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Insight

Food packaging is critical to consumer purchasing decisions

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.

Functional Benefits

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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Author

Chaitanya GRK

Regional Director (MENA)

Chaitanya is Regional Director (MENA) and heads Farrelly & Mitchell’s Dubai office, overseeing the UAE and our wider MENA operations.

Food packaging is critical to consumer purchasing decisions

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Food packaging is critical to consumer purchasing decisions

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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.

Functional Benefits

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.

To download the full insight, click here.

Download Full Insight

Author

Chaitanya GRK

Regional Director (MENA)

Chaitanya is Regional Director (MENA) and heads Farrelly & Mitchell’s Dubai office, overseeing the UAE and our wider MENA operations.

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