Source: businesswire.com
A recent study conducted by Technavio, a leading global technology and advisory company, predicts that the frozen food packaging market in the U.S. will likely make approximately $9 billion by the year 2019. The expected CAGR is almost 4 percent. The study took a close look at the market based on revenue and emerging market trends that will have an impact on the industry.
The study divided the different markets for frozen food packaging companies into five categories according to application:
- Frozen specialties
- Baked goods
- Fruits and vegetables
- Meat, poultry, and seafood
- Others
Three of these categories are expected to perform better than the other two. Here is a look at these particular applications in Technavio’s study.
Frozen Food Packaging Companies in Meat, Poultry, and Seafood
The high demand for plastic films in frozen food packaging design was largely responsible for the increased market share of meat, poultry, and seafood packaging in 2014. The market share that year for this application was more than 33 percent.
Technavio’s lead analyst, Sharan Raj, stated that this market is expected to continue to grow as case-ready frozen food packaging design becomes more popular. People want meat products that are presented in ready-to-eat packages, which incorporates materials like vacuum pouches and plastic films that companies are utilizing.
Frozen Specialties Market
Frozen specialties make up the second largest segment of the market share in 2014, accounting for over 29 percent that year at $2.13 billion. The increased production of bakery and confectionery products was responsible for this growth, with a higher demand for a single-serve frozen food packaging design.
Technavio predicts frozen specialties to grow even more as demand increases for products with a longer shelf life and future technological advancements.
Frozen Fruits and Vegetables Packaging
Fruits and vegetables made up the third largest segment in 2014, earning $980 million in revenue. This increase was attributed to a higher demand for healthy foods including vegetable and fruit products. The increased consumer demand has encouraged frozen food packaging companies to develop improved designs that are re-closable, easy to open, portable, and usable with one hand.
Continuing Competition Between Frozen Food Packaging Companies
As the frozen food market in the U.S. grows, so does the competition between vendors. Business models and standards evolve with the industry, giving companies new competitive opportunities. The food and beverage and retail industries are main customer segments that typically depend on customer preferences and standards.
Currently, the top four vendors in the U.S. frozen food packaging market are Graphic Packaging, Printpack, Sealed Air, and WestRock. These companies are among the many that will compete with each other as packaging designs and methods progress into 2019.
For companies that wish to save money while keeping up with the frozen food packaging market, High Performance Packaging offers top-of-the-line used frozen food packaging machinery from trusted brands such as Yamato, Hayssen, and Matrix. We also offer other technical packaging line services to help your production line reach its full potential in operational capabilities, whether for fruits and vegetables, specialty products, or other frozen food products.
