Europe Fresh Food Packaging Market to Garner $4.89 Billion by 2026 at 3.1% CAGR, Says Allied Market Research
Rise in demand for fresh fruits and vegetables, increased demand for fresh food packaging, and rapid innovation are expected to propel the growth of the Europe fresh food packaging market
PORTLAND, Oregon, Aug. 28, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Europe Fresh Food Packaging Market by Food Type (Fruits, Vegetables, and Salads) Product Type (Flexible Film, Roll Stock, Bags, Sacks, Flexible Paper, Corrugated Box, Wooden Boxes, Tray, and Clamshell), and Material (Plastics, Wood, Paper, Textile, and Others): Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the Europe fresh food packaging market was pegged at $3.95 billion in 2019 and is projected to reach $4.89 billion by 2026, registering a CAGR of 3.1% during the forecast period.
Chief reasons for market fluctuations
Increased demand for fresh fruits & vegetables to augment market expansion for fresh food packaging. Furthermore, high demand for fresh food packaging, and rapid advancements in technologies have boosted the growth of the Europe fresh food packaging market. However, political instability might negatively affect the regional market and negative environmental impact of food packaging would hamper the market growth. On the contrary, use of cellulose nanocrystals to provide advanced barrier coating for packaging and advent of bioplastic for fresh food packaging are expected to create lucrative opportunities in the near future.
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Salad segment to manifest the fastest growth
By food type, the salad segment is projected to register the fastest CAGR of 5.2% during the forecast period, owing to shift of focus of consumers toward exotic, tasty, and value-added salad products and a healthier lifestyle. However, the vegetables segment dominated the market in 2019, contributing to nearly half of the Europe fresh food packaging market, owing to the advent of sustainable packaging for fresh vegetables.
Clamshell to manifest lucrative opportunities
By product type, the clamshell segment held the largest share in 2019, contributing to more than one-fourth of the Europe fresh food packaging market market, owing to its versatility, ease of customer use, enhanced security, transparent eye-catching packaging and a high degree of protection from contamination. Moreover, the segment is estimated to register the fastest CAGR of 4.1% during the forecast period.
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Paper to witness high demand
By material, the paper segment is estimated to register the fastest CAGR of 4.0% during the forecast period, owing to growing environmental concerns and reusability and biodegradability of paper packaging. However, the plastic segment held the largest share in 2018, contributing more than two-thirds of the market, owing to flexible and adaptability of plastic packaging, its customizable size, shape, and style as per their customers' requirements.
Italy held lion's share
The market across Italy held the largest share in 2018, contributing to nearly one-fifth of the Europe fresh food packaging market. However, the market across the U.K. is projected to manifest the fastest CAGR of 4.0% during the forecast period. The report includes analysis of the market across Spain, France, Italy, Russia, and Germany.
Major market players
- Sonoco Products Company
- Hayssen, Inc.
- Smurfit Kappa Group
- Visy
- Ball Corporation
- Mondi Group
- International Paper Company
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