The global Ready Meals Packaging Market experienced substantial growth in 2020 and is expected to continue to grow steadily over the forecast period. The main drivers of market revenue growth are changing consumer preferences, including a shift toward foods that are quicker and easier to prepare, as a result of increased urbanization and a fast-paced lifestyle. The growing number of women in the workforce and changes in family dynamics have also contributed to increased demand for ready meals. In addition, the industry is benefiting from a large on-the-go customer base and rising purchasing power in emerging markets such as India and China.
The paper and paperboard category has the largest market share due to its recyclable and eco-friendly nature, versatility, and lower carbon emissions, and is suitable for use in food packaging. The North American region accounts for the largest market share in terms of revenue CAGR, followed by Europe and the Asia-Pacific region. The Asia-Pacific region is expected to be the largest market, followed by Europe and North America, due to the presence of rapidly growing economies such as China and India.
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The growth of the global ready meals packaging market is restrained by several unfavorable factors, such as fluctuating prices of raw materials like plastic and government regulations related to sustainability. Nevertheless, the industry is presented with opportunities, such as the rising demand for ready-to-eat snacks, increasing per capita income, and surging demand in emerging economies like China, Japan, and India.
Major companies operating in the market include:
Mondi Group, Amcor plc, Berry Global Inc., Stora Enso, Constantia Flexibles, Plastipak, Tetra Pak International S.A., DS Smith, Crown Holdings, Inc., ExxonMobil Chemical, and Coveris Group.
Here are some notable innovations in the Ready Meals Packaging Market:
- Use of biodegradable and compostable materials to reduce environmental impact.
- Development of microwaveable and oven-safe packaging for increased convenience.
- Use of smart packaging technology to monitor food freshness and quality.
- Implementation of clean packaging techniques to reduce waste and pollution.
- Development of vacuum-sealed packaging to extend shelf life and maintain freshness.
- Use of lightweight packaging materials to reduce transportation costs and emissions.
- Incorporation of user-friendly features such as easy-to-open packaging and portion control.
- Implementation of sustainable packaging practices, such as using renewable energy sources and reducing water usage in production.
- Use of RFID technology for supply chain management and tracking of products.
- Introduction of multi-compartment packaging to keep different food items separate and fresh.
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