Edible Oil Packaging for Retail and Foodservice Applications: Market Insights and Opportunities 2023-2033
The edible oil packaging market size is projected to rise from US$ 5,353 million in 2023 and it is expected to surpass US$ 9,336.3 million by 2033. The edible oil packaging industry is expected to rise at a significant CAGR of 5.7% during the forecast period.
Alteration in lifestyles of end-consumers has resulted in an exponential demand for various consumables with extra preservatives and longer duration. Ready-to-eat foods are also witnessing an exponential demand. The end-consumers are, in fact, coming to terms with nutritional benefits of edible oils like they being rich with micronutrients, bioactive substances like alkaloids, and helping in proper functionality of nervous system and brains. Soybean oil has been looked upon as a good source of nutrition, but those allergic to soya could opt for rice bran oil instead.
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The government authorities are into reduction of tariffs on import and export of oils by categorizing them as ‘essential consumable items’. On these grounds, the Indian government has sent a safety passage to exports of edible oils but for mustard oil, that too, without any quantitative ceiling.
Owing to environmental concerns, the key participants are going for ecological alternatives to toxic pollutant raw materials. As such, extensive investment is being done with regards to biodegradable substitutes. This would help in safeguarding the ecosystem. Adopting sustainable raw materials does make way for lucrative opportunities for the OEMs, thereby helping them in expanding the consumer base.
The idea of bulk packaging solutions is being floated, so as to reduce overheads. The big-sized packaging solutions inclusive of cans, drums, and jerry cans, which are capable of carrying over 5 liters of edible oil, are basically made from plastic and steel.
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At the same time, the fact that there is a non-uniformity with respect to regulations being laid down by the governments all over regarding compliance with food safety norms could restrain the edible oil packaging market in the forecast period. The low-income regions are more into facing the brunt as the governments need to work upon these rules on the war footing. Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Edible Oil Packaging Market’. The analysts and consultants are there to execute it through primary, secondary, and tertiary research.
Key Takeaways from Edible Oil Packaging Market
· North America holds the largest market share. This could be attributed to the US being at the forefront regarding sales of edible oil packaging solutions. As per Federal Food Drug and Cosmetic Act, the materials that are used to package foodstuff need to be in compliance with safety standards that are set by the US FDA. As such, need for food-grade materials to produce edible oil packaging solutions is catalyzing the edible oil packaging market. The present scenario is such that high-density polyethylene (HDPE), aluminum, and glass are approved as ‘safe’ by the US FDA.
· Europe is led by the UK due to the key participants going for innovative edible oil packaging solutions made out of sustainable raw materials that offer complete recyclability. Germany comes in second herein.
· Coming to the Asia-Pacific, China and India are ruling the roost with production and consumption of soybean oil at the large scale.
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Competitive Landscape
· Vetropack Holding Ltd., in December 2020, completed acquisition of Moldovan Glassworks, so as to strengthen its foothold in the market.
· Colep Packaging, in November 2020, was conferred upon the ‘Gold Award’ for ‘Food-Three-Piece’ in the year 2020.
· Sonoco provides rigid plastics and paper as well as flexible packaging options. Innovation with regards to designing is also on the anvil.
The key players are:
- Tetra Pak International S.A.
- Berry Global Group Inc
- Scholle IPN Corporation.
- Glenroy, Inc.
- Crown Holdings, Inc
- Sealed Air Corporation
- DS Smith Plc
- Smurfit Kappa Group
- Technocan S.A.
- Amcor Plc
- ASA Group
- Colep Packaging
- Vetropack Holding Ltd
- Baralan International S.p.A.
- Vidrala, S.A.
- Uflex Ltd
- TPAC Packaging India Private Limited (Sunpet)
- Neo Sun Industries Limited
- Duropack Industries
- Parekhplast India Limited
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