Press release
Oven Bags and Pouches Market: Players Focus on Product Development to Bolster Positions
Players wanting to steal a march over their competitors in the global oven bags and pouches market are focusing on product development. The market at present is seeing an upswing on account of the changing lifestyle of people worldwide which has driven up demand for convenient packaging solutions. Since oven bags and pouches are easy to use and can withstand temperatures up to 220-degree centigrade, they are seeing swift uptake.
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Hampering demand for oven bags and pouches, on the other hand, is the concerns about the health hazards presented by them on account of the migration of the volatile and non-volatile organic compounds from the oven bags to the food items placed in them. Emergence of new products such as stand-up ovenable pouches is however helping to overcome such challenges by opening up new avenues of growth.
A report by Transparency Market Research forecasts the global oven bags and pouches market to rise at a steady CAGR of 8.0% from 2017 to 2025 to become worth US$3.9 bn by the end of 2025 from US$2.0 bn, in 2016.
Popularity of Nylon in North America and Europe Drives its Growth
Material type, packaging type, packaging size, sales type, seal type, end use, and region are some of the parameters based on which the global oven bags and pouches market has been segmented. Depending upon the type of material, for example, the main segments of the market are nylon, PET, aluminum, and others namely PP, PE, etc. Of them, nylon is popular in North America and Europe and is projected to grow its market share by registering a CAGR of 8.4% from 2017 to 2025. The segment of PET is again expected to rise at a CAGR of 8.2% in forecast period. On the other hand, aluminum and other materials are anticipated to shed some of their market shares owing to the health hazards they pose.
Based on the type of packaging, the global oven bags and pouches market can be classified into bags and pouches. Currently, the segment of bags leads the market because of their widespread use in food processors and also by individuals. The pouches segment gained noticeable market share in the recent years due to introduction of ready to eat meals in ovenable pouches. The pouches segment is estimated to witness a CAGR value of 8.5%, in terms of value, over the forecast period.
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Rapidly Changing Consumer Preferences Propels Market Growth in the Middle East and Africa
From a geographical standpoint, Europe dominates the global oven bags and pouches market vis-à-vis both value and volume. The region is predicted to consume 3,682,045 thousand units of oven bags and pouches by 2025-end. In terms of value, the region will likely clock a CAGR of 7.4% from 2017 to 2025 to attain a value of US$1.60 bn by the end of the forecast period. Europe currently accounts for an estimated 42.5% of the global oven bags and pouches market, in terms of value.
Vis-à-vis growth rate, the Middle East and Africa is predicted to surpass all other regions by rising at a 10.2% CAGR during the forecast period. The region, along with South Africa is expected to see rising demand for oven bags and pouches on the back of changing consumer preferences towards ovenable packaging solution. Asia Pacific too will see impressive growth – around 9.8% CAGR from 2017 to 2025 – to reach a value of US$450.6 mn by the end of the forecast period.
Some of the noteworthy players in the global oven bags and pouches market are S. C. Johnson & Son, Reynolds Group Holdings Ltd, Sealed Air Corporation, Mondi Group, Berry Global Group, Inc., The Clorox Company, and DuPont Teijin Films U.S. Limited Partnership.
About TMR
TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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