According to Future Market Insights research, during the projected period, the global food tub packaging market is set to enjoy a valuation of US$ 570.2 Million in 2022, and further expand at a CAGR of 5.1% to reach US$ 937.7 Million by the year 2032. The food tub packaging is anticipated to bolster with the top 5 providers holding 15 to 20% of the global food tub packaging market in 2021.
Based on the capacity, the 251 to 500 ml segment is expected to remain the leading segment for the global food tub packaging market. The same segment is estimated to account for around 52% of the market value share by the end of 2032.
| Attributes | Details |
|---|---|
| Market Size 2022 | US$ 570.2 Million |
| Market Size 2032 | US$ 937.7 Million |
| Value CAGR (2022 to 2032) | 5.1% |
| Collective Value Share: Top 3 Countries (2022E) | 20 to 25% |
According to the FMI analysis, the food tub packaging market totaled US$ 544.8 Million in 2021 and is estimated to be worth US$ 937.7 Million by the end of the next ten years, expanding at a CAGR of 5.1% from 2022 to 2032. The sales of food tub packaging will boost with the top 3 countries projected to hold 20 to 25% of the global food tub packaging market by the end of 2022.
The food tub packaging market is estimated to experience a positive growth outlook by the end of 2022. A new forecast by FMI estimates that food tub packaging sales will rise during the forecast period and is projected to create a growth incremental growth opportunity of US$ 392.9 Million.
The increase in demand for rigid containers for frozen and dairy products is the major factor propelling the demand for food tub packaging across the globe. The food tub packaging market is projected to grow 1.7x the current market value from 2022 to 2032.
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The global food tub packaging market noted a CAGR of 4.6% during the historic period with a market value of US$ 544.8 Million in 2021.
A food tub is a type of packaging used to store and transport food items. It is typically made of plastic and has a lid that can be sealed to keep the contents fresh. Food tub packaging is among the easiest packaging formats to produce, requiring only the filling of the primary product and the effective sealing of the packaging.
The continuously growing food industry is predicted to drive the demand for food tub packaging during the forecast period. The food tub packaging for ice creams, ready-to-eat food, and frozen food is available in different shapes, sizes, and quantities. This tub is dimensionally stable, and reusable, and the raw material also carries a high rate of investment. With a variety of lidding options, label colors, and customization, food tub packaging is a highly preferred format among manufacturers. The food tub packaging is also compatible with automated filling equipment; they can be molded effortlessly and can also be easily transported in the supply chain. This makes them ideal containers for frozen food as well as flavored food packaging segment for manufacturers. Overall, the global food tub packaging market is projected to experience a positive growth rate during the forecast period.
According to the International Dairy Foods Association (IFDA), an average American citizen devours approximately 10.43 kilograms (or 23 pounds) of ice cream and frozen desserts each year. In the year 2020, the production of ice cream in the USA went up by 6% from 2019. The increasing demand for ice cream is fueling the market for food tub packaging. A shift in customer preference for tubs has been observed due to cost-saving, additional quantity, and family pack features in ice creams, sorbets, and gelatos. This is allowing players to offer these desserts in various tub sizes and shapes. Overall, the increasing consumption of ice creams and frozen foods fuels the demand for food tub packaging.
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Food tub packaging is available in a variety of size options and colors. High-graphic printing is very easy to carry out on food tub packaging. Various brand aesthetics, warning label instructions, and promotional offers can be easily printed on foo tub packaging. For example, the safety of the product is always Magnum Ice Cream’s top priority. As shoppers are affected by allergens and intolerances, including coeliac disease, for a shopper to access this information quickly and easily is important. For this, the brand provides information regarding allergens that are added as ingredients in CAPITAL or BOLD letters along with precautionary allergen labeling (PAL) wherever there is a risk of the presence of unintended allergens because of cross-contact.
Under Polyethylene (PE) segment by material, High-Density Polyethylene (HDPE) holds a major portion by material segment for the production of food tub packaging. The target segment is projected to hold around 88% of the PE material segment for the food tub packaging market by the end of 2022. Due to increasing environmental concerns, HDPE material is grasping the interest of end users. Due to its high strength-to-density ratio, resistance to most chemicals, and ability to be recycled such factors boost the usage of HDPE material in food tub packaging. Thus, High-Density Polyethylene (HDPE) holds a major portion of the food tub packaging market.
Based on application, the ice cream & dairy products segment generates heavy demand for the food tub packaging market. The same segment is projected to register a CAGR growth of 5.4% during the forecast period. The usage of food tub packaging is huge in ice cream and dairy products due to its durable and reusable qualities. The tub packaging is used to store and transport these products. The food tub packaging is also used to display these products in supermarkets and other retail outlets. They can be used to store both processed and fresh food packages. Thus, the ice cream and dairy products segment driving the global food tub packaging market.
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According to FMI research analysis, the USA market contributes around 80% to the North American food tub packaging market by the end of 2022. Consumption of dairy products due to their growing popularity is increased. One reason is that people are becoming more health conscious and are looking for ways to improve their diets. Dairy products are a good source of protein, calcium, and other nutrients that are essential for good health. Another reason for the growing popularity of dairy products is that they are convenient and easy to eat. They can be eaten on the go, and they don't require any preparation.
The USA exports around US$6.5 Billion in dairy products every year to more than 133 countries according to International Dairy Foods Association, these large exports offer huge demand for food tub packaging, due to increasing demand for packaged food products by consumers is expected to boost the food tub packaging market during the forecast period.
FMI analysis states that India’s food tub packaging market is estimated to grow 1.6x the current market value from 2022 to 2032. India is one of the largest producers of ice cream in the world, but most of its ice cream is consumed domestically. India has a large population of young people, who are more likely to consume ice cream than older age groups. India has a growing middle class with more disposable income, which has led to increased demand for ice cream. Moreover, the hot climate in India means that people are always looking for ways to cool down, and ice cream is a popular choice. Such factors increase demand for ice cream and subsequently enhance the sale of the food tub packaging.
The key players working in the food tub packaging market are trying to focus on increasing their sales and revenues by escalating their capabilities to meet the rising demand. The key players are trying to adopt a merger & acquisition strategy to expand their resources and are developing new products to meet customer needs. Also, the players are focusing on improving their facilities to cater to the demand. Some of the recent key developments by the leading players are as follows –
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.1 % from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Tonnes, 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, Capacity, 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 | Amcor plc; Sonoco Products Company; Huhtamaki OYJ; Berry Global Company; Magnum UK; Polyoak Packaging; Argento Plastic Manufacturers; Innovations; Bergen Plastics AS; Pact Group Holdings Ltd; Shalam Packaging; Greiner Packaging; Parkers Packaging; Interpack Ltd.; INSTA POLYPACK |
In 2021, the value of the global food tub packaging market was US$ 544.8 Million.
During the forecast period, the global food tub packaging market is anticipated to expand at a CAGR of 5.1%.
The global food tub packaging market is expected to reach US$ 937.7 Million by the end of 2032.
During the forecast period, High-Density Polyethylene (HDPE) material is likely to be the fastest-growing material segment in the global food tub packaging market.
The increasing demand for packaged food products impels the demand for food tub packaging as it increases the shelf life of the product.
Amcor plc, Sonoco Products Company, Huhtamaki Global, Berry Global Company, Unilever Global, and Greiner Packaging are the top players supplementing the sales of food tub packaging.
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