On-the-go Breakfast Packaging Market – Trends, Business Strategies and Opportunities with Key Players Analysis
The global on-the-go breakfast packaging market is expected to be a host to an intensely competitive business landscape, reports Transparency Market Research (TMR). Featuring high fragmentation, the global on-the-go breakfast packaging market comprises a large pool of both small- and medium-sized vendors. Established vendors are seen expanding their product portfolios in order to keep their presence dominant in the market.
The emergence of flexible packaging materials and further advances in packaging technology are expected to be key trends leveraged by vendors in the global on-the-go breakfast market in coming years. Meeting the consumer’s need for convenience, sustainability, and safety is likely to play a key role in strategies adopted by vendor in this market.
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Prominent vendors in the global on-the-go breakfast packaging market are Bemis Co. Inc., Amcor Limited, Tetra Pak International S.A, Sealed Air Corporation, and Coveris Holdings S.A.
According to TMR’s projections, the global on-the-go breakfast packaging market is expected to rise at a healthy 5.1% CAGR over the forecast period from 2017 to 2025. At this rate, the market value deemed worth US$743 mn in 2016 is likely to reach US$1.1 bn by the end of the forecast period.
Plastics, in terms of material type, is predicted to emerge as the leading segment. The segment held 56.1% of the overall market share, and this trend is expected to continue on account of high demand for the material among consumers. With a 5.3% CAGR over the forecast period, Asia Pacific is anticipated to demonstrate highest growth prospects in terms of geographical segmentation. The burgeoning growth the food and beverage industry in the region could be accounted to be responsible for the growth of this regional market.
Changing Lifestyles Provide Impetus to On-the-Go Breakfast Packaging Market
Rapid changes in consumer life and busy day-to-day routines have led to increased demand for a solution for on – the-go packaging. Thanks to a hectic lifestyle, the growing number of homes and the number of working women worldwide, people have restricted time to prepare food. Thus with the increasing implementation of on-go packaging, the food and drink industry has acquired much benefit. The packaging industry is focused towards “on-the-go packaging” solutions to satisfy the increasing demand for packaged and processed foods due to consumer preferences for fast and simple consumption of food while on – the-go. Thus, the urban lifestyles are garnering high demand in the global on-the-go breakfast packaging market.
However, there are few limiations on the development of breakfast packaging market growth. Contamination of the product in particular of processed products is a key restraint. Packaging for on – the-go breakfast makes the use of processed foods easier, which could in turn lead to a large amount of contamination.
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Flexible Packaging to Emerge as Key Market Trend
Combining plastic, film, paper, and aluminum foil; flexible packaging offers a wide range of safeguards while at the same time minimizing materials and costs. Due to these benefits, it is still one of the world’s fastest-growing breakfast packaging sectors. Because of the comfort associated with low weight packaging, flexible packaging is the dominant segment in the global on-the-go breakfast packaging market. In the foreseeable future it is expected to remain at the forefront.
As flexible packaging gains popularity in the food industry, it is expected to be regarded as the prime choice for on – the-go breakfast packaging both domestically and globally. In the worldwide on-the-go breakfast packaging industry in the next few years, a huge preference for flexible packaging from providers and customers will prove to be a lucrative opportunity.