The global hinged food containers market is anticipated to accumulate a market value of US$ 87.4 billion in 2023 and is expected to garner a valuation of US$ 145 billion by exhibiting a CAGR of 5.1 % in the forecast period 2023 to 2033. The hinged food containers market reflected a growth of 3.9% CAGR in the historical period 2018 to 2022.
Increasing urbanization, growing population, and changing lifestyles are increasing the demand for meat and fish in markets, which is propelling the demand for hinged food containers. Meat and fish require more preservation which is why the demand for innovative food storage containers increases.
The convenience that these containers offer in terms of packaging, carrying and consumption has become quite important to many consumers. As a result, manufacturers are keeping up with the changing lifestyles of their customers which is positively benefiting the market growth.
Over the projection period, changing lifestyles and busy schedules among the working population are expected to positively impact market growth. Moreover, increasing consumption of processed and packaged foods is also anticipated to drive the hinged food container market demand in the coming years.
Hinged lid food containers keep the food products fresh which enables the food for secure transportation. The need for food containers has been burgeoning owing to the growing population, rising take-out services, and changing eating habits of people.
On the other hand, the government manages greenhouse gas emissions in the food and beverage industry and is anticipated to fuel the demand for recyclable packaging solutions such as PET-hinged food containers. This factor is expected to create lucrative prospects for the expansion of the hinged food container market during the forecast period.
The market has also been aided by the huge increase in global food output. The demand for convenient packaging that is easy to carry, and store and allows instant consumption of food is likely to rise. Therefore, hinged-lid container manufacturers must keep up with the changing consumer tastes.
Apart from this, the increasing number of employed women, the proportion of households consuming packed foods, and substantial growth in double-income households are boosting the industry for hinged-lid food containers. The population growth in metropolitan areas and the rising number of single-person households are anticipated to increase product sales during the forthcoming period.
The rigid format hinged lid containers known as PET-hinged containers are generally used to package food products. These packaging options give the product a more aesthetic appearance and feel, allowing manufacturers to increase the product’s maximum selling price and boost revenues. Due to their advantageous qualities, like lightweight, aesthetic appearance, transparency, resistance to environmental elements like rain, dust, and sunlight, high load-bearing capacity, and durability, among others, PET-hinged containers are gaining popularity throughout the packaging industry.
Because of these reasons, food packaging services are employing hinged containers for packaging fresh produce fruits & vegetables, meat, snacks, bakery products, and others. This is fuelling product sales even more. Region-wise, North America is expected to dominate the market by accounting for over 40% share by end of the forecast period. The growth is attributed to surging packaged product consumption, rising acceptance of small-sized food containers in the home, and rising demand for fresh food.
The region is one of the biggest producers and exporters of fruits & vegetables across the globe. The meat and poultry sector also accounts for a significant share of the North American market, which is anticipated to directly benefit the growth of hinged containers used in the packaging of meat products.
The Asia Pacific market is expected to grow with a CAGR of 5% during the projection period. Factors such as rising household income, growing middle-class population, rapid urbanization, and changing lifestyles of the populace are expected to drive market growth in the region. Furthermore, the strong presence of the food processing sector is also supporting the region’s growth.
What is driving demand for hinged food containers market?
The transforming customer lifestyle where the consumer desires the foodstuff to continue to be fresh for a longer period is likely to generate demand for hinged food containers.
Increasing long work duration by the middle-class population is expected to promote the scope of packaged mediums for keeping food warm and fresh. The growing number of online deliveries is generating demand for the same.
Besides, another contributing factor to the growth of this segment is cost-effectiveness. It has been observed that the average cost of plastic containers is one-third of the stainless steel-based product type.
Furthermore, technological advancements in terms of the development of lightweight plastics as rust-free alternatives to metals are projected to expand the customer base shortly.
USA and Canada hinged food containers market outlook
The United States and Canada have a considerable need for compostable items. Hence, pivoted cover compostable container market has a high share market in northern as well as Latin American nations.
Also, awareness concerning the use of bio-degradable over plastic has been enhanced throughout the world, and the growth of the hinged compostable container market is forecasted to grow fast.
Europe demand outlook for hinged food containers market
Europe’s government have strict guidelines on the usage of plastic. Climbing consumer awareness towards the usage of naturally degradable items is expected to boost the pivoted hinged food container market in the region. Pivoted cover compostable container market has far better chances to expand.
In addition, the rapid growth of the eCommerce industry in the region creates lucrative market opportunities for producers to enter the market to gain a competitive market share, thus leading to product demand.
These insights are based on a report Hinged Food Containers Market by Future Market Insights.