Food packaging is critical to consumer purchasing decisions
Price and quality are the primary factors that influence consumers’ food purchasing decisions; however, brand owners are increasingly focused on enhanced packaging as a way to engage customers and to stand out from the competition.
According to Datamonitor, the global containers & packaging market was worth $560.3bn in 2014, representing a compound annual growth rate (CAGR) of 3.4 percent between 2010 and 2014. Market consumption volume increased with a CAGR of 3.5 percent between 2010 and 2014, to reach a total of 370.4 million tonnes in 2014.
The market is expected to grow with a CAGR of 5.8 percent for the five-year period between 2014 and 2019, which is expected to drive the market to a value of $744.3 billion by the end of 2019.
In terms of functional benefits, packaging protects the product in storage, shipment and display. Due to the per-metre cost of supermarket shelving, producers have innovated to make their products more space-efficient.
Packaging also extends the shelf-life of perishable goods and reduces the amount of waste while reducing the chances of contamination. Packaging prevents tampering with products, which is particularly important with pharmaceutical products.
Convenience packaging is a good way to enhance the value of a product and innovations such as pull-rings on drink cans; pumps for toothpaste; and re-sealable packets for sliced meat or cheese can provide a competitive advantage to manufacturers.
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Based in Farrelly & Mitchell's Dubai office, Regional Director Chaitanya has decades of experience in the MENA region. With extensive knowledge of the food and beverage industry, Chaitanya can help your business thrive in the consumer food sector.
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