The global edible oil packaging market is anticipated to grow at 5.8% CAGR through 2031, finds Future Market Insights (FMI) in its latest study.
Following the outbreak of COVID-19, as restrictions were imposed by governing authorities, demand for edible oil packaging solutions decreased to an extent due to disruptions in the supply chain.
However, sales are expected to pick up due to increasing international trade of edible oils and high demand for retail-ready edible oil packaging solutions.
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Producers of edible oil packaging are focusing on making cost-effective packaging solutions for safe transportation of edible oil and to increase their profit margins.
Edible oil is now packed in convenient packaging designs, which are easy-to-store and perfectly suitable for modern-day retail facilities. Edible oils packed in pouches, bottles, jars, cans, and liquid cartons are introduced to overcome problems faced by traditional space-consuming packaging solutions.
A wide range of rigid and flexible packaging types are designed to perfectly cater the changing buying patterns among consumers and offer hassle-free packaging solutions to retailers.
Marketers and end-users of edible oil packaging solutions are trying to differentiate their products based on ease in dispensing the consumable oil-packed inside it. Most of the consumer base today prefer hassle-free packaging without any risk of wastage or damage to the product, which allows them easy retrieval of edible oil.
Hence, manufacturers are offering pouring caps for easy dispensing of edible oil. A variety of self-closing dispensing taps are also offered along with bag-in-box packaging for edible oils, which keep the surface clean from spillage.
Edible oil packaging consist of a broad range of packaging products such as jars, jerry cans, pouches and bottles, among others. The edible oil packaging sustainable packaging solutions across the food and beverage industry. The type of packaging that is made for edible oil include metal, glass and plastic.
The increase in the environmental and sustainability concerns across the globe acts as one of the major factors driving the growth of edible oil packaging market. The rise in the inclination towards innovative and sustainable packaging solutions and high usage of for packaging of edible oils such as flexible and rigid accelerate the market growth. The increase in the use of bulk packaging such as flexitanks, drums, and containers, among others, as it reduces the cost of transportation as the bulk amount of oil and rise in demand for increasing the shelf life of products without additional logistical support further influence the market.
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Key Takeaways from Edible Oil Packaging Market
Drums are the most versatile packaging type used for packaging edible oils across the globe. In terms of type, drums are anticipated to register growth at 5.9% CAGR between 2021 and 2031.
The U.S. edible oil packaging market is anticipated to reach US$ 483 Mn over the forthcoming decade.
Based on material, plastic is expected to be the most preferred type, registering growth at 5.4% CAGR during the forecast period.
Due to disruption in supply chains in 2020, Germany is anticipated to register growth year on year growth of 1.5%. Demand for edible oil packaging solutions in Germany is driven by the rising consumption of edible for producing biodiesels.
Rising consumption of palm oil across packaged food industries, hotels, restaurants and cafes will spur sales. The segment is expected to offer a total incremental opportunity of US$ 715 Mn over the forecasted period.
“Growing sustainability have compelled the manufacturers to introduce eco-friendly and recyclable packaging solution, improving the demand for bag-in-box and drums. This is expected to bode well for the market,” says FMI analyst.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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