Food Packaging Films Market worth $72.3 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 15, 2022
CHICAGO, Aug. 15, 2022 /PRNewswire/ -- Food Packaging Films Market size was USD 49.8 billion in 2021 and is projected to reach USD 72.3 billion by 2027, at a CAGR of 6.4%, according to a new report by MarketsandMarkets™. The growth of the food packaging films market is estimated to be driven by the growing demand for convenience food items and innovative packaging solutions that ensure extended shelf life of food items.
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Growing demand for convenience food items
Convenience food is the fastest-growing segment in the food packaging films market due to changing food consumption patterns, and increasing urbanization. Flexible films with a high resistance to oil, vinegar, and spices were needed for convenience food and ready-to-eat meal packaging to avoid seal layer damage or delamination. To preserve food quality and ensure packaging integrity, it is essential to choose the right packaging materials. In the convenience food industry, flow wrap, and form-fill-seal (FFS) films are commonly utilized. Convenience meals are increasingly using pre-made pouches or doypacks as a product distinction.
High demand for polyethylene food packaging films due to favorable properties
The polyethylene (PE) segment is the largest in terms of volume as the material provides resistance to chemicals and moisture and is lightweight. This is because polyethylene offers innovative product solutions that have broad applicability, such as in the packaging of various fruits, vegetables, meat, and seafood.
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North America to be the second-largest food packaging films market during the forecast period.
North America was the second-largest food packaging films market in 2021. Globally, the North American market has been a leader with respect to product innovation in terms of quality and application development. The US and Canada are the most developed countries in North America, followed by Mexico. Growth in the food packaging films market will be driven by factors such as rising demand for single portion packs or small packs, high disposable income levels, growing demand for convenience food, improving economic situation, and increasing consumption of packed food. The companies offering packaging films for the food industry include Charter NEX Films (US), and Sealed Air Corporation (US). Consistent growth is expected for food packaging films with the fastest gains in packaging for frozen foods and confectionery, weight saving pouches for beverages, and packages designed to extend the shelf life of products. An increase in the export activity of food products is expected to fuel the growth of the market in North America during the forecast period.
Major players operating in the tile & stones adhesives include Amcor plc (Australia), Berry Global (US), Coveris (Austria), DS Smith (UK), Sealed Air Corporation (US), Graphic Packaging Holding Company (US), Charter Next Generation (US), Mondi Group (UK), DuPont Teijin Films (Japan), and WestRock (US).
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