Airtight Container Market Growth, Trends and Forecast up to 2024
Posted: Dec 20, 2017
Technological advancements and product innovations have been the leading factors that have led to a growth in demand for airtight containers on a global scale. While it is usually the leading players in the market that spearhead product development, the percolation of the more successful ones swiftly percolates towards regional players, making it easier for consumers to gain access to the latest innovations in the market. Airtight seals, or hermetic seals, are currently available in multiple formats across multiple packaging types. They impart a better degree of safety to the stored product by cutting off its contact with external air, chemicals, and pollutants. They also provide a way for manufacturers and distributors to sustain a faster and more efficient distribution chain due to the ease with which the products can be handled. Among these, airtight containers take up the bulk of the market due to the significant advantages that they can offer in terms of storage space savings, easy transportation, and the incorporation of aesthetic value to the packaging. Airtight containers are gaining popularity across emerging economies, where the presence of a growing number of globally prominent and regional players are becoming more capable of providing efficient seals on containers.
Over the last couple of years packaging manufacturers have come up with various technological advancement to retain its competitive edge in the market. This is attributed to its effective, efficient and safer application. Innovative packaging solutions has been providing a profitable way to pack and transport their products from one place to another place. Containers are considered one of the essential packaging solutions available to brand owners and product manufacturer. The demand of the airtight container is climbing due to the increasing awareness on preventing cross contamination of the product. Airtight container has turned out to be the one of the attractive packaging solutions due to the mounting preference of consumer towards the ready to eat food products. Now a days, airtight container manufacturers offer various customized container in order to fulfil the specific requirements of the brand owners. So, The Airtight Container Market is projected to witness an impressive growth rate of above 5% during the forecast period.
One of the significant factors towards the growth of airtight container market is the robust demand of ready to eat food products both in developed and developing economies. Recently food wastage is becoming a significant issue among the ready to eat food products manufacturers. The wastage of food causes a massive financial loses for the manufacturers and retailers which in turn intensifies the sales of airtight container during the forecast period. On the other hand, increasing preference to buy groceries and food products in a bulk quantity in order to obtain the cost benefit and also keep the food products in the airtight container to extend the shelf life of the product. In addition, the demand of the frozen food is increasing owing to the hectic life styles of the people which in turn positively influence the demand of airtight container during the forecast period. Increasing demand of temperature sensitive pharmaceutical products is also anticipated to be one of the significant factor in the global airtight container throughout the forecast period. Drugs and other pharmaceutical manufacturing companies use widely airtight container to increase the shelf life of the product. Increasing awareness of ecofriendly product is expected to hinder the growth of plastic airtight container during the forecast period.
On the basis of geography, the global airtight container market is divided into majorly five regions such as North America, Latin America, Asia Pacific, Europe and Middle East & Africa. Among these regions, North America is anticipated to dominant the overall airtight container market in 2017 and also anticipated to account approximately 30% market proportion of the global airtight container market. Growth in North America region is attributed by the high growth of takeaway food products during the forecast period. Europe is also anticipated to account decent market proportion over the forecast period for the robust growth of pharmaceutical sector in various developed countries of Western Europe such as Germany, France and UK. Asia Pacific region is anticipated to register highest CAGR during the forecast period. Growth in the Asia pacific region is expected to be attributed by the mounting growth of cosmetic & personal care and pharmaceutical sectors. Within the Asia Pacific region, China and India are anticipated to be most attractive destinations throughout the forecast period.
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Some of the key players in the global airtight container market are Cambro Manufacturing Company, Inc., Placon Corporation, Anchor Packaging Inc., Evergreen Packaging, Sonoco Products Company, graham packaging, Display pack inc. etc.
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