Food Contact Paper Market Size & Share to Surpass $90.1 Billion by 2028 | Vantage Market Research
Vantage Market Research
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WASHINGTON, Nov. 28, 2022 (GLOBE NEWSWIRE) -- The Global Food Contact Paper Market is valued at USD 69.2 Billion in 2021 and is projected to reach a value of USD 90.1 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 4.5% over the forecast period 2022-2028.
The food contact paper market is one of the most important economic sectors and is expected to grow steadily. Regardless of the industry's turmoil, several things could impact its development or decrease. This study analyses current trends and expected future developments to provide a comprehensive picture of the sector. It also offers information on the market's leading players and their expansion intentions.
The research provides a complete examination of global suppliers and producers and their current conditions and future possibilities. It also discusses the drivers were driving the global demand for food contact paper, such as increasing investment requirements, developing technology, and new laws.
According to Vantage Market Research, key factors are anticipated to acceleratethe food contact paper market growth over the forecast period.The market will grow due to the escalating demand from the food and beverage sector. An increase in the adoption of food delivery systems by various eateries, restaurants, and hotels is anticipated to be favorable for the market. Consumer preferences are also changing due to the declining price of food contact paper, sustainability, and eco-friendliness, which will aid market expansion.
We forecast that the kraft paper category in food contact papermarketsales will account for more than 30% of total sales by 2028. The pure virgin fibers in natural kraft papers make them the perfect material for food contact packaging. Paper bags, wrapping paper, paper sacks, and paper plates are just a few of the different food-contact paper products that are increasingly made with paper.
North America dominates the food contact paper market. This trend of dominance will continue throughout the projection periodand can be attributed to the opening of numerous fast-food restaurants, coffee shops, bakeries, and restaurants in nations like the U.S. In addition, the increasing demand for green products in North America brought on by environmental awareness would promote market expansion in the region. Government initiatives promoting secure, biodegradable, and eco-friendly packaging will result in a significant market expansion in North America.
Top Players in the Global Food Contact Paper Market
Mondi PLC
Westrock Company
Pudumjee Paper Products
Asian Pulp & Paper Company
Ahlstrom-MunksjöOyj
BPM Inc.
KRPA Holding C.Z.
Market Dynamics
Growing Demand for Biodegradable and Recyclable Packaging Options:
For both consumers and manufacturers, recyclable and biodegradable packaging has proven to be a desirable substitute for single-use packaging options. In the U.S., food service packaging contributes significantly to landfill waste. According to a U.S. Environmental Protection Agency report, food waste and packaging make up most of the materials dumped in U.S. landfills. Paper packaging is preferable to recyclable packaging because it decomposes naturally. Recycling food packaging raises the possibility of contamination, which could impact the environment and human health. Increased global governments' efforts to reduce the use of single-use plastic bags are driving demand for recyclable yet sustainable packaging options, which is driving demand for food contact papers.
High Demand for Fast Food:
The demand created by the food service sector and other industries is a major driver of the global market for food contact paper. Burgers, pizza, wraps & rolls, sandwiches, and other culinary products are packaged with food contact paper. Due to consumers' growing preference for prepared and packaged foods due to their busier lifestyles, the global fast food category has seen a strong market expansion in the last few years. Globally, there is a huge demand for fast and on-the-go foods, which is driving up the price of packaging materials like food contact paper.
Growing Demand for Lightweight Materials:
One of the key market trends in the demand for lightweight materials for food and beverage packaging. Vendors are creating lightweight, high-performance paper grades to cut costs, boost performance, and maintain compliance. Costs are reduced by the lightweight packing goods' low production material consumption and great delivery efficiency. Low material use during manufacturing also lessens the overall process's environmental impact. Therefore, the market for food contact paper will rise over the forecast period due to the rising need for lightweight materials.
One trend that Vantage Market Research (VMR) expects to see in the food contact paper industryis increasing customization. Customized packaging is quite popular since consumers demand more individualized experiences ever. As a result, food contact paper that can be readily printed or die-cut into precise shapes and sizes is growing in popularity among companies trying to distinguish their goods.
Another trend that VMR predicts will continue in the food contact paper industry is enhanced barrier properties. Food Contact Paper must have barrier qualities because they keep food fresh and safe from contamination. Food Contact Paper is becoming an even more effective packaging solution as a result of recent advancements in barrier technology.
Top Report Findings
Based on product, most of the food contact paper Market's revenue is controlled by thekraft paper category. Market expansion is anticipated to be fueled by the packaging industry's increasing need for kraft paper.
Based on application, the food industrycategory dominated the food contact paper market, and it is anticipated that this trend will continueto avoid contamination residues in bakeries. Food contact paper is used for packaging food items.
Top 10 Players Generates More Than 45% of the Global Food Contact Paper Market Revenue
The report also found that the largest players in the food contact papermarket are technology providers such as Mondi PLC, Westrock Company, Pudumjee Paper Products and Asian Pulp & Paper Company. These companies are expected to benefit from increased demand for their products and services, as well as growing investments in new mines. Other major players include Mondi PLC, Westrock Company, Pudumjee Paper Products, Asian Pulp & Paper Company, Ahlstrom-MunksjöOyj, BPM Inc., KRPA Holding C.Z. and others. As per latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% revenue of the market.
Food Industry Category in Food Contact Paper Market to Generate Over 30% Revenue
Food contact paper is an expensive investment. Vantage Market Research has analyzed the market for food contact paper to understand its current state and potential future growth factors. For better understanding, based on applicationfood contact papermarketis divided into:bakery & confectionery, fresh food, dairy products, fast food, baby food and other applications.
During the forecast period, the market for food contact paper is anticipated to experience the highest CAGR for bakery & confectionery. Food contact paper is preferred for food producers, bakeries, and dining establishments. This paper is of the food-grade variety, providing temperature regulation and resistance to moisture and grease.Additionally, manufacturers of food contact paper have lucrative opportunities to increase sales due to the rising number and quick penetration of bakery & confectionery retailers across emerging economies.
On the other hand, the fresh foodcategory is anticipated to grow significantly over the forecast period. Fresh food packaging uses food contact paper more frequently as it helps to increase product shelf life. Additionally, it is anticipated that rising consumer health consciousness will fuel demand for food contact paper.
Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on Food Contact Paper Market Forecast Report (2022-2028).
Global Food Contact Paper Market Segmentation
By Product
Kraft Paper
Specialty Paper
Recycled Paper
Other Products
By Application
Bakery & Confectionery
Fresh Food
Dairy Products
Fast Food
Baby Food
Other Applications
By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Scope of the Report:
Report Attributes
Details
Market Size in 2021
USD 69.2 Billion
Revenue Forecast by 2028
USD 90.1 Billion
CAGR
4.5% from 2022 to 2028
Base Year
2021
Forecast Year
2022 to 2028
Key Players
Mondi PLC, Westrock Company, Pudumjee Paper Products, Asian Pulp & Paper Company, Ahlstrom-Munksjö Oyj, BPM Inc., KRPA Holding CZ and others.
Customization of the Report:
The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
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