The global ice cream packaging market was valued at US$ 650 million in 2020, according to Global Ice Cream Packaging Market Report, by Packaging Type (Cup, Tub, Stick Packs, Folding Carton, and Others), by Distribution Channel (Supermarket/Hypermarket, Convenience Stores, Ice-Cream Parlors, Online Stores, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
The global ice cream packaging market is expected to reach at US$ 896.89 million by 2028 and is expected to exhibit a CAGR of 5.05% during the forecast period (2021-2028). Changing lifestyle, growing disposable income, and surging awareness about benefits associated with packaging are expected to drive the ice cream packaging market growth over forecast period. On a global scale, ice cream packaging industry is an enormous economic generator. Increasing consumer trends and industry trends for packaging drive this gigantic growth rate. Thus rapidly expanding packaging industry is expected to boost the ice cream packaging market growth.
Majority consumers of ice creams prefer supermarkets, and hypermarkets. Organized retail stores are a significant part of large retail chains that have a huge presence in the global market. The growth in the organized retail chain is translating directly into the demand for ice creams thereby driving market growth.
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Browse 25 market data tables* and 20 figures* on "Ice Cream Packaging Market” - Global Forecast to 2028.
Key Trends and Analysis of the Ice Cream Packaging Market:
- Among regions, Asia Pacific accounted for a significant market share in 2020. This is attributed to the exponential population growth with growing disposable income in China, India, Japan, and other South Asian countries. Ice creams are widely sold through several retail chains including supermarkets, and convenience stores among others. The presence of well-established retail sector especially in China, India, Japan, Vietnam, Australia, and Singapore, among others is expected to drive demand for ice cream, thereby boosting the market growth.
Key Takeaways of the Market:
- Among distribution channel, supermarket/hypermarket segment held largest revenue share of 43.7% in the global ice cream packaging market in 2020, and this is attributed to growing number of supermarkets/hypermarkets across the globe. For instance, Walmart is expected to host more than 11,000 stores, worldwide, and Amazon Go. Amazon is expected to open more than 3,000 cashier-less stores by 2021. Hence, the frozen food packaging market is expected to flourish
- Major 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.
- Key players operating in the ice cream packaging market are focusing on adoption of various growth strategies to expand their business operations and regional presence. For instance, on May 31, 2021, International Paper Company completed the sale of its ownership interest in Olmuksan International Paper to Mondi Group. Olmuksan business include five corrugated packaging plants with three hundred thousand tons of annual converting capacity.
Global Ice Cream Packaging Market - Impact of Coronavirus (COVID-19) Pandemic
- The global ice cream packaging market has been negatively impacted to some extent due to the ongoing COVID-19 pandemic. This can be attributed to the imposition of lockdown, travel restrictions, and shutting down manufacturing facilities. Moreover, the unavailability of raw material required for manufacturing ice cream packaging hampered demand for ice cream packaging. However, restarting of international trade and ease of trade restrictions is expected to drive demand for ice cream packaging in the upcoming years. Moreover, loosening of restrictions and reopening of manufacturing facilities is expected to boost demand for ice cream packaging over the post-pandemic period.
- Key players operating in the ice cream packaging market are tier I and tier II players. These players have their manufacturing and distribution facilities across various regions such as Asia Pacific North America, Europe, Middle East & Africa, and Latin America. Governments of various countries across the globe have enforced lockdown measures to curb the spread of the disease. This has resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown. In turn, this has led to a decline in demand for ice creams across the globe, thereby restraining the market growth.