Microwavable Barrier Films sales was valued at ~US$ 4.0 Bn in 2020, and is expected to grow at a CAGR of ~6.5% during the forecast period 2021-2031. Microwavable barrier films are films that can be used as top seals or bagging for food products.
These materials can be placed directly into an oven. The entire package can be cooked to heat the food without removing the food products from the packaging. The microwave barrier film is designed to create a shelf-stable packaging material for food, which film is substantially impermeable to certain radiation and chemicals.
What is Driving Demand for Microwavable Barrier Films?
Excellent peel ability, high barrier features, and high transparency of microwavable barrier films make them popular for use in everyday life. The food industry across the globe, is expected to witness more than 10% annual growth in over the coming years.
This has reflected positive growth sentiment especially in the emerging economies. Various allied industries such as retail sector, demand customized offerings of food products, which is expected to positively impact sales of microwavable barrier films in the foreseeable future.
Moreover, adoption of microwavable barrier films for packaging of snacks such as burgers & sandwiches, and bakery & confectionery products is rising significantly. In addition, rising demand for convenient and hygienic methods of cooking food that allow processed food to be moved directly from retail shelves to homes, is estimated to augment the demand for microwavable barrier films during the period under review.
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Prepared Foods is Expected to Contribute Largest Share
Variation in food consumption habits owing to an increase in per capita disposable income has also encouraged packaging companies to develop new product lines with respect to microwavable barrier films. As nearly 60% - 70% of the demand comes from urban areas, there is a lot of growth opportunities in rural and semi-urban regions. Manufacturers and distributors must work on their product segments to come up with economically-viable microwavable barrier films.
Additionally, multinational corporations are collaborating with local players to establish a strong presence in emerging economies, which is also projected to further drive growth of microwavable barrier films in these regions. Rapid growth in the consumption of processed food in emerging economies is creating new opportunities for microwavable barrier film manufacturers to penetrate in these potentially remunerative industries.
US Microwavable Barrier Films Growth Scenario
The U.S. is expected to dominate and lead the growth of the North American market, which is expected to increase due to rising usages of microwavable barrier films in wide range of applications. Consumers in developed nations such as U.S., are choosing ready-to-eat meals and frozen food products, despite the growing consciousness about health quotient of foods.
Furthermore, convenience in cooking remains a key factor to shape consumers’ purchasing decisions in U.S., which is further projected to transform into lucrative growth avenues for stakeholders in the microwavable barrier films industry.
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Europe Demand Outlook for Microwavable Barrier Films
Europe is set to witness a considerable growth in the microwavable barrier films demand owing to rising demand for prepared meals backed by its high quality perception and convenience as compared to canned and frozen foods. However, nowadays restaurants and other food chains are also more inclined towards frozen food due to rising interest of people in steam-cooked vegetables and various ethnic cuisines which in turn is likely to propel the demand for microwavable barrier films.
Thus, surging demand for convenient and time saving packaging methods and increasing consumption of frozen foods is estimated to flourish the sales for microwavable barrier films at an exponential rate in the European regions.
Who are the Key Microwavable Barrier Films Manufacturers?
Some of the leading providers of microwavable barrier films include
Berry Global Inc
Elite Packaging
FlexFilms
Coveris
Toppan Printing Co., Ltd
Der Yiing Plastic Co. Ltd
KM Packaging Services Ltd.
TCL Packaging, among others.
The above mentioned players are investing heavily in R&D to bolster innovation in terms of size, shape, technology, and material for microwavable barrier films. Companies are also aiming to gain a competitive edge by employing more sustainable materials and adopting environment-driven business strategies in the production of microwavable barrier films.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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