Global ice cream packaging market was valued at US$ 820.9 Mn in 2022, exhibiting CAGR of 4.0% from 2023-2030. Market is likely to reach US$ 1,123.46 Mn by the end of 2030. Increasing consumption of ice creams in various regions and launches of numerous varieties of ice creams are projected to bolster the demand for innovative ice cream packaging. Thus, the market is estimated to grow 1.5 times the current market value during the forecast period 2023-2030.
Global Ice Cream Packaging Market: Regional Insights
Among region, market is segmented into Asia Pacific, North America, Europe, Middle East & Africa, and Latin America. Asia Pacific held a dominant position in the global ice cream packaging market in 2022 accounting for 44.5% market share, owing to increasing standard of living and growth in the consumption of ice cream in China, India, Japan, and ASEAN countries. For instance, Ice cream packaging market in China increased by14% in retail sales in 2022 Forecast predict that the ice cream shop market will grow further at a CAGR (compound annual growth rate). Asia Pacific is followed by North America and Europe.
Figure 1. Global Ice Cream Packaging Market (%), By Region 2022
Global Ice Cream Packaging Market: Growth Drivers
Traditional ice cream has nutritional properties but has no health benefits. Thus, increasing interest of market players in the fortification and addition of functional ingredients that can encourage consumers to choose the product as a healthy snack option. Functional foods provide not only basic nutrition but also plays a role in reducing or minimizing the risk of certain diseases. Rising production of fortified or functional products is expected to increase the consumption of the product i.e. ice cream globally.
Rising expenditure by market players on the research and development of innovative products is anticipated to boost the market growth. For instance, in January 2022, Unilever group, launched vegan stick bars, magnum vegan classic, and magnum vegan almond in mini-sized multi-packs.
|Base Year:||2022||Market Size in 2022:||US$ 820.9 Mn|
|Historical Data for:||2017 to 2021||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR:||4.0%||2030 Value Projection:||US$ 1,123.46 Mn|
Sonoco Products Company, Amcor Plc, International Paper Company, Sealed Air Corp., Huhtamaki Oyj, Amcor Plc , Linpac Group Ltd., Ampac Holdings LLC, INDEVCO Group, Tetra Laval, Berry Global, Stora Enso, and SIG.
|Restraints & Challenges:||
Global Ice Cream Packaging Market: Restraints
Ice cream is a frozen dairy product and can spoil in a limited time, if it is not stored properly. It has low shelf- life. Product stored in a stale storage atmosphere usually develops a foul smell and microorganisms. Italso picks up absorbed volatile flavors from the storage environment such as paint and ammonia. Thus, the high storage cost of the product is expected to hamper the market growth. Furthermore, the demand for the product i.e. ice cream is usually at peak during summers but decrease in demand can be seen during winter and monsoon, and thus, this can further hinder the market growth.
Figure 2. Global Ice Cream Packaging Market (%), By distribution channel 2022
Among distribution channel, supermarket/hypermarket segment held 43.7% market share in 2020. The supermarkets and hypermarkets are increasing across the globe. These are arranging special events such as cookery classes to increase the footfall and boost consumer engagement. Retail suppliers often partner with brands for such initiatives. For instance, there are 42,505 Supermarkets & Grocery Stores in the U.S. as of 2021 that is increase of 0.6% from 2020. There are more than 435,000+ supermarkets in India.
Global Ice Cream Packaging Market: Key Developments
Ice Cream Packaging Market: Key companies
Key players operating in the global ice cream packaging market include Sonoco Products Company, International Paper Company, Sealed Air Corp., Huhtamaki Oyj, Amcor Plc, Linpac Group Ltd., Ampac Holdings LLC, INDEVCO Group, Tetra Laval, Berry Global, Stora Enso, and SIG.
Definition: Packaging Institute International defined packaging as the enclosure of products, items or packages in a wrapped pouch, bag, box, cup, tray, can, tube, bottle or other container form to perform various functions such as containment, protection, preservation, communication, utility, and performance.
Packaging Institute International defined packaging as the enclosure of products or items in a wrapped pouch, bag, box, cup, tray, can, tube, bottle or other any container form for avoiding containment, for protection, preservation, commutation, utility, and performance of product. If the device or container performed more than one of these functions, it was considered as a package. Packaging of ice cream is performed to protect ice cream from outside environment, especially after the completion of manufacturing process so that ice cream should not melt easily and to retain moisture, flavor, and freshness for a longer period of time.
Demand for ice cream packaging is growing rapidly due to increased demand for packaged food, and due to strong retail network across the globe.Nowadays , dependency on the packaged ready- to- eat convenience products is increased in order to save time. Increasing urbanization, and increased shelf-life of otherwise ice cream products are boosting the demand for packaged ready food. Moreover, increasing investments by packaging companies in advanced freezing techniques is also expected to drive growth of the global ice cream packaging market.
However, factors such as stringent regulations on the raw material that is used in ice cream packaging, lack of awareness about ice cream packaging, and dearth of universal directives pertaining to applications of ice cream packaging are expected to restrain the global ice cream packaging market growth. For Instance, The directive 94/62/EC covered all types of packaging placed on the EU(Europe) market and all packaging waste. This directive regulates the chemicals and heavy metals present in packaging. This regulation is restraining the use of polymers in ice cream packaging, and thus, hampering the market growth.
Major players operating in the ice cream packaging market are adopting various organic and inorganic growth strategies such as expansion, joint venture, collaboration, strategic alliances, new product launches, and others. to increase their global reach and business operations. For instance, on June 23, 2021, Sealed Air Corporation, spend US$ 30 million to expand the global production capacity of packaging and invested in new equipment systems to cater accelerating demand for Automated Packaging Systems (APS) AUTOBAG brand solutions, an acquisition Sealed Air closed in 2019. This investment is for capacity expansion, ‘touchless’ automation, and proprietary digital printing technologies.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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