According to a market study by Future Market Insights (FMI), the demand for plastic punnets increased among end users with growing consumption of packaged fresh food. However, due to growing environmental concern, manufacturers and end users are adopting sustainable packaging formats to preserve nature and ensure maximum product shelf life.
To capitalize on this existing trend, some of the manufacturers are developing PCR material-based punnets and are also developing alternatives to plastic punnets such as cardboard, paper and molded fiber punnets.
For instance, leading manufacturer, Smurfit Kappa Group identified that globally around 95% of all plastic packaging is used for single time and then converted into waste by discarding all of them.
This increased the litter and ultimately landfills. Hence, demand for paper based punnets is expected to increase as they are completely recyclable and reduce the plastic waste.
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Meanwhile, Westpack Group Ltd. recently launched cardboard based punnets which are heat sealed. This innovation will minimize long-standing dependency of grocery manufacturers on plastic punnets for commercial heat sealing process. The company is offering set of commercially viable paper based alternative to plastic punnets.
As these paper or cardboard punnets are also good in absorbing moisture, FMI anticipates that they will witness astonishing growth, accelerating the demand in the global punnet market over the coming decade.
Key Takeaways from Punnet Market:
- The plastic punnet segment is estimated to create an incremental opportunity of US$ 529.4 Mn during the forecast period.
- The fresh food produce segment will witness robust growth at a CAGR of 6.5% in the forecast period.
- North America punnet market is to anticipated to hold nearly 25% of the global market share during the forecast period.
- South and East Asia are anticipated to be the most attractive region for the punnet market during the forecast period.
- China and the U.S are expected to dominate the East Asia and North America punnet market, respectively.
“Adoption of sustainable material with ~100% recyclability which can increase the shelf life of fresh produce with attractive print on the punnet is increasing. This is expected to create lucrative growth avenues in the market over the coming decade” –FMI Analyst
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Need to Increase Shelf Life of Fresh Produce to Accelerate Demand for Punnet Packaging
The punnet market is poised to expand with rising demand for products with longer shelf lives. It takes time for packaged food to reach consumers across the globe after it is packaged. As a result, the packaged food may not be fresh, and its aroma and taste may be lost before it reaches the consumer. Hence, to keep the packaged food and fruits more fresh, adoption of punnets is increasing.
Further, packaging industries are investing in technologies and various new packaging techniques, such as intelligent packaging to increase the shelf life of the product. Punnet packages’ enhances the shelf life of fresh goods for longer period of time. This is creating growth opportunities for punnet manufacturers.
Punnet Market Landscape
Leading players operating in the global punnet market include Smurfit Kappa Group Plc, LC Packaging International BV, Coveries Holding SA, T&B Containers Ltd, Tacca Industries Pty. Ltd., Raptis Pax Pty. Ltd., INFIA srl, Quinn Packaging Ltd., Groupe Guillin SA, Paccor Netherlands BV, Leeways Packaging Services Ltd., AVI Global Plast Private Limited, Royal Interpack Group, Alta Global Inc. and Ilip S.r.l.
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Punnet Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global market for punnet market by material type (paper, plastic, molded fiber punnets), by capacity (Up to 150 gm, 151-330 gm, 301-500 gm, above 500 gm), by application (fruits and vegetables, meat poultry and seafood, frozen food, Ready-to-Eat), by end use (retail outlets, hotels, restaurants and cafes, household).
FAQ :
Q-Does this report covers the new applications of Punnet Market?
A-Yes the report covers the new applications of Punnet Market .
Q-Does this report cover the volume tables in addition to value tables?
A-Yes the report covers the market both in terms of volume and value
Q-What is the current competitive landscape in the Punnet Market in terms of new applications, production, and sales?
A-The market has various large, medium, and small scale players operating across the globe. Many players are constantly innovating and developing new products and expanding to developing countries where the demand is constantly growing; thereby boosting sales.
Q-Which all countries are considered in the report?
A-USA, China, Japan, Germany, UK, and France are major countries considered in the report.
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The post Punnet Market Worth US$ 1.7 Bn by 2032 | LC Packaging International BV, Raptis Pax Pty. Ltd., Groupe Guillin SA appeared first on Future Market Insights.
Published by: Future Market Insights, Inc.