According to Future Market Insights research, during the projected period, the global chilled food packaging market is set to enjoy a valuation of US$ 860.0 Million in 2022, and further expand at a CAGR of 7.5% to reach US$ 1,648.8 Million by the year 2032. The sales of the pouches by packaging type are anticipated to bolster with the top 5 companies estimated to hold around 20 to 25% of the market by the end of 2022.
Based on the material, the plastic segment is projected to remain the leading segment among the other material used for manufacturing chilled food packaging products. The reason behind this is safety features, affordable and easy availability. The plastic segment is estimated to expand 1.6 times from 2022 to 2032.
| Attributes | Details |
|---|---|
| Market Size 2022 | US$ 860.0 Million |
| Market Size 2032 | US$ 1,648.8 Million |
| Value CAGR (2022 to 2032) | 7.5% |
| Collective Value Share: Top 3 Countries (2022E) | 25 to 30% |
According to the FMI analysis, the chilled food packaging market revenue totaled US$ 809.3 Million in 2021. With the propelling demand from the various end-users, the global chilled food packaging market is projected to reach US$ 1,648.8 Million by 2032, accelerating at a CAGR of 7.5% during the forecast period.
The chilled food packaging market is estimated to experience a positive growth outlook during the forecast period. A new forecast by FMI anticipates that chilled food packaging sales will rise from 2022 to 2032 and is projected to create an absolute incremental growth opportunity of US$ 839.6 Million.
The significantly changing frozen food industry amid the pandemic has increased the demand for the chilled food packaging market. The market is anticipated to expand 2.0 times the current market value during the forecast period.
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The global chilled food packaging market witnessed a CAGR of 6.0% during the historic period with a market value of US$ 809.3 Million in 2021.
Chilled Food Packaging is related to frozen food. Some of the food products need to be kept under such packaging theme thus they can survive till their shelf-life. Chilled packaging solutions are needed when producers want to increase the shelf life of these products by freezing them. Frozen foods are required certain materials used in the packaging otherwise it may cause some chemical reactions also. The chilled food packaging market is driven by such perishable products which have a very short shelf life.
The continuously growing frozen food industry is projected to drive the demand for chilled food packaging. To increase the shelf life of perishable food products, freezing is being done. The growing frozen food industry is creating a platform for the chilled food packaging market. Overall, the global chilled food packaging market is anticipated to grow at a faster pace during the forecast period.
Ready-to-eat food producers are producing such products in bulk to meet-up the demand. These daily consumable products are stored and frozen by the producers in order to keep the food fresh. These frozen foods need safe and protective packaging while they are kept at a negative temperature. Packaging for such frozen foods is crucial, since the wrong material packaging may cause into danger reactions. The chilled food packaging market is providing protective and safe packaging solutions to frozen food producer companies.
Daily consumable food products are routine needs of the people. Customers are demanding hygienic and safe food and packaging from the producers. The pandemic has also changed the fundamental perspectives of the people. This completely new viewpoint towards frozen food is demanding unique and protective chilled packaging.
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Based on the material segment, plastic is the leading material in the chilled food packaging market. Plastic is expected to hold a 47% Share of the global chilled food packaging market. Chilled food requires protective packaging while they are stored in freezers. Plastic is protective against bacterial attacks and also does not have any chemical reactions while stored in a cooler place. Frozen food producers are also demanding plastic-based packaging solutions since it is affordable and protective in nature. The recommendation for plastic chilled packaging is to make plastic the most preferable material in manufacturing such packaging solutions
Fresh food market adapting hygienic and protective packaging amid customer demands. Fruits and vegetables need to be protected with proper packaging themes. Customers’ concern for packaged food is rising rapidly after the pandemic hit the market.
According to data found from WRAP Organization, 57% of the young generation believes that packaging keeps food fresher, and also helps the product to increase its shelf-life. Packaging for such ready-to-eat products is required no chemical reactions against low temperatures since food products need to be stored in freezers in order to increase their shelf-life. Customers are prioritizing packaged food over unpackaged food products, which is creating opportunities for chilled food packaging.
India chilled food packaging market is anticipated to grow at 8.0% from 2022 to 2032. India has a prominent market for dairy products. India has more milk production in small and rural areas rather than in urban areas. India as a more rural-dependent country is having wide scope for the milk industry.
As per the data collected from the USA Department of Agriculture, India is the biggest milk producer country in the world. The milk production in India has an average constant growth of 4.5% and produced 155 Million Tonnes of milk. It creates growth opportunities for dairy products also. Due to perishability, these dairy products require chilled packaging. That’s how the biggest dairy industry is creating lucrative opportunities for the chilled packaging market.
The USA is estimated to hold a major portion of the North American slider bags market during the forecast period. According to the American Frozen Food Institute (AFFI), in 2020 the sales of frozen foods increased by 21%. Also, it states that around 39% of the shoppers were core frozen food shoppers in 2020. The increasing sales of frozen food in the countries of America bolster the demand for the chilled food packaging market.
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The main players in the market are focusing on securing more market share. Striving from the key players for capturing the market led them to various expansions and acquisitions. In order to accomplish their goals, companies are merging with various players, and are also acquiring small companies in the market. Some of the key changes that have been noticed during the timeline are as under-
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 7.5% from 2022 to 2032 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million, Volume in Units, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Material, Packaging Type, Application, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Middle East and Africa; Oceania |
| Key Countries Covered | USA, Canada, Mexico, Brazil, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, India, GCC countries, Australia |
| Key Companies Profiled | International Paper; Mondi Group; Ampac Holdings, LLC; Amcor Plc; Sealstrip Corporation; Sonoco Products Company; Alto Packaging; Sealed Air Corporation; Huhtamaki Group; WestRock Company; Tray-Pak Corporation; Uflex Limited.; Amerplast Ltd; Berry Global Inc.; Faerch Plast A/S |
| Customization & Pricing | Available upon Request |
In 2021, the value of the global chilled food packaging market was US$ 809.3 Million.
During the forecast period, the global chilled food packaging market is anticipated to expand at a CAGR of 7.5%.
The global chilled food packaging market is expected to reach US$ 1,648.8 Million by the end of 2032.
During the forecast period, plastic material is likely to be the fastest-growing material segment in the global chilled food packaging market.
The continuously growing frozen food industry drives the demand for protective and attractive chilled food packaging.
The top players supplementing the sales of chilled food packaging are International Paper, Mondi Group, Ampac Holdings, LLC, Amcor Plc, Sealstrip Corporation, Sonoco Products Company, Alto Packaging, Sealed Air Corporation, Huhtamaki Group, and WestRock Company.
As per the FMI analysis, the Indian chilled food packaging market is projected to expand at a CAGR of 8.0% from 2022 to 2032.
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