to be dishwasher- and freezer-safe.