Reusable Food Packaging Market to Reach USD 29.32 Billion by 2027, Growing at a CAGR of 10.4%
Growing interest in material reuse in the food packaging industry
NEW YORK CITY, NEW YORK, USA, Aug. 4, 2022 /EINPresswire.com/ — The global reusable food packaging market is expected to reach USD 29.32 billion in 2027. Factors associated with market growth include the put on zero plastic packaging waste, especially in the European Union and North American countries, new restrictions on the single use of plastic food packaging, especially for takeaway food, a degree higher recyclability using certain plastic ingredients used in packaging, the increasing requirement for flexible food-grade packaging solutions, technological advances in recyclable plastic products, and the overall importance of reducing use plastic.
A growing penetration of reusable as a service for food packaging in particular has been seen as some of the start-ups like GoBox, Ozarka have started offering reusable takeaway containers at a reasonable price which customers are willing to pay . The business models of these start-ups utilized the container and disposable use loop of these through thorough cleaning and disinfection, and enabling reuse while incorporating quality certified reusable or recyclable materials. food for manufacturing. the containers. In this way, the zero waste revolution has created a reusable business enterprise as a service that deliberately contributes to the strengthening of the market.
The underlying reason being, in these industries, efficient dispersal of packaged foods, without them being damaged, is essential. The market is also benefiting from the expansion of online food delivery businesses in different parts of the world. For the functioning of this sector, the protection of packaged food against tampering or damage is crucial, which increases the relevance of this packaging in the industry.
The impact of COVID-19:
The COVID-19 pandemic would undoubtedly put the industry’s growth at risk at any time. Significant industry players remain uncertain about the future of the industry and tend to adapt their strategies to support themselves in this battle. The pandemic has had a significant impact on manufacturing, recyclable packaging or reusable service industries and most multinational companies have had to avoid factories and other sectors. However, due to a greater emphasis on the safety of packaged food, an effective measure of sterilization and disinfection has been adopted by food delivery and processing chains to maintain the trust of their customers and their brand preference. Apart from disposable packaging, more emphasis on reusable packaging has been witnessed recently, which has created a greater opportunity for market growth in the coming period.
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Other key findings from the report suggest
• Having achieved the recyclability of food grade packaging with a long product life cycle, some of the innovative companies are now focusing on changing the conventional frame of the plug, fill and waste paradigm to a newer model where the zero waste lifestyle can be followed. In this way, they can not only reduce the operational costs of food packaging that previously involved long-lived rubbish and the ongoing expense of new packaging every time.
• Startups like Eco-Takeouts supply reusable takeout containers to corporate, hospital and university cafeterias, while Brooklyn, New York-based DeliverZero uses recyclable containers for their food delivery. Canteen by Dig, an innovative restaurant in New York City, provides reusable take-out containers or boxes in exchange for a $3 monthly subscription.
• Considering the growing product penetration in food logistics and transportation, especially for the food delivery industry, the market for reusable food packaging is expected to grow significantly over the forecast period.
• In the end-user context, Bakery & Confectionery segment occupies the largest market share of 22.7% in 2019 with the fastest growth rate of 6.7% during the forecast period. The food and beverage industry uses this packaging extensively due to its usefulness in transporting different food grade packaging to its suppliers.
• Despite various advantages associated with this packaging, which promote the expansion of the market, factors such as various environmental regulations in different regions and the concern of small manufacturers for the cost-benefit ratio can be a concern for the growth of the market.
• Major market players include Amcor, Sealed Air Corporation, BASF, WestRock, Evergreen packaging, Rehrig Pacific Company, Swedbrand Groups, IPL Plastics, Vetropack Holding, and Schütz GmbH & Co. KGaA, among others.
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For the purposes of this report, the reports and data have been segmented into the global reusable food packaging market on the basis of raw material, type, end-user and region:
Commodity Outlook (Revenue: USD Billion; Volume: Million Units; 2017-2027)
Type Outlook (Revenue: USD Billion; Volume: Million Units; 2017-2027)
• Boxes and containers
• Crates and pallets
• Pouches and tubes
• Intermediate Bulk Containers (IBC)
• Bottles and jars
• Drums and barrels
End User Outlook (Revenue: USD Billion; Volume: Million Units; 2017-2027)
• Bakery and confectionery
• Cooked meals
• Raw meat and fish
• Fruits and vegetables
• Dairy products and beverages
Regional Outlook (Revenue: USD Billion; Volume: Million Units; 2017-2027)
• North America
o United States
o United Kingdom
• Asia Pacific
o South Korea
o Rest of APAC
• Latin America
o Rest of LATAM
o Saudi Arabia
o Rest of MEA
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