The global punnet market size is projected to register substantial growth from 2023 to 2033. According to the research report published by Future Market Insights, the global market is anticipated to surpass a valuation of USD 1,102.3 million in 2023. It is expected to hit a valuation of USD 1,795.5 million by 2033. The market is predicted to thrive at a CAGR of 5% from 2023 to 2033.
Plastic punnet is the reliable packaging required for food products, with overall sales increasing at 5% CAGR, holding nearly 3/4th of the market share in 2023. Punnet is designed for the packaging of fresh produce food to reduce wastage and increase shelf life.
In terms of application, the fresh food products segment is projected to expand at a Compound Annual Growth Rate (CAGR) of 6.7% during the forecast period. Regionally, South and East Asia are projected to cumulatively hold a market share of almost 20% in 2023.
Rising demand for exotic packaged fruits and vegetables owing to the shift toward ready-to-eat foods and the expansion of restaurants and hotels improve the demand for a punnet. The overall growth and expansion of the food and beverages industry is another factor fostering the growth in the punnet market.
Manufacturers are shifting their focus toward recyclable materials such as cardboard and paper with the rise in technological advancement. Also, the concept of post-consumer recycling is helping manufacturers to navigate through the ill effects of plastic on the environment.
| Attribute | Details |
|---|---|
| Punnet Market Share (2022) | USD 1,049.8 million |
| Punnet Market Share (2023) | USD 1,102.3 million |
| Punnet Market Share (2033) | USD 1,795.5 million |
| Punnet Market Share (2023 to 2033) | 5% |
| Top 3 Countries’ Market Share | 43.5% |
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The global punnet market size developed at a CAGR of 3.3% from 2018 to 2022. In 2018, the global market size stood at USD 921.7 million. In the following years, the market experienced significant growth, accounting for USD 1,049.8 million in 2022.
Punnet is used to protect packaged fruits from shocks and tremors while they travel through the supply chain. The overall sales of punnet are further expected to increase due to the packaging requirement which ensures product purity and extends the shelf life of packed fruits. Punnet helps to preserve product freshness as it consists of vents for controlled oxygen flow, reducing food wastage.
According to FMI, the rising consumption of meat, poultry, and seafood is expected to increase at 4.9%, to reach USD 9 billion by the end of 2025. To optimize the shelf life of such perishable food, end-users are focusing on high-barrier and tear-resistant packaging formats. As punnets are easy to open and re-sealable, consumers and end users opt for them often in comparison to other packaging formats.
Active, intelligent packaging and technology-based single-portion punnets are gaining immense popularity among consumers. Furthermore, with growing health consciousness and fast-moving lifestyle inclination toward salad and cut fruits are positively impacting the demand and production of punnet.
To capitalize on this trend, manufacturers are creating innovative packaging formats which provide clear packaging presentations on shelves. For instance,
AVI Global introduced PNG 600 triangular punnet for kiwis. Manufacturers were introducing innovative designs which had a high impact and were pressure sensitive for fruits, especially kiwis.
Plastic Punnets to Remain High Sought-After Among End-users
Based on material type, the plastic segment is expected to hold a market share of almost 74% in the punnet packaging market during the forecast period. In 2022, the plastic material segment garnered a 72.1% share of the global market.
According to the study, PET and polypropylene are the common materials used to make plastic punnets. Increasing concern over the usage of PET material due to rising sustainability concerns is projected to decline the sales of punnets over the coming years.
However, to address this issue, several countries have created domestic PET recycling operations. On account of this, the segment is expected to observe an incremental growth of USD 529 million during the forecast period.
Sales of Fruit Punnet Packaging to Augment Growth in the Market
Fresh produce, fruits, and vegetables are the common application for punnets packaging. In terms of application, these segments are expected to jointly contribute more than 50% to 60% in the overall punnets market.
The growing demand for punnets packaging for fresh-cut fruits is improving sales. Moreover, the rising demand for packaged foods, fruits, and vegetables has increased in emerging economies as people are becoming health conscious.
Sales of Punnets with 301 to 500 gm Capacity to Outpace the Demand for Small Punnets
Based on capacity, the punnets with 301 to 500 grams capacity are gaining immense popularity, according to the study. Punnets with this capacity are extensively used for fresh-cut fruits and vegetables.
Companies such as INFIA Srl provide a wide range of punnets in various packing capacities. According to FMI, the segment is likely to create an incremental opportunity of USD 195 million during the forecast period.
The retail outlet distribution channel segment is expected to witness swift growth during the forecast period. In 2022, the retail outlet segment garnered a 65.2% share of the global market. Punnets are a branding and differentiating technique that retailers use.
Retailers may increase brand recognition and create a unique identity in the marketplace by employing personalized punnets with their logo, color scheme, or distinctive design. With the aid of this differentiation technique, retail stores may stand out from the crowd and draw in customers looking for certain brands or product options.
Increasing Consumption of Animal-Based Protein Food to Improve the Demand for Punnet Packaging
As per FMI, the United States is a prominent market for processed meat. With changing consumer lifestyles and increased urbanization, the United States market is poised to expand at a steady rate over the forecast period. In 2022, the United States captured a 28.5% share of the global market.
The United States was identified as the top meat consumer in 2021, according to the United States Department of Agriculture (USDA). On account of this, increasing sales of packaged meat in the country are improving the sales of the punnet.
The demand for protein is surging as consumers are increasing the consumption of foods that are high in nutrients. The fast-paced lifestyle in the country has resulted in a growing preference for processed foods among the working class.
The increasing consumption of animal-based protein among gym enthusiasts in the United States, Canada, and Mexico has increased dramatically in recent years. Backed by these aforementioned factors, the United States market is expected to reach USD 379 million over the next decade.
Sales of Punnet Packaging Burgeon with the Growing Consumption of Processed Meat and Fresh Fruits
South Asia exports a significant share of the global grape demand which are packed in punnets. According to FMI, China is considered to rank second in processed meat consumption globally. This is expected to propel the demand for punnet packaging.
Burgeoning demand for processed meat, fruits, and packaged food from restaurants in China is improving the demand for punnet packaging. Driven by this, the punnet sales in China are estimated to increase by 1.9X in terms of value, by the end of 2033. In 2022, China captured a 6.2% share of the global market.
| Countries | CAGR Share in Global Market (2022) |
|---|---|
| The United States | 28.5% |
| India | 6.5% |
| China | 6.2% |
| Japan | 2.4% |
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Leading players operating in the market are improving the strength of the product by modifying the overall features of the product using sustainable solutions. Some of the manufacturers are diversifying toward various new ways of sustainability such as pulp and bagasse punnet.
Key manufacturers are also focusing on compostable, degradable, renewable materials, with trouble-free disposable and 100% recyclable materials. They are also adopting printing solutions for punnets. To gain a competitive edge, some of the players are adopting strategies such as mergers and acquisitions.
Recent Developments Observed by FMI
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value, MT for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; The Middle East & Africa (MEA) |
| Key Countries Covered | The United States, Canada, Germany, The United Kingdom, Nordic, Russia, BENELUX, Poland, France, Spain, Italy, Czech Republic, Hungary, Rest of EMEAI, Brazil, Peru, Argentina, Mexico, South Africa, Northern Africa, GCC Countries, China, Japan, South Korea, India, ASIAN, Thailand, Malaysia, Indonesia, Australia, New Zealand, Others |
| Key Segments Covered | Material, Capacity, Application, End-use, Region |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Trend Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The punnet market CAGR for 2033 is 5%.
The market is estimated to reach USD 1,795.5 million by 2033.
North America, Europe, and Asia-Pacific are the top 3 countries leading the market.
The market is estimated to secure a valuation of USD 1,102.3 million in 2023.
India, Japan, and China dominate the Asian market.
| Estimated Market Size (2024E) | USD 530.4 million |
|---|---|
| Projected Market Value (2034F) | USD 755.5 million |
| Value-based CAGR (2024 to 2034) | 3.6% |
| Expected Market Value in 2023 | US$ 1.3 billion |
|---|---|
| Projected Market Value in 2033 | US$ 2.0 billion |
| CAGR (2023 to 2033) | 4.20% |
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