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Preliminary research of Fairfield Market Research indicates a promising growth outlook for global punnet packaging market during the course of next few years.
Greater Convenience and Recyclability Quotient Lifts Punnet Packaging Market Prospects up
The global punnet packaging market is expanding in line with a movement in consumer preferences away from traditional packaging toward punnet packaging, which is more convenient, and recyclable. It is estimated that the market will expand due to the rising demand for punnet packaging for horticultural production. R-PET, and polypropylene thin gauge sheets are replacing the conventional polypropylene punnet packaging for mushroom storage to lessen their environmental impact. The demand for paper and fiber punnets as an alternative to plastic punnets for food product packaging is anticipated to drive the market. Furthermore, punnet packing is also a cost-effective packaging method because it requires little storage space, requires little to no inventory, and is simple to put together. Punnet packaging helps prevent food goods from getting damaged while being transported, which in turn helps to fuel the demand for punnet packaging.
Additionally, the conventional polypropylene punnet packaging is being replaced with recyclable polyethylene films or R-PET and polypropylene thin gauge sheets for mushroom storage to lessen the environment's carbon impact. Punnet consumption will increase due to the move toward ready-to-eat foods, the expansion of restaurants and hotels, and the rising demand for exotic packaged fruits and vegetables. The punnet packaging market is expanding due to the general growth and expansion of the food and beverage industry. The demand for and production of punnet is also positively impacted by rising health consciousness and a fast-paced lifestyle preference for salad and cut fruits. However, the expansion of the market may be hampered by the government's strict rules on plastic items.
Punnet Packaging Market: COVID-19 Impact
The government-imposed lockdown and low demand from the food and beverage industries are projected to cause the punnet packaging market to decline in 2020. Due to worldwide production halts and a sharp decline in demand for luxuries and non-essential services, the COVID-19 crisis is anticipated to have a detrimental impact on the punnet packaging business. The COVID-19 crisis had an uneven effect on the packaging business, primarily because physical retail locations closed worldwide. However, the heavy impact of this shutdown has been mitigated by the availability of online retailing. The demand for eCommerce-specific packaging is anticipated to continue high, but e-commerce businesses will also need to concentrate on protecting their products and sanitizing their packaging. Additionally, the need for necessities like groceries and fresh food, mostly met by local e-retail websites, has placed the food packaging business at the forefront of the market. Due to a reduction in the demand for non-essential items during the first two quarters of 2020, industrial, transportation, and bulk packaging have significantly declined.
Punnet Packaging Market Grows Notably as Punnets Turn out to be More Convenient with Profile-cut Heat Sealing and Sustainable Solutions
The highly dispersed nature of punnet packaging has the potential for new business opportunities for participants in the expanding punnet packaging market. Manufacturers now face a virtual barrier to investing in licensing due to the tight rules put in place by governmental organizations to guarantee product safety. For instance, manufacturers must use premium polyethylene terephthalate (PET) and polypropylene (P.P.) punnets for fruit and vegetable products and thermoformed trays with a lid for sweets and confectioneries under the new packaging regulations implemented by the FSSAI (Food Safety and Standards Authority of India) in 2018. As a result, to avoid high licensing fees, manufacturers are resorting to sustainable punnet packaging options. By altering conventional strawberry punnets, manufacturers are rethinking strawberry marketing. However, consumers who want to reseal the container are disadvantaged due to the heat-sealed packing. Producers are investing in profile-cut heat sealing equipment to reseal the containers that offer a seal foil option.
Increased Demand from Various End-use Industries to Drive Punnet Packaging Market Growth
Punnet packaging has many uses in the packaging, pharmaceutical, food and beverage, and cosmetics industries. Punnet packaging is frequently employed for fruits and vegetables, bakery goods and confections, trays for eggs, blister packs and clamp shells for consumer goods, and punnets for electronics and medical equipment. Horticulture products have a short shelf life, and PET punnet packaging can keep the products fresher for longer. For this reason, thin polyethylene or PET punnets are used in the packaging of horticulture products. Due to their recyclable and compostable plastic composition and compliance with international requirements for product safety, PET punnets are environmentally beneficial. Punnets give clients the most convenience possible. Punnets present the most convenient viable alternative for moving fruit and vegetables over long distances, which will drive the punnet packaging market ahead. Additionally, punnets are employed in the pharmaceutical sector to package medical supplies, including syringes, medications, medical kits, and other items, while protecting them from potentially dangerous outside influences.
Rapid Technological Change, and Rising Raw Material Costs Will Impede Punnet Packaging Market Expansion
One of the primary basic materials for food packaging is the punnet. PET plastic, which is clear, light, semi-rigid, and has lockable caps, are used for punnet packaging. The punnet packaging industry is impacted by these raw materials' shifting prices. The price of these raw materials is also rising due to laws the government and groups have set around resource conservation, preventing the punnet packaging market from expanding. The lack of readily available raw materials hinders technological growth in punnet packaging solutions. Many novel packaging technologies are becoming unaffordable due to high raw material costs, and businesses are forced to rely on conventional packaging, which negatively impacts the economy and the environment.
Plastic Category Dominates Punnet Packaging Market, Lightweight Plastics gain Prominence
The plastic category held the largest punnet packaging market share, and it is anticipated that it will continue to rule the market during the forecast period. The packaging of fresh fruit, food, and vegetable items frequently uses plastic punnets as a packing material. This kind of packaging format has drawn much attention in recent years due to the sharp rise in the need for lightweight packaging solutions globally to reduce overall waste produced due to the high material consumption in conventional packaging forms. Some dairy, culinary, and agricultural products are also packaged in plastic punnets. It offers the best possible transit protection and shelf life for the products housed inside it. The majority of food processors now use plastic punnets as their first choice for product packaging due to the rise in demand for effective and affordable packaging solutions in the food sector.
300-500 gm Category Dominated Punnet Packaging Market due to its Increased Adoption in Retail Chains
In terms of value, the 300-500 gm category holds most of the market share. It is employed since most retail chains sell leafy vegetables in cans that hold up to 150 gm of leafy vegetables and 400 gm of berries and other soft fruits. In the next five years, it is anticipated that the 300-500 gm segment of the worldwide punnet packaging market will grow by 1.3X its present value and generate additional potential of almost US$ 70 Mn. Besides, the 150-300 gm category is anticipated to hold a significant market growth rate. These two capacity portions are where most fresh fruits and vegetables are packaged. Many plastic punnets are also available in various packaging capacities from well-known firms, including INFIA Srl.
Asia Pacific Reigns Supreme in Punnet Packaging Market as Packaging Sector Expands Exceptionally
Over the forecast period, it is anticipated that the Asia Pacific punnet packaging market will account for the largest revenue share because of the rise and expansion of the packaging sector, increased industrialization, urbanization, and globalization. The rising use of punnet packaging by the food and beverage industry will cause China, India, Malaysia, and Japan to emerge as the region's top contributors. The demand for punnets packaging has grown in the area due to the expansion of the consumer goods industry, the e-commerce sector, and industrialization. It is anticipated that a sizable consumer base in APAC's growing nations, including China and India, will push the demand for punnet packaging. With cattle making up 20% of exports and sheep meat accounting for 35%, Australia's red meat sector is regarded as the greatest meat exporter in the world. The region's need for punnet packaging has grown as a result of the packaging of beef. China is regarded as the world's second-largest consumer of processed meat.
North America punnet packaging market is anticipated to experience stable revenue growth throughout the forecast period because established retail chains sell fresh vegetables in elaborate packing configurations like punnets. The estimated annual cost of U.S. e-commerce harm is 5.5 billion dollars, a huge sum that needs a suitable remedy. Proper packaging is necessary to ensure that the delivered product is adequately protected. According to the Association for Packaging and Processing Technologies (PMMI), the cost to a vendor for a damaged product is seventeen times greater than the initial cost estimate. It has led to a significant increase in the demand for proper packaging. One of the biggest markets for processed meat is the U.S. The market here is anticipated to grow steadily throughout the forecast period because of shifting consumer lifestyles and rising urbanization. According to the United States Department of Agriculture, the U.S. was ranked as the top meat consumer in 2021. (USDA). Due to this, the country's growing packaged meat market is boosting punnet sales. Additionally, consumers' increased consumption of foods high in nutrients increases the need for protein.
Global Punnet Packaging Market: Competitive Landscape
In November 2021, Heat seal card punnets were created by Westpack Group Ltd. as a sustainable alternative to plastic punnets. Similarly, in June 2021, the "F Concept" is a brand-new side ventilation concept created by INFIA. The fruit's pre-cooling process is accelerated by enough air circulation in the tray or punnet.
A few of the players in the punnet packaging market are Coveris Holdings S.A., Smurfit Kappa Group Plc., L.C. Packaging International B.V., Groupe Guillin SA, Paccor Netherlands B.V., 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.
Global Punnet Packaging Market is Segmented as Below:
By Category
By Material
By Product
By Region
Key Elements Included In The Study: Global Punnet Packaging Market
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Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.
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