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Dublin--(BUSINESS WIRE)--"Fresh food packaging market size, by type (rigid, flexible), material (plastic, paper and cardboard, bagasse, polylactic acid), by application (dairy products)" "Share and Trend Analysis Report"), forecast by region and market segment, 2021-2028" report has been added to ResearchAndMarkets.com's products.
By 2028, the global fresh food packaging market is expected to reach 181.7 billion US dollars. The market is expected to expand at a compound annual growth rate of 5.0% from 2021 to 2028. Increasing demand for fresh dairy products in developing countries is expected to be the driving force of the market during the key forecast period.
Due to supply chain disruptions, the industry has experienced a significant impact from the COVID-19 pandemic. The suspension of production in China, one of the major raw material producers, has affected packaging manufacturers around the world. The shortage of raw materials such as plastics, aluminum and steel for Chinese manufacturers has led to a gap in supply and demand, but manufacturers are expected to gradually increase production.
As the supply chain is unaffected and imports continue during the COVID-19 pandemic, the packaging demand for fresh vegetables and fruits remains unchanged. Specifically, sales of fruits and vegetables with high vitamin C content have increased substantially, further exacerbating the gap between supply and demand in the market.
The increasing demand for environmentally friendly packaging solutions has forced companies to develop recyclable or biodegradable products. For example, in November 2020, Amcor plc launched a new product line Packpyrus, a paper packaging solution for meat and cheese. Similarly, in September 2019, PPC Flexible Packaging Co., Ltd. launched PPC green products, including compostable and recyclable bags, to strengthen its sustainable and environmentally friendly product portfolio
Major market players continue to acquire smaller market players to increase their market share in the global market. For example, in February 2019, Sealed Air announced the acquisition of MGM's flexible packaging business to increase its market share and expand its food packaging product portfolio. Similarly, in June 2019, Amcor Plc acquired Bemis Company Inc., a flexible and rigid packaging manufacturer based in the United States, to expand its global influence.
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Post time: Aug-26-2021