The global micro-perforated food packaging market size is projected to reach USD 1.96 billion by 2025 expanding at a CAGR of 5.7% during the forecast period, according to a new report by Grand View Research, Inc. Rapid growth of the retail sector is one of the key factors driving market growth.
Micro-perforated food packaging contains micro holes, which enable gas permeation to maintain the rate of respiration of food products. This packaging offers various advantages, including extended shelf life and moisture retention of food products. The immense growth of retail chains globally, attributable to shifting consumer preference toward convenience goods, is expected to drive demand for micro-perforated food packaging, globally.
North America was the largest market in 2017, due to increased import of fruits and vegetables and high demand for bakery and confectionery in the region. The North America micro-perforated food packaging industry is also driven by growing demand for lightweight packaging solutions for food products. This is complemented by recent consumer trends that have necessitated convenience in packaging products to facilitate their portability.
Asia Pacific’s grocery retail industry has been boosted by rising population and a dramatic increase in consumer spending. In addition, many large format retailers in this region have enjoyed considerable growth through expansions, despite facing increased rivalry from more developed countries. While countries such as India, Japan, and India have emerged as frontrunners in the food packaging industry in Asia Pacific, countries such as Singapore and Thailand have played a key role in consumption of packaging products, including micro-perforated food packaging materials.
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Further key findings from the report suggest:
- In terms of revenue, the global micro-perforated food packaging market is anticipated to reach USD 1.96 billion by 2025, at a CAGR of 5.7% from 2018 to 2025
- By material type, polypropylene is expected to witness steady growth over the forecast period owing to increasing demand from food manufacturers
- On the basis of application, fruits & vegetables dominated the market with a revenue-based share of 48.1% in 2017, owing to significant demand from retail stores
- The competition is intense among key players owing to the fact that the products offered by manufacturers have low differentiation
- Some of the key companies present in the market are Sealed Air, Mondi, Bolloré Group, Amcor Limited, Uflex Ltd, TCL Packaging, COVERIS, Amerplast, NOW Plastics, and Aera.