Valley Cottage, NY -- (SBWire) -- 11/21/2017 --Increasing emphasis on maintaining hygiene and cleanliness through the entire supply chain has necessitated the demand for highly effective sanitary packaging of food and beverages. The global sanitary food and beverage packaging market continues to be driven by growing consumer focus on the hygiene aspect of the food they consume.
According to a latest research by Future Market Insights (FMI), the global sanitary food and beverage packaging market is likely to grow at 5.8% CAGR through 2022. The market grew at 4.6% CAGR during the period 2012-2016.
Focus on sanitary packaging of food and beverages has gained traction, especially since the U.S. FDA published its latest FSMA rule. The new guidelines focus on preventing food contamination during the transportation of food from one place to another.
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The key packaging materials include paperboard, rigid plastic, glass, flexible plastic, metal, and other materials. According to Future Market Insights, the paperboard segment is likely to grow at a CAGR of 6.4% during the forecast period 2017-2022, and surpass US$ 3 bn in revenues.
By product type, cups & liquid tight containers remain the most lucrative segment globally. However, growth of this segment is likely to remain low on account of growing applications in milk & other beverage cartons. The milk & other beverage cartons segment is likely to grow at nearly 5% CAGR through 2022 – this is the highest CAGR among all the product types.
On the basis of region, APEJ is likely to remain the most lucrative, with surging demand from China and India offering sustained growth opportunities to manufacturers.
According to Future Market Insights' analysis, the growth of sanitary food and beverage packaging market in APEJ is likely to be driven by increasing demand from end-users.
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The two key factors which have changed the status quo in APEJ include increasing urbanization and rise in the disposable income among consumers. As consumer awareness has increased, manufacturers have been forced to invest in food safety. In terms of revenue, APEJ will continue to be the leading market for sanitary food and beverage packaging market.
The leading players profiled in the report include FP Corporation, Chuo Kagaku Co., Ltd., Karatzis S.A., Crown Holdings, Inc., Ball Corporation, Silgan Containers, LLC, Kaira Can Company Limited, and Canfab Packaging Inc. Focus on advanced packaging technologies and consolidating their position in APEJ remain the key focus areas of these companies.
Sanitary Food and Beverage Packaging Market: Increasing Emphasis on F&B Safety Driving Growth