The global food punnets market is anticipated to accumulate a market value of US$ 1.3 billion in 2023 and is expected to garner a valuation of US$ 2.0 billion by exhibiting a CAGR of 4.20% in the forecast period 2023 to 2033. The market of food punnet market reflected growth with a 3.20% CAGR in the historical period 2018 to 2022.
The launch of new next-generation technologically advanced R-PET or recyclable polyethylene terephthalate products is expected to drive market growth. For instance, In December 2019, one of the global leaders in punnet packaging AVI introduced a multifunctional punnet container AT114. This product is specially designed for air-tight containers for packaging cut fruits and vegetables.
AT114 is a multi-storage punnet solution as it can be utilized as an open-top container, a bottom air-tight container, and a heat seal container for storing fruits and vegetables. This launch will boost the market growth in the forthcoming period. Punnet packaging is mostly used for fruits & vegetables, bakery products & confectioneries, packaging trays for eggs, blisters & clamp-shells for consumer products, and punnets for electronics, medical instruments
Thin Polyethylene (PET) punnets are used in the packaging of horticulture products as horticulture products have a short shelf life and PET punnets packaging may maintain the freshness of the products for a longer duration. Also, PET punnets are eco-friendly owing to their recyclable & compostable plastic nature and meeting the global standards for product safety. The punnets offer customers maximum convenience, opening up new opportunities for market expansion.
The punnets trays are easy to use and are the perfect solution for the transportation of fruit & vegetables across long distances. This serves as the best feature of this packaging solution that is contributing to its market growth. Another significant driving factor is the growing need for environmentally friendly and sustainable packaging solutions.
On the other hand, the convenience packaging industry is influencing the small rigid punnets market since busier lives demand items that can be consumed while on the move, and that can cut down on cooking time.
The need for small rigid containers will also be propelled by the increasing disposable income and growing consumption of packaged goods in emerging nations. Also, surging demand for exotic packaged fruits and vegetables due to the all-time growing population and increasing personal disposable income is responsible for spurring growth in the demand for punnet packaging during the forecast period.
The overall expansion of food and beverages industry is another important factor shaping the growth of punnet packaging market. Attractive properties offered by the punnet packaging material like freshness, protection, and so on are also key market growth determinants.
The growing interest of the manufacturers in packaging solutions coupled with the overall growth of packaging industry is also a factor fostering growth in the market. The recyclable nature, maximum protection, strength, stability, and water resistance nature of punnets trays further shape the product demand.
Also, the use of paper-based food punnets in packaging allows “green tax” savings in some countries. This can become a differentiating factor in the years to come that will give a strong push to the market.
In October 2017, a new environmentally friendly form of packaging was showcased by ‘Waitrose’, an online grocery provider. The company came up with a new kind of non-plastic punnet that uses tomato leaves to pack tomatoes. This form of packaging was developed using the latest technology that uses dried tomato leaves and cardboard pulp. Similar product launches in the coming years will further boost market growth.
Region-wise, Asia-Pacific is expected to dominate the market by garnering over 39% market share by end of the forecast period. Also, the region is forecasted to project the highest CAGR of 5.2% during the assessment period. The growth is attributed to rising industrialization, globalization, urbanization, and expansion of the packaging industry in this region. India, China, Malaysia, and Japan will emerge as the major contributors from this region due to the growing application of punnet packaging solutions by the food & beverages industry.
Likewise, North America and Europe are the second and third most prominent regions in terms of food-grade plastic punnets consumption. Demand for plastic punnets has increased substantially in these regions due to changing consumer interests toward healthier and more convenient lifestyles.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 1.3 billion |
| Projected Market Value in 2033 | US$ 2.0 billion |
| Growth Rate (2023 to 2033) | 4.20% CAGR |
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Recent developments and breakthroughs in technology, mergers, acquisitions, tie-ups, and partnerships within the companies involved in manufacturing food punnets are expected to create lucrative opportunities for market growth during the forecast period.
An economical and safe packaging solution of food items can easily be achieved by food punnets. Food items with short shelf lives and which respires & ages at a rapid pace even after being harvested are protected by the food punnets.
To maintain freshness of the food items and tamper evident packaging, food punnets are widely used to package food items such as fruits, vegetables, sea fruits, fresh produce, etc.
Features such as stacking to maximize the storage space, less transportation cost and maintain low oxygen levels to delay oxidation process are driving the food punnets market.
The rapidly increasing food and beverages industry is also adding to the growth of food punnets in the market. Presently, there are several players which are operating in the food punnets market, producing customized food punnets to cater to the increasing demand from different end-use industries, giving manufacturers a good opportunity to enter the market.
Food items which are susceptible to squashing, bruising, and spoiling are best kept in small rigid containers which are commonly known as food punnets.
A replacement to polystyrene or plastic trays can be achieved by the paper-based food punnets. Due to the increasing government regulation over the use of single-use plastic material, the paper-based food punnets are gaining traction.
Though the paper material fulfils the sustainability concern but the plastic food punnets are more cost efficient and durable. Also, bio-degradable plastics such as PLA are getting more prominence over hazardous plastics such as Polystyrene, PVC, etc.
Also, a high quality of customized printing and graphics can be done over the external surface of the food punnets to grab consumer attention in the retail environment leading to an increase in sales.
Food punnets are also designed to meet the physical requirements of the supply chain to ensure that the food item arrives in optimal condition. Food punnets can be stacked flat to maximize the storage space and to minimize the transportation costs. Many latest innovations and technological advancements are being carried out in the food punnets market to offer optimum packaging of food items.
Such as the manufacturers are focusing on using water resistant boards and other barrier coatings, both at the innermost and the outermost surface of the food punnets. With proper packaging of food items such as fruits, vegetables, seafood, fresh produce, etc, unique air-ventilation feature is also very important to keep them fresh. Food punnets are available in various sizes and capacities as per their usage.
Principal Consultant
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. The countries of these regions are expected to witness an upright market growth due to the import of exotic food items especially fruits and vegetables from other regions.
The food punnets market growth is impacted in the regions such as Latin America and Middle East and Africa, as the people of these regions are proactively inclining towards healthy eating habits.
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 -
The food punnets market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participant across the value chain. The report on food punnets market provide in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies of the food punnets market.
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The segmentation of food punnets market is done based on the following segments
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