The Self-heating Food Packaging Market is estimated to be valued at USD 59 billion in 2022 and is expected to exhibit a CAGR of 4% over the forecast period 2023 to 2032, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Self-heating food packaging refers to packaging solutions that produce heat energy to warm up pre-cooked food through an exothermic chemical reaction. These packagings maintain the freshness and safety of food products for longer durations without any external heating source and offer convenience to the consumers.
Market key trends:
One of the major trends driving the growth of self-heating food packaging market is rising demand for portable and convenient food options. Busy lifestyles have increased demand for ready-to-eat meals and on-the-go consumption. Self-heating food packaging solves the purpose of heating pre-cooked food within the package itself, allowing consumers to enjoy warm meals anywhere, anytime without requiring any microwave or stove. The convenience and portability attributes are prompting various food chains and QSRs to offer self-heating packaged foods. This is expected to significantly boost the adoption of self-heating packaging solutions over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established brands lower barriers to entry. However, major R&D investments and regulatory compliances pose challenges for new entrants.
Bargaining power of buyers: Large buyers such as food manufacturers and retailers have significant bargaining power over suppliers due to their volume purchases.
Bargaining power of suppliers: Suppliers of raw materials such as aluminium, PE, PET have moderate bargaining power due to limited suppliers for specialty materials used in self-heating packaging.
Threat of new substitutes: Threat is moderate as ready-to-eat food replaces self-heated options; and microwaves provide substitute heating method over long term.
Competitive rivalry: High due to major players investing in product innovation and focus on emerging markets.
SWOT Analysis
Strength: Ability to provide convenience of heated food without external heating source. Wide applications in outdoor and emergency food.
Weakness: High initial costs, bulkiness of designs limit usage. Limited shelf-life until activation.
Opportunity: Growing demand for convenient grab-and-go food drives sales. Emerging markets yet to adopt presents major opportunity.
Threats: Stringent regulations on chemical contents. Substitute heating methods gaining popularity.
Key Takeaways
The global Self-heating Food Packaging Market Demand is expected to witness high growth, exhibiting CAGR of 4% over the forecast period, due to increasing demand for convenient on-the-go food options. The market was valued at USD 59 billion in 2022.
Regionally, North America dominates the global self-heating food packaging market currently. However, Asia Pacific is expected to be the fastest growing market during the forecast period due to growing disposable incomes and changing lifestyles in developing countries such as China and India.
Key players operating in the self-heating food packaging market are Tempra Technology Inc., HeatGen, LLC, The 42 Degrees Company, Heat Food & Drink Ltd., and Luxfer Magtech Inc. Major players are focusing on new product launches and partnerships to strengthen their geographical presence in emerging markets.
Read more @ https://www.newsstatix.com/self-heating-food-packaging-the-future-of-on-the-go-consumption-demand/
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