Global Portion Packs Market size is expected to witness considerable growth, owing to increasing demand for innovative plastic packaging solution in the consumer market. Increasing food management concern will drive product penetration. Factors such as portion control and food waste concerns are anticipated to propel Portion Packs market size over the forecast period.
As per FAO, approximately 1.3 billion tonnes of the food produced gets lost or wasted every year. Industrialized countries food losses and waste valued at USD 680 billion and USD 310 billion in developing countries. Thus, food companies along with packaging manufacturers and retailers are cooperating to decrease the volume of food sent to landfill. This will drive Portion Packs market growth in the projected timeframe.
Rising packaging demand in Asia Pacific region is expected to propel industry size. Increasing competition in the consumer segment will drive penetration of smaller Portion Packs. Manufacturers are anticipated to seek growth and boost sales by engaging more closely with consumers. Packaging is anticipated as a key tool to achieve growth and gain competitive advantage.
Increasing environmental concern regarding damage caused by the “make, use, dispose” of the packaging material will also influence product penetration. Companies are expected to invest in high-precision manufacturing technology complying with rigorous production standards to offer better performing and cost-effective solutions. Excessive cost of automation for smaller packs due to higher production speeds may hamper industry growth.
Portion Packs market is segmented food, beverage, personal care and life science, as well as for industrial, household and garden products. The industry is projected to witness new product development and better offering to customers which addresses convenience trends while tackling serving control and food waste.
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North America is anticipated to offer various growth prospects for the Portion Packs market owing to strong domestic demand. Increasing food waste is a serious environmental and economic issue in the region. As per industry estimates, U.S. food waste accounted for 60 million metric tons with an estimated value of USD 162 billion. This will support product penetration over the projected timeframe. In addition, packaging companies are expected to invest in new product development suitable for many branded food, healthcare, personal care, and household products.
Europe Portion Packs market is dominated by Germany owing to substantial investment in research and development of packaging material over the forecast period. Increasing demand for confectioneries and consumers request for convenience packs will propel industry size. Many manufacturers are expected to adjust their production lines according to changing consumer requirements.
Asia Pacific region is expected to be the fastest-growing market attributed to increasing food waste concern in the region. Rising awareness to reduce food losses and promote sustainable and responsible consumption will drive product demand. Government initiatives to advocate against the negative consequences of food losses and food waste will further support Portion Packs market size over the projected timeframe.
The key players in the Portion Packs market are HELLMA Austria, Elite Portion Pack, SAES, Single Source Limited and Van Oordt. Portion Pack Foods. Other prominent manufactures are Mondi Petals packaging MULTIVAC’s Thermo Pac and Turpack. The companies are expected to invest substantially in automation expertise and diversify their existing product line to gain a major industry share.
The industry will foresee agreement & collaborations between manufacturers to ensure their position and growth over the forecast period. For instance, MULTIVAC and the Australian Snapsil Corporation signed an agreement for the application of patented packaging concept Snapsil easy opening on MULTIVAC thermoforming packaging machines to gain access to innovative packaging expertise.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.