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The need for dual ovenable lidding films is being fueled by an increased focus on food safety and a consumer preference for pre-packaged convenience foods. According to a recent analysis by Future Market Insights (FMI), the market will grow at a 5.6 percent CAGR from now until 2031, when it will be valued at US$ 134.8 million.
Dual ovenable lidding films are a common packaging option in the food and beverage sector for packing items that need to be heated in the microwave or oven. Manufacturers’ increasing emphasis on providing products with a longer shelf life improves sales possibilities.
The demand for dual ovenable lidding films is consistently rising as they offer strong salability and a printable texture which makes them suitable for food packaging applications.
FMI predicts two-fold growth opportunities for leading players. The usage and adoption of dual ovenable lidding films is estimated to increase on the back of rising consumption of ready meals, frozen foods, meat products, dairy products, and more.
Key benefits offered by dual ovenable lidding films include high safety, convenience and a longer shelf life. Biodegradable dual ovenable lidding films are becoming increasingly popular among major participants in the film packaging market.
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End users in the frozen food and meat products packaging industry are focusing on lowering their carbon footprint. Consequently, some of the leading manufacturers are also using biodegradable goods as a result of government action that provides tax exemptions on revenue. Client preference for clean materials and an increase in health awareness, drives the demand for biodegradable dual ovenable lidding films.
Consumers are inclined towards processed food products. Many of the complexities of packaging processed food have been greatly minimized by the adoption of dual ovenable lidding films. Dual ovenable lidding films made of PET material are expected to see a surge in demand. Increasing concerns pertaining to safety of food and a developing packaged food culture globally, are contributing towards overall growth of the market.
Key Takeaways from Dual Ovenable Lidding Films Market
Polyethylene terephthalate (PET) dual ovenable lidding films are expected to account for nearly 3/4th of the global market, aided by cost and durability benefits.
Peelable seals ensure the quality of product while improving user convenience, and are estimated to increase by nearly 2 times of the current value, at US$ 130 Mn by 2031.
Meat products packaging applications are expected to create an incremental opportunity of US$ 28.5 Mn in the next ten years.
The U.S. will account for over 90% of the North America value share through the assessment period, owing to a large and matured packaged food sector.
Germany is the largest and fastest growing market in Western Europe, accounting for over 30% value share by 2031, driven by the presence of major manufacturing facilities.
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“Improved safety and convenience offered by dual overable lidding films to packaged food have been improving their scope for applications. The market also will gain as the packaging industry slowly transitions towards biodegradable ovenable lidding films,” says an FMI analyst.
The COVID-19 pandemic and its global effects have had a notable impact on the global dual ovenable lidding films market. Stringent and complete lockdown in American, European, and Asian countries resulted in a declining supply and sales.
Food chains such as quick-service restaurants, and cafes were entirely shut down in almost every region, whereas, online food delivery were open and the deliveries were available which has lowered losses during the crisis. Nevertheless, demand for dual ovenable lidding films will gain traction in the later part of 2021 as industries recover rapidly with precautionary measures.
Key manufacturers contribute 30-35% of the global market. Strategic expansions and acquisitions are expected to gain traction throughout the forecast period in the moderately fragmented landscape.
Amcor PLC., Berry Global, Inc., Sealed Air Corporation, and Sonoco Products Company, Schur Flexibles Holding GMBH, Sirane Ltd. are the top players operating in the dual ovenable lidding films market. Furthermore, Coveris, Inc., Toray Plastics (America), Inc, DuPont Teijin Films and many others in the market hold 65-70% in the global dual ovenable lidding films market.
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About Future Market Insights (FMI) Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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The post Dual Ovenable Lidding Films Market is to Expand at a 5.6% CAGR by 2031; U.S. is expected to hold around 93.5% share in the North America appeared first on Future Market Insights.
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