Press release
High Barrier Packaging Films Market US$ 70 Bn by 2029
Transparency Market Research delivers key insights into the high barrier packaging films market in its published report, which include global industry analysis, size, share, growth, trends, and forecast for 2021-2029.The high barrier packaging films market is projected to witness a rapid growth rate by the end of 2029, owing to the increasing scope of flexible packaging in end-use industries such as food & beverage, pharmaceuticals, and healthcare, among others. About this, TMR offers detailed insights and forecasts in the high barrier packaging films market report.
In packaging, handling of products for an extended period without compromising the quality is crucial. It is essential to provide all barrier properties such as moisture, aroma, and gas to keep the integrity of the product. The high barrier packaging films play a significant role in enhancing the shelf life of the products. The high barrier packaging film market is increasing by ensuring food safety, cost-effectiveness, ease of use, the extended shelf life of products, and enhanced food quality and value of the products. They are used in various industries such as food, beverages, pharmaceutical, healthcare, retail, etc. The high barrier packaging films are an integral part of the supply chain in the healthcare and food industries.
Increase in processed and ready-to-eat packaged consumption and high focus of consumers on hygiene and quality products are expected to enhance the growth of the high barrier packaging films market. Moreover, with the boom of eCommerce and big retail chains, consumer inclination toward online shopping and rising disposable income due to an increase in the per-capita income of middle-class families would significantly impact the overall high barrier packaging films market. In addition, manufacturers, suppliers, and retailers prefer packaging solutions that extend a product's shelf life. Thus, the high barrier films are anticipated to witness significant demand in near future.
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Technological Advancements to Enhance Product Shelf Life to Reshape High Barrier Packaging Films Market
Food and beverage producers supply their products to the globalized market; thus, there is a necessity for long shelf stability, while ensuring that the optimal taste and smell of the products remain intact. As consumers have become more health-conscious, all these factors have led to modified atmosphere packaging (MAP), as the go-to technology for extending the product's shelf life.
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The modified atmosphere technology (MAP) is an innovative technology that extends the shelf-life of products without the need of freezing or preservatives. According to the Food and Drug Administration (FDA), modified atmosphere packaging involves actively or passively or modifying the atmosphere surrounding the product within the package made of a combination of films.
High barrier packaging films with modified atmosphere packaging properties help decrease permeability to oxygen and moisture to maximize the product's shelf life. The modified atmosphere packaging alters the internal atmosphere of the package with the optimal blend of nitrogen and other gases. By displacing oxygen with other gases, the products will last longer.
In the supply chain, prolonged shelf life MAP package allows maximum efficiency, saves spoilage, and improves the producers and suppliers profitability, which will positively drive the high barrier packaging films market.
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Increase in Demand, Awareness Regarding Healthcare, Hygiene Due to COVID-19 Pandemic to Boost Global Market
In the wake of the Covid-19 pandemic, people have become more conscious about health, hygiene, and cleanliness. A shift in consumers' behavior about healthy lifestyles and awareness about personal health care fueled the growth of pharmaceutical and medical sectors.
The single-use medical devices have witnessed tremendous growth in the healthcare industry. The high barrier packaging films are used in the packaging of medical devices. These medical devices have sharp edges to them, so they require a shield for protection. Medical products can be life-threatening if they are not packaged correctly. Essentially, during transportation, the safety of medical products is crucial. The high barrier packaging films act as a shield and give assurance of safe and secure shipping.
Pharmaceutical and healthcare industries are preferring high barrier packaging films, owing to their flexibility, durability, and lightweight. Due to this, there will be a significant growth in the high barrier packaging films market.
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Changes in Consumer Preferences, Demand Patterns, Global Economic Uncertainty to Hamper High Barrier Packaging Films Market
The sales of a company's products depend entirely on the volume of sales made by customers. Consumer requirements for sustainable packaging have increased tremendously. This could negatively impact the sales of high barrier packaging films.
A decline in consumer preference for plastic products due to its environmental impact and opting for recyclable, bio-degradable, and eco-friendly products may restrain the growth of the high barrier films market.
Many countries face the crisis of economic disruptions, volatile commodity prices, and uncertainty toward the global growth forecast due to a fall in external demand as a result of COVID-19 pandemic, and environmental and social concerns. All these factors may hamper the market for high barrier packaging films.
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High Barrier Packaging Films Market: Competition Landscape
The TMR Group analysed that the high barrier packaging films market is highly competitive, owing to a large number of local players in the market. This competition among key players is carefully studied based on developments, strategies, and segmental revenues of companies. The TMR Group offers outlines of key players in the high barrier packaging films market study which include Amcor Plc, Sealed Air Corp, Glenroy, Inc., Winpak Ltd., Mondi Plc, Toray Plastics (America) Inc., Schur Flexible GmnH, Huhtamaki Oyj, Jindal Poly Films Ltd., Uflex Ltd., Cosmo Films Ltd., Bischof & Klein SE & Co. KG, ProAmpac Intermediate, Inc., Plastissimo Film Co., Ltd., Celplast Metallized Products Ltd., Dummore Corporation, Polyplex Corporation Limited, Shrinath Rotopack Pvt Ltd, and ACG Worldwide Private Limited. It distinguished these high barrier packaging films market players as per their segmental earnings into different tier slabs.
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