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Significant Growth Expected for Global Food Packaging Solutions as Market Size Expected to Reach $592 Billion By 2033
Globe Newswire 10-Sep-2024 8:30 AM
PALM BEACH, Fla., Sept. 10, 2024 (GLOBE NEWSWIRE) -- FN Media GroupNews Commentary - The food packaging markets are predicted to sustain significant growth over the next several years. Food packaging refers to packaging solutions used to protect, store, and preserve food products during distribution, sales, and consumption. Adoption of food packaging allows food processing companies to safeguard food from external elements such as moisture, light, and microorganisms as well as extend their shelf life. A report from Future Market Insights projects that: "The global food packaging market size is expected to increase from US$ 353.7 billion in 2023 to US$ 592.8 billion by 2033. In 2022, the worldwide food packaging industry was valued at US$ 335.9 billion. Over the forecast period from 2023 to 2033, global food packaging sales are anticipated to rise at 5.3% CAGR. A new estimation predicts global food packaging demand to rise at a significant pace during the assessment period. The target market is likely to expand 1.7x times the current market value during the forecast period, generating an attractive incremental growth opportunity of US$ 256.9 billion. Dairy products segment by application held a share of about 25.3% in 2022 within the global market. This is due to rising consumption of dairy products globally and growing need for highly-efficient packaging in dairy sector. Demand in the global market remains particularly high for plastic food packaging. The plastic material segment held a share of around 41.6% of the global food packaging industry. Further, it is expected to thrive at a CAGR of around 5.1% over the forecast period." Active Companies in the industry includes: Nightfood Holdings Inc. (OTCQB:NGTF), Sealed Air (NYSE:SEE), Amcor plc (NYSE:AMCR), Knightscope, Inc. (NASDAQ:KSCP), NVIDIA (NASDAQ:NVDA).
Future Market Insights added the Key Factors Shaping Market Dynamics Are: "Increasing production and consumption of packaged food products is expected to boost the global food packaging industry; Growing focus on improving food safety as well as to extending shelf life of perishable food products is likely to uplift global food packaging demand; Advancements in food packaging technologies coupled with emergence of smart & intelligent packaging solutions are set to boost the target market; Rising popularity of fast-food items due to busy lifestyles is expected to create a high demand for food packaging; Growing awareness about the benefits of food packaging including high barriers properties, safety, and extended shelf life is anticipated to boost the market; and Rapid growth of e-commerce and online food delivery platforms is likely to foster market development."
Nightfood Holdings Inc. (OTCQB:NGTF) Completes Major Step on Uplist Journey by Closing Strategic All-Stock Acquisition of CarryoutSupplies.com - Nightfood Holdings Inc. ("Nightfood") is pleased to announce the closing of its strategic all-stock acquisition of SWC Group Inc., doing business as CarryoutSupplies.com ("CarryOut"). CarryOut is a leading wholesaler and distributor of custom takeout packaging for the foodservice industry, with traditional, biodegradable, and compostable options.
This acquisition is a significant step in Nightfood's growth and Nasdaq-uplist strategy, which was initially announced in November 2023. In the last seven months, under the leadership of new Chief Executive Officer, Sonny Wang, Nightfood has successfully completed two all-stock acquisitions and brought in millions in revenue and assets.
Founded in 2004, CarryOut has served more than 7,000 food services accounts, specializing in providing packaging solutions such as ice cream cups, coffee cups, lids, and utensils to small and medium-sized foodservice businesses, including restaurants, cafes, ice cream parlors, tea houses, and yogurt shops. Despite facing significant challenges during the COVID-19 pandemic, CarryOut rebounded in 2023 with $2 million in revenue and is projecting 20% growth in 2024.
Strategic Value and Synergies - The acquisition of CarryOut offers numerous strategic benefits to Nightfood, enhancing operational efficiencies, expanding its customer base, and bolstering its product offerings. This integration allows for:
Expanded Product Offerings: With CarryOut's extensive packaging solutions now under the Nightfood umbrella, Nightfood can better serve existing customers and enter new markets by offering a comprehensive range of products across its subsidiaries.
Synergistic Growth Opportunities: By aligning CarryOut's network of small and medium-sized foodservice operators with Nightfood's offerings, Nightfood anticipates new opportunities for cross-promotion, including the introduction of Nightfood's healthy snacks and service robotics solutions to restaurants, cafes, and dessert shops.
Operational Efficiencies: This acquisition will streamline back-office operations across Nightfood's subsidiaries, including the consolidation of accounting services, shared legal resources, interchangeable staffing, and a more unified management team. These synergies are expected to improve human and capital resource allocation, driving down overall costs.
Sonny Wang commented, "We are thrilled to announce the successful acquisition of CarryoutSupplies.com and excited for what we believe this acquisition will allow Nightfood to accomplish. This deal not only strengthens our position in the foodservice industry but also can drive immense value through operational efficiencies and the integration of complementary products and services across Nightfood's subsidiaries. We look forward to working with the CarryOut team to exceed the heights it achieved pre-COVID, made possible by its recent growth." CONTINUED…Read this and more news for Nightfood Holdingsat:https://ir.nightfood.com/press-releases
In other market news of interest:
Sealed Air (NYSE:SEE) recently introduced BUBBLE WRAP® brand Ready-To-Roll Embossed Paper, combining the proven effectiveness of BUBBLE WRAP® brand cushioning with curbside-recyclable embossed paper.
Perfect for pack station environments, this durable, lightweight solution conforms to a variety of shapes as it wraps and protects. Designed with an embossed pattern mirroring the traditional design of BUBBLE WRAP® cushioning, the embossed paper wrapping offers product protection, light cushioning and abrasion elimination during shipping. Plus, the Ready-to-Roll dispenser provides easy-tear convenience and doesn't require additional equipment for setup.
Eric Davis, Product Manager, Paper, explains, "Ready-To-Roll Embossed Paper represents a significant advancement in paper wrapping with a strong innovation pipeline behind it. This launch is part of SEE's broader sustainability initiative aimed at showcasing our wide range of paper packaging solutions."
Amcor plc (NYSE:AMCR) Interim CEO Peter Konieczny recently said: "Amcor finished fiscal 2024 strongly, as the underlying business delivered another sequential improvement in volume and earnings growth, with fourth quarter adjusted EPS up 9%, ahead of the expectations we set out in April. Volumes returned to year on year growth in the quarter as customer demand improved and our teams maintained their outstanding focus on managing costs, driving strong margin expansion. Annual adjusted free cash flow was at the top end of our guidance range and up 12% on last year.
In fiscal 2025, we expect volumes and earnings will grow and adjusted free cash flow will remain strong. Importantly, combined with our historical average dividend yield, growth at the midpoint of our EPS guidance range results in total value creation in-line with our shareholder value creation model 10-15% range.
We remain confident in our capital allocation framework and strategy for long term growth. We believe our underlying business and market positions are strong and we will continue to invest for organic growth, pursue acquisitions or repurchase shares and return cash to shareholders through a compelling and growing dividend."
Knightscope, Inc. (NASDAQ:KSCP) recently announced three new contracts for its Emergency Communication Devices ("ECDs"). Knightscope Authorized Partner ("KAP"), Colonial Electric - an electrical contractor serving the Northeast - sold 4 K1 Blue Light Towers to a customer in New Jersey, and universities in California and Texas - both existing clients - elected to expand their existing contracts to include other long-term ECD services provided by Knightscope.
Knightscope's modern, blue light ECDs are the key to curing an overconfident dependence on cell phones. Many people may not have (or simply may not be carrying) a cell phone, the cell phone's battery may be down, or there may be no signal in the area. Similarly, it is possible that visitors who find themselves in need of assistance may not be familiar with local geography and landmarks, thus being unable to give emergency responders an exact or accurate location over a cell phone.
Emergency communications play a vital role in ensuring a secure and enjoyable environment for everyone by providing an extra layer of protection with reliable, one-touch access to services such as police, fire and EMS. K1 ECDs are conveniently placed to provide a direct communication portal in times of danger, personal crisis, medical emergencies, to report suspicious behavior or activities, or for accidents.
NVIDIA (NASDAQ:NVDA) recently announced NVIDIA NIM™ Agent Blueprints, a catalog of pretrained, customizable AI workflows that equip millions of enterprise developers with a full suite of software for building and deploying generative AI applications for canonical use cases, such as customer service avatars, retrieval-augmented generation and drug discovery virtual screening.
NIM Agent Blueprints provide a jump-start for developers creating AI applications that use one or more AI agents. They include sample applications built with NVIDIA NeMo™, NVIDIA NIM and partner microservices, reference code, customization documentation and a Helm chart for deployment.
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