Valued to be $31.1 Billion by 2026, Household Food Storage Containers Slated for Robust Growth Worldwide – Press Release

SAN FRANCISCO  , July 4, 2022 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Household Food Storage Containers – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 9; Released: June 2022
Executive Pool: 886
Companies: 82 – Players covered include Accent-Fairchild; Newell Brands; S.C. Johnson & Son, Inc.; Sterilite Corporation; The Clorox Company; Tupperware Brands Corporation; Vacuvita Products B.V. and Others.
Coverage: All major geographies and key segments
Segments: Material (Plastic, Glass, Other Materials); Distribution Channel (Offline, Online)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

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ABSTRACT-

Amid the COVID-19 crisis, the global market for Household Food Storage Containers estimated at US$24.8 Billion in the year 2022, is projected to reach a revised size of US$31.1 Billion by 2026, growing at a CAGR of 4.2% over the analysis period. Plastic, one of the segments analyzed in the report, is projected to grow at a 4.7% CAGR, while growth in the Glass segment is readjusted to a revised 4% CAGR. The global market is growing at a brisk pace due to interplay of favorable factors like robust household demand, rapid urbanization, rising consumption of packaged foods and increasing disposable income. The market growth is augmented by rising share of women in working population, changing lifestyles and increasing number of double-income families. In addition, increasing population in urban areas, rise of single-person households and availability of a diverse spectrum of food storage container options are creating new growth opportunities for the market.

Factors such as busy lifestyles, particularly in developed countries, are prompting customers to opt for quality containers to maintain food quality and reduce wastage. Consumers are increasingly opting for high-quality, micro able, airtight, leak-proof, and aesthetically appealing household food storage containers, driving manufacturers to focus on evolving consumer preferences. The trend is creating high demand for plastic-based household food storage containers that present an appealing option over stainless steel containers and align with the idea of modular kitchen. Increasing popularity of packaged foods remains one of the primary drivers for the household food storage container market. In the recent years, food storage containers have gained increasing uptake in packaging and storage of food & beverage of food products. Growing demand for food containers to store ready-to-eat meals, convenience foods, cake mixes, frozen dinners, desserts and snacks is prompting manufacturers to push up production capacities. In addition, availability of a broad range of product options coupled with continuous expansion of the application scope is slated to open new growth avenues for household food storage containers. On the other hand, the market experienced a slow growth amid the COVID-19 pandemic that modestly affected overall demand for household food storage containers. The crisis also impacted food packaging and processing operations while prompting organizations to embrace the work-from-home option that affected the demand for food containers and lunch boxes.

However, the market is poised to spring back to a robust growth and offer attractive business opportunities to market participants. While the market is anticipated to maintain its strong momentum, factors such as recyclability and food contamination concerns along with cost implications are likely to restrain expansion. Factors like shortage of skilled workers and volatile prices of upstream products are affecting production costs of household food storage containers. Future expansion of the market is likely to be favored by implementation of stringent regulations and continuing shift towards sustainable and eco-friendly options.

The food container market is led by the rigid packaging segment that claims the major share and is likely to maintain its strong position over the coming years. High uptake of rigid packaging is attributed to superior barrier qualities, impact strength and stiffness of the packaging option. Rigid food storage containers boast an extended lifespan and are gaining from strong demand for packaged food items owing to rapid urbanization and changing lifestyles. Rigid packaging is set to benefit from continuous expansion of the beverage industry that is dominated by energy drinks and alcoholic beverages. On the other side, the flexible packaging segment is estimated to post the fastest growth due to increasing demand for thin-film packaging that presents an effective protective medium to extend shelf life of various processed foods in the nutritional domain. The paperboard food container segment of the market is likely to experience weakening demand due to maturity of its application market and rising uptake of other packaging options including flexible packaging. On the other hand, folding cartons and paperboard tubs are anticipated to remain key options for ice-creams and frozen desserts.

The food container market is witnessing high demand for bags and pouches. These container options are gaining from their compelling merits like convenience, portability, visual appeal and effective freshness protection. Bags and pouches are anticipated to witness new growth avenues owing to their benefits like impressive branding opportunities and product differentiation. By function, the household food storage container market is dominated by the storage segment due to increasing need to preserve food items to allow their use for extended periods. In terms of purpose, the market is led by the airtight container category. The segment is gaining from rising demand for leakage-proof food storage containers intended to protect food from spoilage. By shape, the square format remains the primary option and is highly popular in Asia-Pacific due to more convenient manufacturing process in comparison to other container shapes. By appearance, the household food storage container market is led by the transparent format as it is free-from chemicals and holds a strong visual appeal.

Plastic remains the primary material type segment of the global household food storage container market as a result of significant demand of durable, unbreakable materials from food manufacturers and households. Based on its favorable properties such as lightweight and non-breakable nature, plastic has witnessed uptake and enables manufactures to reduce product and transportation costs. Plastic holds a sizeable share of food container production volumes on account of cost-efficiency and reusability features. High popularity of plastic can be attributed to benefits like lower energy usage during production and higher affordability in comparison to other options like glass and metal. On the other hand, the glass segment is predicted to register one of the fastest growth rates over the coming years due to various benefits of the material, including the sustainable nature. Glass jars are commonly preferred over other options as they keep foods fresh for longer. The segment is gaining from increasing attention on transparency within the food packaging industry. An increasing number of consumers are not only checking labels for ingredients, but also want to view physical products prior to the purchasing decision. The transparency trend is prompting an increasing number of companies, mainly providers of dairy products, to embrace glass-based transparent food storage containers. Increasing focus on sustainability and ongoing shift towards green options to mitigate global warming and climate change are anticipated to further bolster global demand for glass-based food storage containers. The other material segment consists of metal, acrylic, ceramic, silicone, and paper among others. More

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SOURCE Global Industry Analysts, Inc.