USD 129.57 Billion
Report ID: SQMIG15H2038 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 91 | Figures: 76
Global Fresh Food Packaging Market size was valued at USD 129.57 Billion in 2021 and is poised to grow from USD 136.05 Billion in 2022 to USD 201.01 billion by 2030, at a CAGR 5.0% during the forecast period (2023-2030).
The increased demand for rubber, paints and coatings across various industries such as construction & electric vehicles is driving the expansion of the specialty silica market. A large increase in EV production is likely to present a lucrative opportunity for the tire sector, significantly influencing specialty silica demand.
The United States controls the majority of the specialty silica market in North America. The electric vehicle (EV) market in the United States has grown significantly. As a result, there is a growing demand for innovative and energy-efficient rubber tires. Growing domestic manufacturing of these cars is likely to have a beneficial impact on specialty silica demand in the US tire sector. For example, Lion Electric stated in 2021 that it will build the country's largest medium and heavy-duty EV facility. The corporation plans to invest USD 70 million over a three-year period. The factory is expected to have a capacity of 20,000 all-electric buses & vehicles.
Furthermore, the United States government is focusing on providing affordable housing to its citizens, which is projected to drive demand for paints and coatings. For example, in 2021, the House Democratic enacted the Build Back Better Act, which is estimated to provide USD 170 billion in financial assistance for affordable housing. The government intends to preserve or construct over one million affordable dwellings. Growing product demand from sectors such as packaging, rubber, & paints & coatings is likely to drive market expansion in coming years. For instance, Nouryon said in 2021 that it intends to expand the capacity of its Levasil colloidal silica manufacturing factory in the United States. The expansion is intended to accommodate rising packaging and construction sector demand.
Global Market Size
USD 129.57 Billion
al Fresh Food Packaging Market size was valued at USD 129.57 Billion in 2021 and is poised to grow from USD 136.05 Billion in 2022 to USD 201.01 billion by 2030, at a CAGR 5.0% CAGR
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Global Fresh Food Packaging Market is segmented Packaging Type, Material, Application and region. Based On Packaging Type the market is segmented into Rigid and Flexible. Based on Material the market is segmented into Plastic, Paper & Paper Board, Bagasse, Polylactic Acid, Others. Based on Application the market is segmented into Eggs, Meat and Seafood, Fruits and Vegetables, Dairy Products. Based on region the global Fresh Food Packaging Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Fresh Food Packaging Market Analysis by packaging Type
The precipitated silica category had the highest revenue share of more than 34.0%. The product reinforces the fabric and increases abrasion & tear resistance. It is also widely used in PVC sheets, and it functions as a separating agent and improves pigment dispersion & tensile strength. In terms of revenue, fused silica is predicted to increase at a 7.6% annual pace over the forecast period. The material is utilized to make optical components like mirrors, UV and IR transmission optics, lenses, and metrology. It is also employed in semiconductor production due to its physical characteristics. The growing demand for semiconductor is likely to propel segment expansion throughout the forecast period.
Silica gel is another vital product segment of the market for specialty silica and it is expected to register a CAGR of 6.2% in terms of revenue in the said forecast period. The product is widely used as a desiccant to control the humidity of the environment to avoid spoilage. The rising demand for pharmaceuticals and packaged food is expected to drive the segment growth across the forecast period. As the demand for silica gel is increasing rapidly, key market players are investing to expand their capacity. For instance, in 2021, W. R. Grace and Co. announced that it has completed the expansion of its manufacturing plant of silica gel in Kuantan, Malaysia. The plant is projected to meet expanding demand from a variety of industries, including biofuel, anti-blocking purification in plastic films in and bags, leather, matting furniture, in and coils.
Fresh Food Packaging Market Analysis by Material
The rubber category dominated the market for specialty silica, with a revenue share of more than 30.0%. Because of its high modulus, high tear strength, and fatigue endurance, specialty silica is a crucial reinforcing agent in the rubber industry. It is widely employed for fuel-efficient tires, which are expected to boost category growth in the next years. Paints and coatings are another important application sector of the specialized silica market, and they are predicted to develop at the fastest rate over the forecast period. Specialty silica is frequently used as a low-cost extender and is favored for its chemical inertness, which allows for strong heat resistance, chemical and acid resistance, and, finally, it tends to increase paint viscosity.
An additional significant category for specialized silica is agrochemicals. The substance is widely used in agrochemicals for crop protection, seed treatment, & fertilizer manufacturing. Increasing crop output is also driving the manufacture of agrochemicals, which benefits market growth. In terms of revenue, the desiccants applications segment is expected to increase at a CAGR of 7.0% over the forecast period. Desiccants are utilized in a wide range of sectors, including leather, bags, drugs, food & drinks, chemicals, and electronics. Growth in those sectors is expected to boost segment growth during the forecast period.
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Asia Pacific dominated the specialty silica market, accounting for more than 40% of total revenue. Growing economic development in the region's emerging countries is expected to play a significant influence in increasing tire production. Furthermore, the coatings sector is expected to expand as a result of growing construction activity in the region. Product demand is driving leading market players to increase their manufacturing facilities. For example, Evonik Wynca (Zhenjiang) Silicon Material began operations in 2021, making it Evonik's first fumed silica facility in China. Evonik intends to position itself by establishing a worldwide supply chain for its Chinese and Asian customers.
North America had the second-largest share in 2021. The countries in the area are investing in the building of affordable housing, which is likely to drive demand for coatings and paints. For example, in April 2022, the Canadian government dedicated USD 10 billion to the total housing programme for the next five years. Europe is an important market for specialty silica. Pharmaceuticals, autos, FMCG, & high-end luxury products are boosting product demand in the region. Regulations governing VOC reductions in emissions in the coatings and paints sector are projected to drive demand for eco-friendly specialty silica in the region in the coming years.
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Fresh Food Packaging Market Drivers
Growing consumer awareness about food safety
Fresh Food Packaging Market Restraints
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The market for fresh food packaging is very competitive, with numerous global and local competitors present. The market is fragmented, with a few important players dominating. To compete with current competitors, new players are continually producing innovative items and growing their presence in the local market. Major market participants are continually acquiring smaller market participants in order to enhance their share of the global fresh food packaging industry.
Fresh Food Packaging Market Top Player’s Company Profiles
Fresh Food Packaging Market Recent Developments
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the Fresh Food Packaging Market the Growing demand for organic fresh food products such as vegetables, fruit, & dairy from diet and health-conscious customers is likely to boost the market throughout the forecast period. Furthermore, an increasing number of foodservice businesses and retail chains in North American & European economies are expected to move from plastic packaging to sustainable alternatives in order to attract an environmentally conscious consumer base in the region. As a result, the aforementioned reasons are projected to stimulate demand for eco-friendly fresh food packaging.
|Market size value in 2021
|USD 129.57 Billion
|Market size value in 2030
|USD 136.05 Billion
|al Fresh Food Packaging Market size was valued at USD 129.57 Billion in 2021 and is poised to grow from USD 136.05 Billion in 2022 to USD 201.01 billion by 2030, at a CAGR 5.0%
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
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For the Global Fresh Food Packaging Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Fresh Food Packaging Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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