Press release
Lidding Films Market Is Projected to Cross Us$ 6.9 Bn by 2031
The recent report published by Transparency Market Research on the global lidding films market report, the study includes the global industry size, share, trends, growth and analysis with forecast years from 2021-2031. Rising applications of lidding films in the food industry, along with intrinsic growth in market popularity across the pharmaceutical industry, are expected to fuel the global sales of lidding films. The global market value of the lidding films market is projected to grow 1.7 times over the next decade.The lidding films market is driven by growing food and other industries such as cosmetics and pharmaceuticals. Lidding films provide a perfect solution for trays carrying prepared meals, ready to go meals, and frozen foods or any other food. Along with it, the increasing demand for clean and convenient cooking methods allows processed food directly from shelves to the oven, and it is expected to drive the global lidding films market. TMR analysis offers retort packaging analysis based on product type, material type, end-use, and region.
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Increasing Popularity of Lidding Films into Emerging Markets
The rapid growth in food processing and packaging industries in emerging economies creates opportunities for lidding film market players to penetrate these potentially remunerative markets. Consumers in emerging economies such as China, India, Brazil, and Thailand, among others, are creating preference for lidding films owing to changing habit in consumption of food and increase in disposable income also encourage market players to innovate more in these markets. Moreover, easy availability of raw materials, cheap labor, and access to advanced production technology at low cost makes these regions highly profitable for manufacturers engaged in the production of lidding films. Bigger players are collaborating with the local players to create more opportunities in these regions and make a strong presence, which might drive the overall market growth.
Key Players Eyeing Product Launch, Acquisition, Expansion, and Collaboration to Gain Market Share
The globally renowned players in the global lidding films market are focusing on launching innovative and sustainable products to attract environmentally concerned consumers. Moreover, companies are encouraged to expand their current production capacities by expansion or acquisition to meet the constantly increasing demand for lidding films across the regions.
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For instance-
In April 2021, Berry Global Group announced to invest more than US$ 70 Mntoward the development of consumer packaging films especially for, e-commerce, food & beverages. The new film lines developed by the company will be focusing to fulfill the consumer demand for sustainable films.
In June 2021, Constantia Flexibles Group GmbH announced the acquisition of Propak, the acquisition makes Constantia Flexibles Group GmbH a major player in the European snacks market
In August 2021, Amcor Plc launched a healthcare lidding technology that can be useful for combination products. Amcor Plc developed the lidding technology in collaboration with Johnson & Johnson.
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Lidding Films Market: Competition Landscape
The global lidding films market is consolidated at the top and expected to have intense competition among various major players of the lidding films market. Most of the global players are well established having manufacturing and sales presence across the globe. Rising demand and lucrative growth opportunities have encouraged several small- and medium-sized players into the lidding films market. An increase in the number of players operating in the lidding films market will lead to higher revenue, along with the expansion of the global lidding films market.
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Major players operating in the global lidding films market are Constantia Flexibles Group GmbH, Uflex Ltd, Amcor Plc, Berry Global, Inc., Winpak Ltd, LINPAC Packaging Limited, Schur Flexibles Holding GesmbH, Plastopil Hazorea Company Ltd, Flair Flexible Packaging Corporation, Multi-Plastics, Inc., Golden Eagle Extrusions Inc., FFP Packaging Solutions Ltd, Impak Films Pty. Ltd, Flexopack SA, TCL Packaging Ltd, etc.
As per the segmental revenue and market share of companies, key players are divided in tier structure. Tier 1 players include Constantia Flexibles Group GmbH, Uflex Ltd, and Amcor Plc. Moreover, Berry Global Group, Winpak Ltd, and Schur Flexibles Holding GmbH are included in Tier 2. Plastopil Hazorea Company Ltd, Flair Flexible Packaging Corporation, Multi-Plastics, Inc., Golden Eagle Extrusions Inc. are players included in Tier 3. The abovementioned key players serve 20-25% of the global demand for lidding films.
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