Global Insulated Food Container market is estimated to be valued at US$ 1264.0 Million in 2021, according to the Global Insulated Food Container Market Report, by Product Type (Stainless Steel, Plastics, and Others), by Distribution Channel (Hypermarket, Supermarket, Online, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East and Africa), published by Coherent Market Insights.
Global Insulated Food Container market was valued at US$ 1264.0Million in 2021and is expected to register a CAGR of 5.9% over the forecast period (2022–2030). The Asia Pacific region is expected to dominate market over the forecast period and is projected to be the largest and fastest-growing region.
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Key Trends and Analysis of the Global Insulated Food Container Market:.
- Among product type, others segment accounted for the significant market share in 2021 in the global insulated food container market. Other insulated food container include combination of plastic and stainless steel. These containers provide advantages of stainless steel such as durability and strength, and advantages of plastic such as light weight, and leak proof with attractive colours.
Key Takeaways of the Global Insulated Food Container Market:
- Key players are adopting different strategies to expand their global footprint. For instance, Zojirushi America Corporation is a producer of electric appliances and other related products and provides authorized e-commerce websites list on its homepage and product warranty is limited only to purchases made through actual retail stores that sell Zojirushi product or Zojirushi recognized e-commerce Rapidly growing online retail sector is a major factor increasing demand for food and beverage packaging and is a contributing factor for growth of the global insulated food container market. For instance, according to the India Brand Equity Foundation (IBEF) in March 2022, India’s retail industry is projected to grow at a slower pace of 9% over 2019-2030, from US$ 779 Million in 2019 to US$ 1,407 Million by 2026 and more than US$ 1.8 trillion by 2030. Moreover, increasing awareness regarding food contamination is driving the market growth.
- Asia Pacific accounted for the largest market share of 37.00% in 2021 in the global insulated food container market. This is attributed to increasing population in the region. Increasing population and rising disposable income in emerging economies such as China and India are major factors driving growth of the food & beverage industry, which in turn is expected to fuel growth of the insulated food container market over the forecast period.
- North America accounted for exceeding 28.67% of the global revenue in 2018. It has been observed that consumer requirements of warm food at workplace is comparatively high in this region. As of 2019, around 130 million full-time employees are working in U.S., which is expected to open new avenues for the market. Furthermore, the rise in the middle-income age groups in countries including Mexico is expected to remain a favorable factor over the next few years.
- New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities are key strategies adopted by players in the global insulated food container market