Global Micro Perforated Food Packaging Market Worth Around USD 2.0 Billion by 2026: Acumen Research and Consulting
The global micro perforated food packaging market size is expected to around USD 2.0 billion by 2026, the market is projected to grow with 6.1% CAGR during the forecast timeframe.
Speedy development in retail chains, paired with increasing awareness about healthy food intake, is anticipated to boost product need over the forecast timeframe.
Micro-perforated food packaging is depoyed for perishable food products, focusing to extend shelf life and advance moisture retention of the products. This is used in numerous applications, comprise ofbakery and confectionery, fruits and vegetables, meat and seafood packaging and ready-to-eat meals. Foremost players in the micro perforated food packaging market have capitalized on their projecting position and have been capitalising in long-term supply contracts with key food manufacturers.
The food packaging sector, which considers micro-perforated materials as active packaging, is intelligent material, which that come into contact with food. Some of the government bodies comprise the governed by various regulatory bodies globally. The framework stipulates regulations for active and U.S. (FDA) Food and Drug Administration and the Japan Hygienic Olefin and Styrene Plastics Association. Also, these regulations needsuitable product labelling thatallows identification of non-edible parts by customers.
APAC is expected to arise as the most encouraging micro perforated food packaging market over the forecast timeframe. One of the main factors boost the regional market is flourishingthe retail industry in nations for instance Malaysia, China,India,Thailand, andVietnam.
The global micro perforated food packaging market is segmented into three major segment named material, application and region. On the basis of material the micro perforated food packaging market is segmented into Polyethylene, Polypropylene, PET, and Others. On the basis of application, the micro perforated food packaging market is segmented into fruits & vegetables, bakery & confectionery, ready-to-eat, and others. On the basis of region the global micro perforated food packaging market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Fruits and vegetables was the major application sub-segment in the market in 2018, a segment that usages in films and laminates as packing materials. Convergence of augmented consumer incomes and year-round need for fresh produce have stimulated manufacturers across the globe to develop and manufacturing innovative packaging offerings and solutions.
A trend gaining traction in the market is the utilization of bio-based materials, prominently as bio-degradable obstruction films. This is finished by utilizing novel gas pressing advancements and oxygen absorbers (for oxygen-sensitive fruit-based and vegetable-based foods). PP films, specifically, have seen across the board selection in the bakery and confectionery industry. Micro-perforations in these items are intended to help producers in lessening wastage caused by dropping and wounding of bundles.
Change in frame of mind of shoppers in created nations for suppers that are anything but difficult to get ready, delightful, and fast has expanded interest for prepared to-eat items. The vast majority of these items perforated packaging, including packs, films, and bags. Brisk decay and degeneration related with ready-to-eatfresh-cut fruits and vegetables has been boosting the need for micro-perforated packaging solutions.
North America captures the largest revenue share the global micro perforated food packaging market, the region acquires a revenue share of 32.6% in 2018. Plastic packaging sheets and films have been observing a risingneed in North America region. Eradication of stringent regulations regarding production of these plastic products in the respective region has stimulatedgrowth of new plastic manufacturing facilities.
The grocery retail sector in Asia Pacific has witnessed a marvellous boost thanks to increasing population and animportantrise in consumer spending. Furthermore, a numeral of large format retailers in this region have been witnessing theprominentdevelopment through expansions, despite stiff rivalry in more emergednations. This has significantly increasedthe deployment of micro-perforated food packaging materials across businesses in APAC region.
Market participants compete principally on the basis of products and services offered, owing to presence of similar product offerings in the micro perforated food packaging market. The key players catering to the global micro perforated food packagingmarket are Amcor Limited, Mondi Plc,Bolloré Group,and Sealed Air. Others key players comprise of NOW Plastics,Uflex Ltd,Aera, TCLPackaging,Amerplast,COVERIS,andIntertape Polymer Group.
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