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The food packaging films market size was USD 49.8 billion in 2021 and is projected to reach USD 72.3 billion by 2027, at a CAGR of 6.4%
Food packaging films has been one of the fastest-growing segments of the packaging industry over the past few years. The key driver for the food packaging films market is the increase in the demand for convenience food items.
New York, Aug. 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Food Packaging Films Market by Type, Material, Application and Region - Global Forecast to 2027" - https://www.reportlinker.com/p06317436/?utm_source=GNW
However, the growth of the market is restrained by issues related to the rising raw material prices.The basic raw material used for food packaging films is plastic, which is made from crude oil.
As the supply of crude oil keeps fluctuating, plastic manufacturing is affected.
Meat, poultry & seafood segment to lead market growth
Meat, poultry & seafood is the leading application segment in terms of both value and volume.Growing disposable incomes have fueled the demand for convenience food items, which is, in turn, driving the food packaging films market.
The increasing awareness regarding the nutritional value of meat products and changing eating habits are also boosting the demand for food packaging films.Packaging protects meat products during processing, storage, and distribution.
The aim of any packaging system for fresh muscle foods is to prevent or delay undesirable changes in appearance, flavor, odor, and texture. Consumer rejection of the product is possible if the quality claims are not met.
The food packaging films market in the polypropylene segment is expected to be the second largest during the forecast period.
Polypropylene is the most preferred packaging material due to its low weight and cost.Polypropylene (PP) is a clear, glossy film with high strength and puncture resistance.
It can be made translucent, opaque, or of a different color during the manufacturing process. PP generally has a high melting point, making it particularly suitable for food packaging products that are used in microwaves or cleaned in dishwashers.
Asia Pacific projected to be fastest-growing food packaging films market during forecast period
The market for food packaging films is observed to be growing in Asia Pacific, as a result of demographic changes and continuous industrialization.Emerging economies in the Asia Pacific region, such as India and China, provide immense opportunities in the food packaging films market.
Growth in the food packaging films market is primarily driven by factors such as the rising consumption of packed food products, increasing demand from the food industry, rising disposable income, and manufacturer focus on developing low-cost packaging options.
Information was gathered from secondary research and In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the food packaging films market to verify the market size of several segments and subsegments.
• By Company Type: Tier 1 – 60%, Tier 2 – 30%, and Tier 3 – 10%
• By Designation: C Level – 30%, D Level – 60%, and Others – 10%
• By Region: North America – 35%, Asia Pacific– 30%, Europe – 20%, Middle East & Africa – 10%, and South America – 5%
The key companies profiled in this report are Amcor plc (Australia), Berry Global (US), Coveris (Austria), DS Smith (UK), Sealed Air Corporation (US), Graphic Packaging Holding Company (US), Charter Next Generation (US), Mondi Group (UK), DuPont Teijin Films (Japan), and WestRock (US).
Research Coverage:
This report provides detailed segmentation of the food packaging films market based on type, material, end use, and region.Type is divided into flexible packaging films, and rigid packaging films.
Material is divided into polyethylene, polypropylene, polyethylene terephthalate, and polyamide.Based on application, the market has been segmented into fruits & vegetables, bakery & confectionery, meat, poultry & seafood, convenience foods, and dairy products.
Based on the region, the market has been segmented into the North America, Europe, Asia Pacific, the Middle East & Africa and South America.
Key Benefits of Buying the Report
From an insight perspective, this research report focuses on various levels of analyses — industry analysis (industry trends), market ranking of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the market; high growth regions; and market drivers, restraints, opportunities, and challenges.
Read the full report: https://www.reportlinker.com/p06317436/?utm_source=GNW
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