The global sanitary food and beverage packaging market is likely to grow at a CAGR of nearly 6% during the forecast period 2017-2021. These insights are according to a new market research report from market intelligence and consulting firm Future Market Insights (FMI). According to the report, increasing emphasis on maintaining food safety during the supply chain is promoting investments by manufacturers.
Globally, emphasis on maintaining hygiene is on an increase. Regulatory bodies from around the globe are making revisions to food safety guidelines, with an aim to ensure safety of the product. The U.S. FDA in 2016 published a new set of guidelines under the FSMA rule. These guidelines focus on safety of food products during transportation. As compliance rate increases, demand for sanitary food and beverage materials and products is also likely to witness an increase.
In a bid to give readers detailed analysis on the sanitary food and beverage packaging market, the report offers segmentation on the basis of packaging type and product type.
Paperboard Segment Accounts for Significant Market Share by Packaging Type
By packaging type, the key segments include paperboard, metal, rigid plastic, flexible plastic, glass, and ‘others’. Among these, demand for paperboard is currently the highest among end-users. According to the report, paperboard accounts for nearly 34% revenue share on the basis of packaging type. Demand for paperboard in end-use industries is augmented by its low price and easy availability.
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On the basis of product type, the key segments include milk & other beverage cartons, cups & liquid tight containers, folding food containers, boards & trays, and other product types. Among these, milk & other beverage cartons segment accounts for nearly one-fourth revenue share of the global market. Future Market Insights projects this segment to grow at a CAGR of 7% throughout the forecast period. The cups & liquid tight containers segment is also likely to grow at a stable CAGR during the forecast period.
North America and APEJ Remain Lucrative Markets Globally
North America and APEJ represent two of the most lucrative regions in the global sanitary food and beverage packaging market. Demand for sanitary food and beverage packaging in APEJ is on the basis of high volume, whereas, the North American market is characterised by emphasis on innovative technology. Rising disposable income and urbanization are the key macroeconomic factors boosting the demand for sanitary food and packaging globally.
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A key highlight of Future Market Insights’ analysis on the global sanitary food and packaging market is a detailed analysis on the key players in this market. The report has profiled the key players in the global sanitary food and beverage packaging market. The key players profiled in the report include Chuo Kagaku Co., Karatzis S.A., Ball Corporation, Silgan Containers, LLC, FP Corporation, Ltd., Kaira Can Company Limited, Crown Holdings, Inc., and Canfab Packaging Inc.