Global On-the-go Breakfast Packaging Market: Snapshot
The global on-the-go breakfast packaging market is characterized by a high degree of fragmentation with a large number of small and medium-sized companies, which renders an intense competitive scenario. In order to survive the cut-throat competition, savvy players are engaged in broadening their product portfolio range for a single product to cater to the different requirements of consumers.
Some of the key growth drivers in the global on-the-go breakfast packaging market are increasing trend of consumption of convenience foods, rising trend of single households, increasing expenditure on prepared foods, and a large number of women in the workforce. Apart from this, rising health claims of manufacturers of on-the-go breakfast foods about additional health benefits, especially the organic variants is bolstering the demand for food packaging solutions.
A report by Transparency Market Research says that the global on-the-go breakfast packaging market will likely rise at a CAGR of 5.1% for the forecast period between 2017 and 2025. Expanding at this rate, the revenue of this market is projected to become US$1.1 bn by 2025 from US$743 mn in 2016.
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Demand for Flexible Packaging to Stay High
The global on-the-go breakfast packaging market is divided into rigid packaging and flexible packaging based upon packaging type. The segment of flexible packaging accounts for a leading share in the market in terms of value. The major factor driving the flexible packaging segment is consumer preference for convenient packaging solutions. Flexible packaging is expected to rise at a CAGR of 5.5% over the forecast period.
The segments of the global on-the-go breakfast packaging market on the basis of material type are plastic, paper, and others. Of them, the segment of plastic is expected to dominate accounting for a phenomenal 56.1% of the market by the end of 2017. On the other hand, the segment of paper is expected to display the leading CAGR of 5.6% over the forecast period between 2017 and 2025.
The global on-the-go breakfast packaging market by breakfast products is classified into cereal meals, breakfast bars, sandwiches and burgers, sausages and salamis, cakes and muffins, egg meals, milkshakes and juice, and others. The segment of sandwiches and burgers account for the leading share in the global on-the-go breakfast packaging market. The segment of milkshakes and juices is expected to hold the second-leading share in the market over the forecast period.
Developing Countries to Power Growth due to Increasing Trend of Single Households
From a geographical perspective, Europe tops the global on-the-go breakfast packaging market in terms of market share. The supremacy of the region is on the back of a large urban population and a large number of women in the workforce that consume prepared foods for convenience. However, Asia Pacific is expected to display the leading CAGR of 5.3% for the forecast period between 2017 and 2025. A large proportion of population in working age in developing countries such as India that prefer consuming on-the-go breakfast is the key factor behind the robust growth of this regiobal market.
Key players in the global on-the-go breakfast packaging market include Amcor Limited, Berry Global Inc., Sealed Air Corporation, Bemis Co. Inc., Huhtamaki OYJ, Winpak Ltd., Mondi Group, DS Smith plc, International Paper Company, Sonoco Products Company, Smurfit Kappa Group Plc, Tetra Pak International S.A, Coveris Holdings S.A, Georgia-Pacific LLC, Linpac Packaging Ltd., Constantia Flexibles Group GmbH, Reynolds Group Holdings Ltd, WestRock Company, Ampac Holdings LLC, and Clondalkin Group Holdings B.V.
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On-the-go Breakfast Packaging Market
On-the-go foods such as breakfast trends are gathering steam on the back of the growing popularity of small-portion health meals, especially among millennials. Millennials in urban and semi-urban places are passionately adopting on-the-go lifestyle. Changing food consumption patterns and diet trends have infused vast growth avenues for packaging companies. The on-the-go breakfast packaging market is witnessing the demand for new packaging materials and designs to meet the consumers’ demand for ready-to-eat products. The convenience, food safety during transportation, and high shelf life are the key consumer value propositions underpinning the proliferation of opportunity for packaging solution providers. Designs that add convenience in taking out the packed products and that which are reclosable gaining traction in the on-the-go breakfast packaging market. Further, the growing trend of customized solutions for packaging convenience food is expanding the canvas for packaging companies. A fast-commuter culture for health conscious population is propelling the demand for new healthy options in on-the-go breakfast, nudging packaging companies to keep up the pace. For instance, there is need for improving packaging for ready-to-consume beverages such as fruit juices and soups. These are areas which might set the pace of innovation in the on-the-go breakfast packaging market.
The COVID-19 outbreak has drastically changed the preferences of end users in consumer goods industries and food sector. New normals have emerged forcing brands to revitalize new delivery channels and realign the strategies in sync with consumer spending. On the other hand, a recurrent focus on health and hygiene has opened a set of encouraging opportunities for players in the on-the-go breakfast packaging market. Aside from the products, the place and price are becoming increasingly crucial in the marketing mix of companies encompassed by the value chain. For instance, a convenience strategy must taken into account where the breakfast is ordered, delivered by the food delivery partner, and the place where it will be consumed. All these should be taken into account while planning for new packaging designs in on-the-go breakfast packaging market. Further, the environmental sustainability of the packaging will continue to attract food packaging brands.
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