CANADA NANO-ENABLED PACKAGING FOR FOOD AND BEVERAGE MARKET ANALYSIS
Canada Nano-enabled Packaging for Food and Beverage Market, By Application (Bakery Products, Beverages, Dairy, Fruit and Vegetables, Meat Products, Prepared Foods, Others), By Technology (Active Packaging, Controlled Packaging, Intelligent Packaging) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027
Nano-enabled packaging is an advanced packaging solution in the food and beverage industry that provides longer shelf-life of the perishable food product. Nano-enabled packaging is also beneficial in enhancing the taste, color, and texture of the packaged food product. Moreover, it also improves the absorption and bioavailability of nutrients in a food. They can be classified into controlled release packaging, active packaging, and intelligent packaging.
The global personal care packaging market is projected to reach around US$ 911.9 million by the end of 2027, in terms of revenue, growing at CAGR of 8.3% during the forecast period (2020-2027).
Drivers
Growing demand for longer shelf-life of the food product is expected to propel the market growth of the nano-enabled packaging. Rising need for eliminating waste and conventional packaging materials is ineffective in increasing shelf-life of the food product thus leads to wastage of food is also raising demand for the nano-based packaging. Moreover, the growing need for proper protection and reducing the risk of contamination during transportation is further expected to augment the market growth of nano-enabled packaging over the forecast period.
Increasing recall due to food contamination and products that do not obey federal regulations is projected to fuel the market growth of nano-enabled packaging in Canada. For instance, the Canadian Food Inspection Agency (CFIA) closely monitors food products sold in the country and recalls contaminated food products from the market. Such strict rules and regulations are anticipated to propel the growth of the Canada nano-enabled packaging market.
Market Restraints
High costs of nano-packaging are leading to an overall increase in the product costs due to which various manufacturers use the conventional packaging process. This factor is projected to hamper the growth of the Canada nano-enabled packaging market over the forecast period.
Lack of proper information on impact of nano materials which include nanofillers and nanocomposites and their effect on the health of consumer health is expected to hamper the market growth.
Market Opportunities
Increasing adoption of active-based packaging in the dairy product is expected to provide potential growth opportunities to the market of nano-enable packaging. Active-based packaging has an oxygen barrier and antimicrobial properties that prevent contamination and also maintain the texture of the product. Moreover, active-based packaging also provides cost-effective solution manufacturers in order to enhance their product offering in the competitive market.
Increasing spending of consumers on the packaged food product such as bakery products is estimated to offer lucrative growth opportunities to the market of Canada nano-enabled packaging. According to The University of British Columbia, in Canada per capita expenditure on baked goods increased from $146.7 (USD) in 2013 to $153.5 (USD) in 2017. Thus, the growing demand for packaged food is expected to propel the market growth.
Figure 1. Canada Nano-enabled Packaging for Food and Beverage Market– Opportunity Analysis
Market Trends
Increasing focus of the government of Canada to improve the agriculture sector in the country is projected to augment the market growth of Canada's nano-enabled packaging. For instance, in March 2017, Canadian governments have invested over CAD$17.6 million into 690 projects that are working towards building a more robust, sustainable, and profitable Canadian agriculture sector. Thus, rising initiatives by the government of Canada will favor market growth over the forecast period.
Figure 2. Canada Nano-enabled Packaging for Food and Beverage Market Share (%) in terms of Value, By Application, in 2019
On the basis of application in 2019, the prepared foods segment has accounted the largest market share of 21.1% in terms of value, followed by beverages and dairy products respectively.
Canada Nano-enabled Packaging for Food and Beverage Market - Impact of Coronavirus (Covid-19) Pandemic
During lockdown period consumers are stocking up not just essentials but also packaged or processed foods. Demand for packaged food is increasing as people consider it as comfort food and hygienic. The surge in demand for packaged food is expected to drive market growth for packaging products. Food companies are making changes to their operations in response to increasing demands. For instance, in March 2020, Campbell Soup Company (U.S. based food processing company) increased its soup production in response to increasing demand for canned soup in U.S. However, consumers are avoiding fresh produce products such as dairy and meat, owing to increased likelihood of multiple human touch points before reaching the shelves.
Competitive Section:
Company Names
1. 3M Company
2. Amcor Limited
3. BASF SE
4. Crown Holdings Incorporated
5. E. I. du Pont de Nemours and Company–DuPont
6. Honeywell International, Inc.
7. Bemis Company, Inc.
8. Sealed Air Corp.
9. Multisorb Technologies, Inc.
10. AMCOL International Corporation – Nanocor Inc.
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