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Active And Modified Atmospheric Packaging Market to Hit at a CAGR of over 5% by 2024
Active And Modified Atmospheric Packaging Market
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Using active and modified atmosphere packaging for fresh food packaging is relatively a new solution for food packaging, which elongates the shelf life food products. Developments such as self- venting microwave packs, respiring trays and other segments related to food packaging are aiding to the growth of the industry. Owing to its properties, active and modified atmospheric packaging is largely preferred by meat producers and retailers, who benefit from this packaging technology and also differentiate their product offering from competitors. Materials used in active and modified atmospheric packaging such as polyethylene, polypropylene, polyvinyl chloride and polyethylene terephthalate etc., also offer additional properties to the packaging material. Compostability and biodegradability are common properties achieved with the use of active and modified packaging option, however, temperature resistance, specific gas barrier, glossy aesthetic are some of the additional properties offered by active and modified packaging, due to which the preference of this packaging has increased over past few years.
Active and modified atmosphere packaging market is expected to remain lucrative during the forecast period since it is most suitable packaging option for fresh food products that have substantial demand in the consumer market. Companies engaged in dairy product manufacturing, meat & poultry product processing, fruits & vegetables as well as frozen food processors prefer active and modified atmospheric packaging. Though processed food products are estimated to account for 15% of the total active and modified atmosphere packaging market share, impressive food industry growth coupled with consumers spending outside homes is anticipated to substantiate the total demand for active and modified atmosphere packaging in the near future.
The active and modified atmosphere packaging market in meat, poultry & seafood is projected to register 1.5X growth in revenue between 2016 and 2026 and is forecast to dominate the market throughout the forecast period.
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Amcor Limited, Sealed air corporation, Berry Plastic Group Inc., Bemis company Inc., are among the leading players in the global active and modified atmosphere packaging market. Other market player includes Linpac Packaging, Coveris Holdings S.A, Winpak Limited Company, ULMA Packaging, S. Coop and Ilapac International S.A.
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In terms of region, Asia-Pacific accounted for the leading value share in the global active and modified atmosphere packaging market in 2015. The APAC market is projected to increase at CAGR of over 6% till 2026, translating into 1.6X growth between 2016 and 2024. Asia Pacific is closely followed by Latin America, which is projected to register a CAGR of slightly less than 6% during the forecast period.
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