Expected to amass a market value of US$ 16.67 billion in 2023, the global food punnets market is poised for significant growth, with projections to reach a valuation of US$ 27.9 billion by showcasing a considerable Compound Annual Growth Rate (CAGR) of 5.29% from 2023 to 2033. This trajectory underscores the increasing importance of efficient and sustainable packaging solutions in the food industry, driven by factors such as product freshness and environmental considerations. As consumer preferences evolve and awareness of sustainable practices rises, the food punnets market is set to play a pivotal role in shaping the future of food packaging.
The convenience and ease of use offered by punnet trays make them an ideal solution for transporting fruits and vegetables over extended distances, a key factor fueling market growth. Additionally, the escalating demand for environmentally friendly and sustainable packaging solutions further propels the adoption of punnet trays in the packaging industry.
Concurrently, the small rigid punnets market is being shaped by the convenience packaging sector as modern, fast-paced lifestyles drive the need for on-the-go consumption and time-saving options in food preparation.
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The paper-based food punnets market is estimated to have increased demand in the Europe region due to the government strict regulations and impositions over the use of plastic materials. Also, the North America region is expected to have a moderate growth due to high consumption of fruits, vegetables and seafood. On the other hand, Asia Pacific region may witness a significant growth due to developing economies such as India and China which have an exceptional growth of fresh food packaging industry.
Food Punnets Market: Key Players
The food punnets market is highly competitive in nature, holding to the existence of leading players. The contenders who are steering in the food punnets market are as follows –
- LC Packaging International B.V.
- AVI Global Plast Pvt Ltd
- Carters Packaging Limited
- Marinucci Australia Pty Ltd.
- T&B Containers Limited
- Nicholas Packaging
- YV Packaging
- Tacca Industries
- Sullivan Packaging
- Velkan Engineering Pvt. Ltd.
- INFIA Srl
- Raptis Pax Pty Ltd.
Recent Developments-
- In September 2022: Amcor Rigid Packaging (ARP) created ‘ClearCor’ to produce ‘DairySeal’, a new PET barrier technology for containers of ready-to-drink dairy beverages. The containers are recyclable and can contain up to 80% recyclable elements in their construction. The company has created a barrier out of PET film to keep dairy beverages fresh. A “concentrated capsulation” developed by new technology designed by ClearCor in the preform’s core gives the containers extra flexibility and resin possibilities.
- In April 2019 – Amcor announced the launch of ‘Amite Ultra Recyclable’, its first packaging product made up of the company’s revolutionary, more sustainable high-barrier polyolefin film. It can cut a pack’s carbon footprint by up to 64%.
Market Drivers:
- Increasing Demand for Convenience:
- Consumers often seek convenient and ready-to-use packaging for food items. Food punnets provide a convenient and portable solution for packaging various food products, encouraging their adoption.
- Rising Awareness of Food Safety:
- Food punnets, when designed with safety in mind, can contribute to maintaining the freshness and safety of food products. The increasing awareness of food safety among consumers may drive the demand for secure and reliable packaging solutions.
- Sustainable Packaging Trends:
- As environmental concerns grow, there is a trend towards sustainable packaging. Food punnets made from eco-friendly materials or those designed for easy recycling may attract environmentally conscious consumers.
- Innovations in Packaging Technology:
- Advancements in packaging technology, such as modified atmosphere packaging (MAP) for extending the shelf life of fresh produce, can drive the adoption of food punnets.
Market Restraints:
- Cost Considerations:
- The cost of manufacturing and adopting new packaging technologies can be a significant barrier, especially for small and medium-sized businesses. If food punnets are perceived as expensive, it may hinder widespread adoption.
- Regulatory Compliance:
- Compliance with various regulations related to food packaging can be challenging. Food punnets must adhere to standards for food contact materials, and any failure to comply can be a restraint for market growth.
- Limited Shelf Life:
- Depending on the type of food punnet and its design, there may be limitations on the shelf life extension it can provide. If the packaging does not effectively preserve the freshness of the contents, it could be a restraint.
- Consumer Preferences:
- Changing consumer preferences and the popularity of alternative packaging solutions may impact the demand for traditional food punnets. Packaging designs that are not aligned with current consumer trends may face challenges.
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Key Segmentations
The segmentation of food punnets market is done based on the following segments
Material Type:
- Paper
- Plastic
- Polyethylene (PE)
- Polypropylene (PP)
- Polyethylene terephthalate (PET)
- Polystyrene (PS)
- Polylactic Acid (PLA)
- Polyvinyl Chloride (PVC)
- Other Plastic
Capacity:
- 50 gm – 100 gm
- 101 gm – 200 gm
- 201 gm – 500 gm
- Above 500 gm
End Use:
- Packaged Food
- Vegetables
- Seafood
- Fruits
- Others
