Participants in the micro perforated films packaging market are pushing for competitive pricing and supply strategies for long-term growth.
DUBAI, UAE / ACCESSWIRE / January 27, 2021 / Future Market Insights, Dubai: The micro perforated films packaging market is expected to grow steadily with a CAGR of around 5% through the end of 2031. The coronavirus pandemic is likely to create lucrative opportunities for participants in the micro perforated films packaging market in the short-term. The growing demand for RTE foods, microwavable foods, bread, and fresh agricultural produce during and after the pandemic is expected to generate strong demand for the assessment period.
"Micro-perforated packaging for food is largely used for perishable food commodities, with the objective of extending shelf life, while improving moisture retention. This is essential for, fruits and vegetables, ready-to-eat meals, bakery and confectionery, products, ensuring long term demand," says the FMI study.
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Micro Perforated Films Packaging Market - Leading Takeaways
- Polyethylene-based offerings will display a relatively larger market share owing to lightweight, non-toxic, elastic characteristics.
- Fruit and vegetable packaging applications will remain a significant contributor, driven by year-round demand for fresh produce.
- North America is a leading regional market owing strong growth of large format grocery retailers in the region.
Micro Perforated Films Packaging Market - Growth Factors
- Rapid growth of major retail chain brands, and consumption of processed foods is a major market driver.
- Strict regulations in terms of intelligent or active materials which potentially are in contact with food drives demand.
Micro Perforated Films Packaging Market - Constraints
- Continuing environmental concerns associated with the production and use of plastics remains a major challenge for the market.
- Issues in terms of printing and sealing procedures associated with micro perforated film packaging will hold back growth.
Expected Impact on Market by Coronavirus Outbreak
The coronavirus pandemic has had a moderate effect on the micro perforated films packaging market. Growth in spending on supplies of essentials including food and medicine products will generate sales opportunities during the crisis.
Also, relatively higher production rates and low costs are aiding the industry, even as environment rules take a backseat during the outbreak. The covid-19 pandemic is expected to generate obstacles in terms of reduced demand from the food service sector. However, the role of micro perforated films packaging in essential commodities will aid a faster recovery towards 2021, with relaxation of lockdown regulations.
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Competition Landscape
Some of the leading manufacturers participating in the micro perforated films packaging market are Amcor Ltd., Uflex Ltd., Sealed Air Corporation, Bollore Group, Mondi Group, TCL Packaging Ltd., KOROZO Ambalaj San ve Tic A.S., Darnel Group, Coveris Holdings SA, and Nordfolien GmbH.
Leading players in the micro perforated films packaging market have been pushing for expanding research into products and packaging equipment with the aim of expanding the scope of applications for these products.
For instance, Schreiner MediPharm, a leader in functional healthcare label solutions unveiled its Cap-Lock Plus RFID label offering, for syringes, using integrated micro perforation for tamper evidence. Spain based Enprom supplied a hybrid, fully-customized converting line for flexible packaging materials for compostability and recyclability in line with changes to French packaging legislation. Also, Uflex's India arm has also announced the integrated of nano-perforation into the laminate materials aid in air removal in flour packaging to minimize mites and micro-organism infestations.
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More on the Report
FMI's provides in-depth insights on the micro perforated films packaging market. The market is segmented in terms of material (PE, PP, PET, PVC, and PA), packaging (bags, pouches, wraps/rolls, sleeves), and technology (mechanical perforation and laser perforation) across seven regions (North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding & Japan, Japan, and Middle East & Africa).
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SOURCE: Future Market Insights