Top Companies in Food Contact Paper Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research Market
Food Contact Paper Market is projected to reach USD 90.1 Billion by 2028 at a CAGR of 4.5% over the forecast period.
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Market Overview:
The Global Food Contact Paper Market is valued at USD 69.2 Billion in 2021 and is projected to reach USD 90.1 Billion by 2028 at a CAGR of 4.5% over the forecast period. The market is anticipated to increase due to convenience and the usage of high-performance materials in food packaging. Furthermore, the market's expansion is anticipated to be aided by increased efficacy in preventing content contamination and improving shelf life. Additionally, the industry benefits from rising disposable income, declining household size, and population growth. Due to shifting eating patterns and the huge variety of food goods offered by food outlets on these online e-commerce platforms, online food service companies are gaining market share. The e-commerce platform has had rapid market expansion in recent years, which is anticipated to continue during the forecast period.
The Food & Beverage industry's rising demand for Food Contact Paper will propel market expansion. The market is anticipated to benefit from an increase in the adoption of food delivery systems by different eateries, restaurants, and hotels. Additionally, the decreasing cost of Food Contact Paper, sustainability, and eco-friendliness are changing consumer preferences, which will support market expansion.
However, the packaging sector is impacted by fluctuating raw material prices. The price of these raw materials is rising due to limits put in place by the government and organizations about resource preservation, preventing the industry from expanding.
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Amidst Exponential Growth in Food Contact Paper Adoption, What Trends Should We Look Forward to?
- The Food Contact Papers are environmentally friendly substitutes for many other types of food packaging, including glass and plastic. The global usage of Food Contact Paper is influenced by growing corporate ambitions to lessen their carbon footprint. The need for food paper packaging has expanded along with the desire for environmentally friendly and sustainable food packaging.
- The market for Food Contact Paper is expected to grow more quickly in this region during the forecast period due to the increasing market penetration of the food service industry in recent years in Asian nations.
- Convenience food is used because it is portable, has a long shelf life, and is always ready to eat. These foods include snacks, frozen foods, finger foods, candies, beverages, etc. These foods are frequently provided hot in containers that are ready to eat and need little preparation time. The convenience food market is expected to grow due to rising demand for ready-to-eat snacks brought on by sedentary lifestyles.
- Rising packaging innovations keep the door open for market expansion. For the shelf-life, packaging plays a critical role in maintaining food quality and ensuring food safety. Plastic containers are excellent for conducting innovative growth strategies.
The Food Contact Paper Market is dominated by globally established players such as Mondi PLC (UK), Westrock Company (US), Pudumjee Paper Products Ltd. (India), Asian Pulp & Paper Company Ltd. (Indonesia), Ahlstrom-MunksjöOyj (Finland), BPM Inc. (US), KRPA Holding CZ (Czechia), and others. These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth Food Contact Paper Market.
Let's Look at the Top 5 Companies That are Taking the Food Contact Paper Market by Storm
The Food Contact Paper Market is expected to grow from USD 69.2 billion in 2021 to USD 90.1 billion in 2028 due to the growing working population and rising per capita disposable income. A sedentary lifestyle is also expected to increase the demand for ready-to-eat snacks, supporting the convenience food market's expansion. The majority of consumers are shifting too quickly to consumable foods, which is causing the market to expand.
- Mondi PLC (UK)
With more than 21,000 employees working at about 100 production sites in 30 different countries, Mondi is a leader in packaging and paper, with its core businesses concentrated in Europe, North America, and Africa. Its operations span the entire value chain, from forest management to producing pulp, paper, and films to developing and producing efficient industrial and consumer packaging solutions.
- Westrock Company (US)
Leading science and technology are used by WestRock's materials scientists, packaging designers, mechanical engineers, and manufacturing experts to propel packaging innovation. Although the some of the quickest and broadest kraft paper and Food Contact Paper equipment in the business, it can also make smaller specialty runs to match your specific requirements.
- Pudumjee Paper Products (India)
Pudumjee" built its Specialty Paper company on the cornerstone of value creation. To meet customers' vital and demanding requirements in the packaging of food and greasy products, the company's operation began with the production of high-quality Food Contact Papers.
- Asian Pulp & Paper Company (Indonesia)
Asia Pulp & Paper (APP) Sinar Mas has been expanding alongside you for nearly 50 years, innovating and supplying high-quality products to meet the rising demand for tissue paper, high-end writing and printing paper, consumer and industrial packaging products, and other paper-based products around the world. To address the rising global demand for tissue, packaging, and Food, Contact Paper, pulp, and paper manufacturing businesses under the trade name Asia Pulp & Paper (APP), Sinar Mas produce high-quality products.
- KRPA Holding CZ(Czechia)
One of the largest papermaking groups in the Czech Republic and one of the most significant businesses in the paper sector in Central and Eastern Europe is KRPA Holding. KH PACK - greaseproof wrapping paper is used for various industrial materials that contain varying amounts of water and fat, including food packaging. It can be used as a barrier layer to shield wrapped goods from outside moisture and fat infiltration.
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