The Global Microwave Packaging Market is Projected to Reach US$18.8 Billion by 2024
Rising Demand for Microwavable Foods and Innovations
in Packaging to Propel Growth in the Microwave Packaging Market, According to a
New Report by Global
Industry Analysts, Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market share, size and
demand forecasts on the global Microwave Packaging market. The global Microwave Packaging market is projected to reach
US$18.8 billion by 2024, driven by
the growing consumer demand for microwavable foods and the increasing sales of
microwave ovens. Innovations in microwave packaging designs and use of
sustainable materials are also driving market growth.
The concept of
microwaveable packaging has redefined the world of packaging by offering
convenience and simplifying preparation and presentation of meals. Microwave
friendly packaging, with recyclable, tamper-proof, and environmentally safe
qualities, has become an important trend in the food packaging industry.
Globally, demand for microwaveable packaging is in direct proportion to
shipments of microwave ovens. With overall shipments of microwave ovens
expected to remain stable, the market for microwaveable packaging is forecast
to enjoy steady growth over the next few years. Growth in the recent years has
been propelled by the development of microwave susceptor formats, which imitate
traditional oven heating by directing microwaves to a product surface for
permitting crisping and browning of foods.
Microwave packaging market
is expected to post stable growth in the upcoming years, driven by growing
consumer demand for foods offering convenience and ease of preparation as well
as portability for on-the-move consumption. The increasingly hectic lives of
people are enhancing demand for convenience and microwavable foods, which need
minimal time and efforts in storage and preparation. Favorable economic
development and increasing urbanization trend, particularly in developing
economies of Asia-Pacific are also fueling market growth. The sustained
increased in popularity of microwave cooking and foods is also expected to fuel
demand for convenient packaging formats such as peel-off lids,
zippers, spouts and cans.
Rapid improvements in
packaging structure, whereby food can be heated in the package and served,
along with technology innovations to deal with limitations of using microwave
ovens such as crisping and browning are also expected to fuel market growth. The
development of intelligent and smart packaging solutions is favoring market
growth. Packaging materials featuring improved barrier, mechanical and
antimicrobial properties have a critical role to play in maintaining quality of
foods products, without the need for using additives and preservatives. Some of
innovations being seen in packaging designs including easy to open-and-close
fitments, growing use of sustainable materials, and development of highly
attractive packaging shapes.
As stated by the new
market research report on Microwave Packaging, Asia-Pacific represents the largest and fastest growing regional
market, worldwide. The increasing sales of microwavable foods in the developing
and yet un-penetrated Asian countries presents a huge opportunity for the
growth of microwave packaging market in the region. Robust economic growth in
the region, particularly in India and China, is also expected to accelerate the
shift towards processed and packaged foods, driving demand for microwave
packaging solutions.
Major players in the market
include American Packaging Corporation, Ampac Packaging LLC, Amcor Limited,
Bemis Company Inc., Berry Plastics Corporation, Coveris, DNP America LLC,
Graphic Packaging Holding Company, Huhtamaki Oyj, Inline Packaging LLC,
Mullinix Packages Inc., Packaging Concepts Inc., Printpack Inc., SC Johnson
& Son Inc., Sealed Air Corporation, Sirane, Silgan Holdings, Sonoco
Products Company and WestRock Company, among others.
The research report titled
“Microwave Packaging: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides
a comprehensive review of market
trends, issues, drivers, mergers, acquisitions and other strategic industry
activities of global companies. The report provides market estimates and
projections for all major geographic markets such as the US, Canada, Japan,
Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe),
Asia-Pacific (China, India, South Korea and Rest of Asia-Pacific), Middle East
& Africa and Latin America (Brazil, Mexico and Rest of Latin America). The
report analyzes the market by the following end-use applications - Fresh Food,
Frozen Food, Shelf-Stable Meals and Others.
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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