NEWARK, Del, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The dual ovenable lidding films market has exhibited robust growth, with a notable 2.8% increase in global revenues throughout 2023. Future Market Insights (FMI) predicts an impressive trajectory, projecting a nearly twofold revenue surge to approximately US$ 142.3 million by 2033. This anticipated growth translates to a compelling ten-year compound annual growth rate (CAGR) of 5.6%. Despite facing challenges amid the COVID-19 pandemic, the demand for dual ovenable lidding films is expected to steadily rise, reaching an estimated 47 thousand tons by the close of 2022.
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The market is poised for a substantial 5.3% CAGR expansion in terms of volume over the forecast period. Key aspects covered in the market study include comprehensive market estimates and forecasts from 2016 to 2033, analysis of key drivers and restraints influencing growth, segment-wise and region-wise assessments, competition mapping, benchmarking, market share analysis, insights into key product innovations, regulatory considerations, and a strategic focus on navigating the COVID-19 impact. Stakeholders are recommended to adopt key winning strategies to capitalize on this burgeoning market.
Key Points:
- Analysis by Segment, Country, and Region
- Market share analysis, benchmarking, and competition mapping
- Important Product Innovations and the Regulatory Environment COVID-19's Effect on the Market for Dual Ovenable Lidding Films and How to Follow Advice on Crucial Winning Techniques.
Industry Trends:
- Steady Revenue Growth: The dual ovenable lidding films market is experiencing consistent revenue growth, with a 2.8% increase in 2023 and a projected nearly double revenue of US$ 142.3 million by 2033.
- Resilience Amid COVID-19: Despite initial challenges and stagnant sales due to the COVID-19 pandemic, the market is expected to witness a gradual surge in demand, reaching an estimated 47 thousand tons by the end of 2022.
- Strong Volume Expansion: The market is set for significant volume expansion, with a forecasted 5.3% Compound Annual Growth Rate (CAGR) over the foreseeable future, emphasizing a sustained and growing demand for dual ovenable lidding films.
- Global Market Dynamics: The industry trends highlight a global perspective, encompassing segment-wise, country-wise, and region-wise analyses, providing a comprehensive understanding of the market's dynamics and potential growth areas.
- Innovation and Regulatory Focus: Key trends include a focus on product innovation and regulatory considerations, underlining the importance of adapting to changing industry standards and consumer preferences in the dual ovenable lidding films market.
“The global dual ovenable lidding films market is experiencing significant growth, propelled by a rising need for protective packaging in the food industry. Increasing consumer demand for extended shelf life, heightened food safety concerns and the expanding fast-food culture are key factors expected to drive the market's growth in the foreseeable future” says a Senior Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
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Food Sector Expansion Fuels Growth of Dual Ovenable Lidding Films Market
The expansion of the food sector plays a pivotal role in propelling the global dual ovenable lidding films market. The market's primary driver is its widespread application in the food industry, particularly in response to the growing demand for convenience foods such as prepared meals, frozen foods, and meat. With an increasing preference for easy-to-purchase and consume food items, the food industry's growth presents lucrative opportunities for manufacturers worldwide.
As urbanization continues, it is anticipated that over 60% of the global population will reside in urban areas by 2030. This demographic shift is expected to drive a surge in demand for single-serve meals, including frozen foods and processed meat, creating a favorable environment for the dual ovenable lidding films market. Key manufacturers are responding to the market dynamics by increasingly focusing on producing recyclable offerings, aligning with the rising demand for sustainable packaging solutions and meeting stringent recycling requirements. As consumers prioritize clean and convenient methods of carrying packaged meals, sales are poised to rise, emphasizing the market's potential for growth in the near future.
Key Companies Profiled:
- Amcor PLC.
- Berry Global, Inc.
- Sealed Air Corporation
- Sonoco Products Company
- Schur Flexibles Holding GMBH
- Toray Plastics (America), Inc
- DuPont Teijin Films USA Limited Partnership
- Terphane Inc
- Flair Flexible Packaging Corporation
- Alert Packaging Ltd.
- Sirane Ltd.
- Clifton Packaging Group Ltd.
- Coveris, Inc.
- Multi-Plastics Extrusions, Inc.
- FFP Packaging Ltd
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Dual Ovenable Lidding Films Industry by Category
By Material Type:
- Polyethylene (PE)
- Polyethylene Terephthalate (PET)
- Crystallizable PET (CPET)
- Amorphous PET (APET)
- Recycled PET (RPET)
- Polypropylene (PP)
- Others
By Seal Type:
- Pealable Seal
- Easy Peal
- Medium Peal
- Hard Peal
- Very Hard Peal
- Permanent Seal
By Application:
- Prepared Meals
- Frozen Foods
- Meat Products
- Dairy Products
- Others
By Region:
- North America
- Latin America
- APEJ
- Western Europe
- Eastern Europe
- MEA
- Japan
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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