RRI Says: Active and Modified Atmosphere Packaging Market Is Projected to Exceed US$ 26.0 Bn by 2024
Wednesday, January 23, 2019
The emergence of innovative solutions, that improve mechanical endurance of food products and provide them longer shelf-life, has exerted importance on the use of active and modified atmosphere packaging. In terms of value, the global market for active and modified atmosphere packaging is predicted to reach US$ 17.0 Bn in 2016, and will continue to expand at a CAGR of over 5% during the forecast period 2016-2024. Research Report Insights (RRI) has compiled in-depth research on the market’s insights and global analysis of growth opportunities is compiled in the report titled, “Active and Modified Atmosphere Packaging Market: Global Industry Analysis and Forecast 2016-2024.”
Developments in global food packaging industry such as self-venting microwave packs and respiring trays will continue influencing the demand for active & modified atmosphere packaging solutions. Moreover, the consumption for active & modified atmosphere packaging products will be majorly concentrated among meat producer and retailers as they require packaging methods that provided better sustenance in terms of biodegradability and compostability. Although, packaging material recyclability and increasing initial costs in packaging processes are expected to curb the expansion of global active & modified atmosphere packaging market.
In terms of revenues, the global market for active & modified atmosphere packaging is projected to exceed US$ 26.0 Bn by the end of forecast period 2016-2024. APAC region will dominate the market, increasing at a CAGR of over 6% over the forecast period.
Based on the applications, the global market for active & modified atmosphere packaging is segmented into processed food products, bakery & confectionery, fruits & vegetables, dairy products, meat, poultry & seafood, and others. Demand for modified atmosphere packaging is higher in fruit & vegetable vendors, while active packaging products are consumed higher in food processing companies. By 2016, the processed food segment is anticipated to account for 15% of the total revenue share of global active and modified atmosphere packaging market.
Based on the material type, the global market is further segmented into polyethylene, polyvinyl chloride, polyamide, ethylene vinyl alcohol (EVOH), ethylene vinyl acetate (EVA), polypropylene, and others. Polymer materials such as polyethylene, polypropylene, polyvinyl chloride and polyethylene terephthalate provide additional properties to several active & modified atmosphere packaging materials.
Among the market’s regional segmentation, the Asia-Pacific (APAC) region will continue to procure leading value share in the global market. However, the APAC region will face close competition by the active & modified atmosphere packaging market in Latin America, which will exhibit a similar CAGR during the forecast period.
Amcor Limited, Sealed Air Corporation, Winpak Limited Company, Coveris Holdings S.A., Berry Plastic Group Inc., Bemis Company Inc., Linpac Packaging, ULMA Packaging, and S. Coop and Ilapac International S.A., among others are recognised as some of the leading companies contributing to the growth of the global active & modified atmosphere packaging market.