High Barrier Packaging Films Market will likely expand at a 7.8% CAGR during 2017 and 2027

The largely fragmented and intensely competitive vendor landscape of the global market for high barrier packaging films faces stiff price- and features-based competition among leading players. So as to gain a larger consumer base in the tough market, which also faces external competition owing to the easy availability of alternative packaging products and materials, companies are looking at growth opportunities in emerging economies and new application areas, observes Transparency Market Research in a recent report.

According to the report, the global high barrier packaging films market will exhibit an impressive 7.8% CAGR over the period between 2017 and 2027, rising to a revenue opportunity US$43.08 bn by 2027.

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Pouches Remain Most In-demand Product Variety

Of the key types of packaging products manufactured using high barrier films, the segment of pouches accounts for the dominant share in terms of revenue contribution to the global market. The flexibility and low costs of pouches made from high barrier films make them viable for a vast set of applications. The segment is also expected to remain the leading revenue contributor to the global market over the forecast period, clocking a promising 7.9% CAGR.

Geographically, the market in Asia Pacific excluding Japan is likely to account for a dominant share in the global market revenue by the end of the report’s forecast period, thanks ot the massive proliferation of the packaged food industry and staggering rise in the numbers of modern retail outlets. The region is also likely to remain the region with the most promising growth prospects over the forecast period.

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Increased Uptake of Packaged Foods and Beverages Drives Market

Busy lifestyles and the consecutive rise in packaged foods, rising demand for convenience foods, and the popular trend of microwave cooking are some of the key factors contributing to the overall development of the global high barrier packaging films market.

The market is also driven due to the surge in global consumption of ready-to-eat meats and dairy products, most of which require packaging materials/products that are capable of contributing to the product’s extended shelf life without having to change the food qualitatively.

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The rising demand for high barrier packaging films has compelled manufacturers to focus on research and development and introduction of new products varieties suitable for specific applications in a number of industries. A number of industries are also focusing on these films as they come across as good alternatives to the age-old option of aluminum foil, with the former providing much better results in terms of cost, weight, and appearance.

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