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Preserved Food Market – Global Industry Analysis,Growth, Trends, Forecast 2024

Preference for plastic and paper packaging will continue to be the major restraint for Preserved Food Packaging in the years to come, and has had a major impact on the overall demand for metal cans and glass jars in India and Iran. Since the emergence of plastic in the packaging industry, the markets for Preserved Food Packaging have significantly tumbled across the entire globe.

 

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Glass has conventionally been used across a number of industries such as food products, alcoholic and non-alcoholic beverages, and pharmaceuticals. However, low cost, low weight, sturdiness, and flexibility weighed in favor of plastics and a variety of plastics continued ruling the packaging sector. In the future too, the plastic market will continue to influence the packaging industry. The demand for metal cans and glass jars will remain confined to specialty segments in the food industry.

 

TMR’s findings suggest that the market for metal cans in India and Iran will expand at a moderate 2.2% CAGR over the period between 2016 and 2024, rising from a valuation of US$31.6 mn in 2015 to US$38.2 mn by 2024. Over this period, the glass jars market in India and Iran will expand at a 3.6% CAGR and rise to US$184.9 mn by 2024. The market will be driven by rising consciousness among consumers regarding the harms of mostly non-biodegradable plastics used in the packaging industry on the environment and increased investments in metal and glass recycling and reuse capabilities.

 

Demand from Food Industry to Grant Sustainable Business Prospects

 

Both the metal cans and glass jar markets are accountable to the food industry for a dominant share in their revenues in India and Iran. The sector of preserved food led to major growth opportunities for these markets in both the countries in the past few years. The rising popularity of easy-to-cook and readily consumable food products in fast-paced urban dwellings is the major factor leading to the favorable demand for metal cans and glass jars in these regions. Demand for metal cans and glass jars is also expected to expand at the fastest CAGR, an estimated 3.3%, over the period between 2016 and 2024 in the packaged food section across these countries. Other applications in the food industry, such as chocolates, health drink powder, and confectionaries will lead to low to moderate growth opportunities for the metal cans and glass jar markets in India and Iran.

 

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High Consolidation Makes India Market for Preserved Food Difficult to Penetrate

 

The India market for metal cans and glass jars is highly consolidated and suppliers of raw materials as well as finished products have a high bargaining power in the market. In 2015, over 75% share in the overall glass jars market in India were collectively held by the top four companies in the market - HNGIL, Haldyn Glass, Piramal Glass, and HSIL. In the metal cans market too, top suppliers dominated by collectively accounting for over 50% share in the overall market in 2015.

 

Iran Market for Preserved Food Features Fragmented Competitive Landscape

 

The markets for metal cans and glass jars in India and Iran feature moderate to high level of fragmentation. The metal cans market in the country is moderately fragmented. Small players in the market collectively accounted for a 60% share while the top three metal can companies, Iran Ghouti, Farr Co. Ltd., and Tabriz Can Industries, accounted for the remaining 40% in 2015.

 

About TMR

 

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

 

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

 

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