Global Food Contact Paper Market 2019-2023
About this market
The global demand for food contact paper ensues from their eco-friendliness when compared with plastic and aluminum products. Thus, the environmental threats associated with these alternatives drives the use of sustainable paper products in the food and beverage industry. Plastic and aluminum products generate more waste per product than traditional paper products. Many companies are committing to the use of reusable, compostable, and recyclable packaging because of the rising number of global issues, such as the growing amount of ocean waste. Most raw materials for the food contact paper industry are sourced from recycled materials and trees growing in sustainable forests. This increases the sustainability of these products. Thus, the need for environment-friendly packaging solutions is expected to drive the global food contact paper market. Technavio’s analysts have predicted that the food contact paper market will register a CAGR of about 8% by 2023.
Growth in processed industry
The changes in consumer behavior and the growth of the processed food industry drive the global food contact paper market. Demand for convenience foods and fast food, which have a special requirement for lightweight packaging, exert a positive influence on the market. The packaging of a product plays an important role in the demand for and lifecycle of a product.
Volatility in prices of raw materials
Pulp is a crucial raw material used for manufacturing food contact paper. Therefore, the price of food contact papers depends on the prevailing global pulp prices, which vary from year-to-year and tend to fluctuate continuously within a given year. The prices of raw materials used in the manufacturing of release liners are highly unpredictable. Such fluctuation in the prices of pulp impacts the profitability of vendors.
For the detailed list of factors that will drive and challenge the growth of the food contact paper market during the 2019-2023, view our report.
The market appears to be moderately concentrated and with the presence of few vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Food Contact Paper Market 2019-2023
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the development in food and beverage packaging.”
According to the report, one of the major drivers for this market is the growing sales of food products on e- commerce platforms.
Further, the report states that one of the major factors hindering the growth of this market is the easy availability of substitutes.
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