LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global egg packaging market to grow at a CAGR of close to 5% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global egg packaging market for 2017-2021. The report also lists egg cartons and egg trays as the two major segments based on the type of packaging, of which the egg cartons segment accounted for more than 65% of the market share in 2016.
“The growing population, rising disposable income, along with increasing awareness of health benefits of eggs, are some of the common factors that are fueling the global egg packaging market. Increasing popularity of fitness and health clubs will boost the consumption of eggs, which in turn, will lead to the growth of the global egg packaging market,” says Shakti Jakhar, a lead analyst at Technavio for packaging research.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global egg packaging market:
- Growing need for cost efficiency
- Increased production of eggs
- Growing demand from APAC
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Growing need for cost efficiency
Vendors are continuously focusing on strategies to increase profit by increasing efficiency and increasing productivity. This is achieved through the implementation of advanced, cost-effective product design and process control which includes reducing machine set up time. Egg packaging companies are trying to increase their profitability and save production cost.
Companies are also trying to increase their cost efficiency by starting new operations in different regions. This will help in saving the transportation cost and delivery time, along with achieving economies of scale. For example, in 2016, Hartmann expanded its production by adding two factories in Brazil and Argentina in South America. It also opened a factory in the US Midwest in January 2017.
Increased production of eggs
It is observed that with rising income, the demand for a greater variety of food also increases. The changes in consumption along with the growing population has led to an increase in the total demand for animal products in many developing countries such as China. The per capita consumption of eggs in developing countries such as China and Brazil is set to increase by 0.90% to 1.2% on an average annually during the forecast period. The global production of eggs in terms of volume is expected to be 76.82 million tons in 2021. This rise in egg production will fuel the market for global egg packaging, the requirement of which will be higher in China.
Growing demand from APAC
It is estimated that a majority of the demand for eggs and egg packaging would derive from APAC. Poultry consumption around the world is predicted to grow by 25% to 30% in terms of volume by 2023 when compared with 2016. The growth in urban population in APAC is expected to boost the consumption of eggs. With the rise in income levels, people prefer healthy food such as boiled eggs in their diet. As of 2016, it is estimated that around 50% to 60% of the total population in China lives in urban areas. Around 36% to 44% of the total consumption of eggs in the world is from China. China is the majority shareholder of the global egg consumption market. Similarly, China also held the largest share in the global egg production market in 2016.
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