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Antimicrobial Packaging Market : Global Forecast over 2024
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According to a TMR analyst, “The global market for antimicrobial packaging is expected to witness a 5.1% CAGR from 2016 to 2024. The market is expected to be worth US$15.31 bn by the end of 2024 rising from a valuation of US$10.28 bn in 2016.”
Plastics to be in Ultimate Demand
On the basis of materials, the global market has been segmented into plastics, biopolymers, paperboards, and tin, among other minority materials. Among all these, plastics have emerged as the most loved material and have been gaining popularity owing to their superior features related to chemical, mechanical, and physical formulations. Plastics are effortlessly pliant, can give adequate levels of flexibility, security against tears, numerous layered packaging, all requiring little to no effort when contrasted with other packaging materials.
Region-wise, the market has been segmented into Latin America, the Middle East and Africa, Europe, Asia Pacific, and North America. Asia Pacific emerged as the leading region in 2015 accounting for a share of 33.3% in the same year. It is expected to maintain the leading position until the end of the forecast period.
High Shelf Life Provision to Augment Demand
The expanding examples of waterborne and foodborne diseases, cost expansion food and beverages industry, and growing awareness regarding food shortage around the globe is setting a ton of consumers at a spot where they need to maintain a strategic distance from wastage of food however much as could reasonably be expected. This need is enlarged by the general household inclinations with the average workers of accumulating certain sorts of beverages, mixers, condiments, spices, and food products. On the whole, this structures the main factor driving the worldwide antimicrobial packaging market, because of the reasonable lead that antimicrobial packaging holds as far as broadening the time span of usability of its consumable substance. Producers of food products and also the basic consumer statistic is currently searching for approaches to build the general life expectancy of food and beverage products and this pursuit drives them to the few sorts of antimicrobial packaging accessible today.
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Administrative associations, for instance, the FDA are nearly observing the expansion of antimicrobial agents into food products as well as to their wrappings. They recommend the levels of safety that should be followed by all makers in the regional antimicrobial packaging markets. These impediments on the sorts of chemicals that can be utilized and the amounts in which they can be utilized turns into a complicated issue for market players because of the distinction in reasonable levels between various key areas.
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Transparency Market Research (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.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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