Packaging Films for Food Market: Overview
The global packaging films for food market is expected to grow at a robust CAGR during the forecast period of 2019 to 2027. The market gains its strength from the burgeoning food and beverages industry and the stringent packaging regulations laid down by the Food and Drugs Administration. Furthermore, urbanization and rising disposable incomes of people in the developed and developing regions has also contributed to the market’s expansion during the forecast period.
These strides towards deployment of robust packaging techniques have encouraged Transparency Market Research to conduct comprehensive analysis on the packaging films for food marker. In its latest study, TMR highlights the key opportunities, drivers, and restraints in the market. It also sheds light on the business strategies deployed by the leading companies and the challenges faced by them in the long run. It details out the changes in consumer behavior and its impact on the overall market’s expansion.
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Packaging Films for Food Market: Notable Developments and Competitive Analysis
The global packaging films for food market is highly fragmented with the presence of numerous regional and global players. There is an influx of new players who are trying to proliferate the global market. The competition in the market is characterized by the development of new products and strategic mergers and acquisitions. Listed below are a few notable developments in the market:
In February 2018, Berry Global Group, Inc. completed the acquisition of Clopay Plastic Products Company, Inc. from Griffon Corporation. This acquisition was aimed at enhancing the product portfolio and gaining access to large pool of consumers. The transaction also helped Berry Global to optimize complementary production capacities and gain access to Clopay’s patent protected technologies
In May 2019, Amcor Limited and Bemis Company, Inc. announced a merger in US$6.8 billion all-stock transaction. This strategic merger will result in the creation of global leader in packaging. It is aimed at developing sustainable packaging solutions and expansion of global footprints. With this merger, Amcor will have a strong value proposition in the industry through an enhance product portfolio.
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Prominent companies operating in the packaging films for food market include:
- DuPont Teijin Films
- Charter NEX Films Inc.
- Coveris Holdings SA
- Graphic Packaging Holding Company
- The Dow Chemical Company
Packaging Films for Food Market: Key Drivers and Restraints
The food and beverages industry is expected to fetch huge revenue benefits for the global packaging films for food market due to rising demand for packaged products. Consumers are looking for sustainable packaging solutions that increase the shelf life of the food product. The processed /food segment in particular is expected to fetch highest demand. Further, development of new products such as biodegradable packaging films has highly supported the packaging films for food market. Rising environmental concerns and regulatory framework pertaining to the same has increased the popularity of these films.
However, despite the numerous drivers there are a few restraints that may restrict the market’s growth. Challenges associated with high costs of packaging films and recycling issues may deter the market’s growth. Nonetheless, manufacturers are focusing on developing flexible packaging films with enhanced durability, thereby propelling the market’s growth.
Packaging Films for Food Market: Regional Analysis
In terms of geography, Asia Pacific is anticipated to lead the global packaging films for food market. The reason for this is attributable to the growing food and beverages industry and rising demand for packaged foods. Changing lifestyle has also contributed to the market’s growth in this region. The market in North America is also expected to grow at a promising pace due to stringent regulations regarding packaging of food products and increasing consumption of processed food. The U.S. is a major contributor to the market’s growth in this region.
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