Know the Key Areas for Investments in Punnet Packaging Market Analysis Forecast to 2027
Transparency Market Research delivers key insights on the punnet packaging market in its published report, which includes global industry analysis, size, share, growth, trends, and forecast for 2019–2027. In terms of revenue, the global punnet packaging market is estimated to expand at a CAGR of ~5% during the forecast period, owing to numerous factors, about which, TMR offers thorough insights and forecasts in this report.
Punnet Packaging: An Overview
Punnet packaging is designed to provide physical protection from shocks and tremors to packaged fruits throughout the supply chain. The use of punnet packaging aids in maintaining product integrity and enhancing the shelf life of packaged fruits. Also, punnets can be equipped with vents, which ensures controlled oxygen flow and aids in retaining the freshness of the packaged fruits. These factors are expected to drive the growth of the global punnet packaging market in the coming years.
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Europe & U.S. to Account for Lion’s Share in Global Punnet Packaging Market
According to TMR analysis, North America holds of the global punnet packaging market, and is expected to continue its lead over other regions. The U.S. is expected to account for ~80% of the punnet packaging market in North America. However, Canada is projected to clock a CAGR of ~6% during 2019-2027. The penetration of punnet packaging is relatively prominent in the U.S. and Canada. This growth can be attributed to the presence of organized retail chains that sell fresh produce in sophisticated packaging solutions such as punnets or clamshells. This has remained as the key driver for the North America punnet packaging market in the past years, and is expected to further fuel demand.
Europe accounts for ~¼ of the global punnet packaging market, representing an incremental opportunity of ~US$ 100 Mn over the forecast period. The developed countries of Western Europe cumulatively account for ~65% of the European punnet packaging market. However, Russia & Poland are expected to witness substantial growth and represent a cumulative incremental opportunity of ~US$ 23 Mn in the next five years. In terms of material, the plastic segment remains prominent in the global punnet packaging market, and this is expected to continue during the period of forecast. However, it is projected to suffer a loss in its market share, as paper and molded fiber punnet packaging solutions gain traction in the region.
Under-tapped Market of Asia Pacific to Represent Remunerative Growth Opportunities
The Asia Pacific region holds ~20% of the global punnet packaging market share, and is projected to witness substantial growth in the years to come. Most of the middle-class population tend to buy fresh produce from local vendors rather than established retail chains. This has hampered the demand for punnet packaging. However, this scenario is changing with the increasing penetration of retail chains in the region. This is expected to boost the sales of punnets and provide investment opportunities for punnet packaging manufacturers operating in the region. In conclusion, packaging solutions that retain quality, yet entail less shipping and storage costs are expected to fuel the demand for punnet packaging in the years to come.
Punnet Packaging Market: Competition Landscape
In the global market report for punnet packaging, the competition landscape is discussed. Key players profiled in the punnet packaging market are Coveris Holdings SA, Smurfit Kappa Group Plc., LC Packaging International BV, Groupe Guillin SA, Paccor Netherlands BV, Leeways Packaging Services Ltd., Tacca Industries Pty Ltd., Raptis Pax Pty Ltd., Infia S.r.l., Quinn Packaging Ltd., AVI Global Plast Private Limited, Royal Interpack Group, Alta Global Inc., Ilip S.r.l., and T&B Containers Ltd.
As per TMR analysis, Coveris Holdings SA, Smurfit Kappa Group Plc, Infia S.r.l., and Groupe Guillin SA are the leading players operating in the global punnet packaging market. LC Packaging International BV, Quinn Packaging Ltd., and Raptis Pax Pty Ltd. cumulatively account for 2 – 5% of the global punnet packaging market. However, the punnet packaging market is found to be highly scattered with several other players emerging as prominent regional players. These players are anticipated to shape regional market dynamics by offering punnet packaging at competitive prices.
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Sustainable Solutions and Profile-cut Heat Sealing Add Convenience to Punnets
The punnet packaging landscape is highly scattered, which creates scope for incremental opportunities for emerging market players. However, strict regulations by government institutions to ensure product safety have created a virtual barrier for manufacturers to invest in licensing. For instance, according to the new packaging regulations implemented by FSSAI (Food Safety and Standards Authority of India) in 2018, it is mandatory for manufacturers to use high-quality polyethylene terephthalate (PET) and polypropylene (PP) punnets for fruit and vegetable products, and thermoformed trays with a lid for sweets and confectionaries. As such, manufacturers are turning towards sustainable punnet packaging solutions to avoid expensive licensing costs.
Manufacturers are reinventing strawberry marketing by modifying traditional strawberry punnets. However, the heat sealed packaging acts as a disadvantage to consumers who wish to reseal the container. Therefore, manufacturers are investing in profile-cut heat sealing machines that provide the option of a seal foil to reseal the containers.
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