Growing Demand from Developing Countries Driving the Global Specialty and High-performance Packaging Films Market Through 2020, Says Technavio
By Business Wire News
By Business Wire News
According to the latest market study released by Technavio, the global specialty and high-performance packaging films market is expected to grow at a CAGR of more than 6% during the forecast period.
This research report titled ‘Global Specialty and High-performance Packaging Films Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The report categorizes the global specialty and high-performance packaging films market into the following six major application segments of which the top three are discussed in detail:
- Ready meals
- Meat products and seafood
- Fruits and vegetables
- Personal care
- Pet food
Global specialty and high-performance packaging film market for ready meals
The global specialty and high-performance packaging film market for ready is expected to exceed USD 13 billion by 2020. Ready meals include pasta, noodles, soups, and sauces. These meals are mainly consumed by working professionals and students due to their busy lifestyle. Technavio research shows that the demand for these meals is high in Europe, especially in the UK. Polyethylene and polypropylene are mainly used for the lamination of ready meals.
The sauces, dressings, and condiments market is expected to witness rapid growth during the forecast period as sauces, dressings, and condiments are used as vital ingredients to improve flavor in food products which augurs well for the packaging market. According to Sharan Raj, a lead analyst at Technavio for plastics, polymers, and elastomers research, “The market in APAC is expected to grow significantly due to the growing demand from China and Japan.”
The US is the largest market for soup packaging. Vendors in this market are investing and implementing advanced packaging solutions. For instance, Sonoco introduced a new plastic can TrueVue in December 2015. Made by Sonoco’s Fusion Freshlock Technology, TrueVue is a transparent, multilayer can that can withstand high-pressure and high-temperature conditions.
Global specialty and high-performance packaging film market for meat products and seafood
The global specialty and high-performance packaging film market for meat products and seafood is expected to exceed USD 8 billion by 2020. Among specialty and high-performance films, barrier packaging films are used to package meat products and seafood. “Barrier films are used to create vacuum packaging, which helps in maintaining an optimum atmosphere and hence ensuring extended shelf life of the products, without compromising the flavor or texture. These films are mainly used to package processed meat products and seafood,” says Sharan.
Globally, there is an increase in the demand for seafood. According to World Bank, it is expected that by 2030, 70% of the demand for seafood will come from APAC. This is expected to increase the demand for specialty and high-performance films. Flexible films and rigid plastic containers are the most common materials used for packaging seafood.
Global specialty and high-performance packaging film market for fruits and vegetables
The global specialty and high-performance packaging film market for fruits and vegetables is expected to reach USD 4 billion by 2020. The fruits and vegetables segment has experienced the highest growth rate in the food product market compared to other segments.
As a result of the growing health consciousness among people worldwide, they are focusing more on consuming healthy food such as vegetables and fruits. Flexible packaging films are used to package fruits and vegetables. Vendors offer features in this packaging such as reclosability, easy opening, and portability for the convenience of customers. Flexible heat sealable pouch made of polyethylene (PE) or polypropylene (PP) and polyethylene terephthalate (PET) and polystyrene tray are used to package fruits and vegetables.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Dow Chemical
- Honeywell International
- Sealed Air
Browse Related Reports:
- Global Biaxially Oriented Polypropylene Films Market 2016-2020
- Global Stretch and Shrink Film Market 2016-2020
- Flexible Packaging Market in Europe 2015-2019
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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