VALLEY COTTAGE, N.Y. – According to Future Market Insights (FMI)’s new report, the dual ovenable lidding films market was valued at US$ 73.8 Mn in 2018, and is poised to increase up to US$ 136 Mn by 2029. Sales revenue is expected to grow at a CAGR of 5.8% over the forecast period 2019-2029. Booming prominence of ready-to-eat food products is primarily influencing the demand for dual ovenable lidding films, as they provide high-quality, safe, and convenient packaging solutions.
“Growing penetration of ready-to-eat food products is creating potential growth opportunities for the market players. As income for spending on consumer goods and exposure to modern retail channels increase, frozen food and prepared meals are in high demand. This will translate into increased sales of dual ovenable lidding films in near future,” says FMI analyst.
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Products and Frozen Food Remain Key Application Areas
Strong global focus on
sustainability and shifting focus towards long-lasting, flexible, and
lightweight packaging are influencing innovation in the dual ovenable lidding
films market. As such, manufacturers are focusing on adopting greener packaging
solutions and thinner materials to reduce consumption of resources.
In line with unprecedented rise in meat consumption, the use of dual ovenable lidding films in packaging meat products is set to grow rapidly in the future, accounting for 45% of the revenue share. Manufacturers are also targeted towards capitalizing on frozen food sector, amid the rise of on-the-go culture and increasing innovation in food industry with ‘convenience’ as a prime factor.
Preview Analysis of 2019 Analysis and Review of Dual Ovenable Lidding Films Market by Application – Prepared Meals, Frozen Foods, Meat Products, and Dairy Products for 2019 – 2029:https://www.futuremarketinsights.com/reports/dual-ovenable-lidding-films-market
Polyethylene Terephthalate (PET) Emerges as a Prominent Trend
FMI opines that the emergence
of dual ovenable lidding films has drastically deaccelerated several
complications of packaging processed food. Approximately, 3/4th of
total dual ovenable lidding films sold in 2018 were made of polyethylene terephthalate
(PET). Adoption of PET as a material of choice can be attributed to various
properties such as good chemical resistance, improved moisture barrier
properties, and high tensile strength.
In recent years, demand for dual ovenable lidding films made of bio-based PET has increased due to greater emphasis on product recycling and growing number of eco-conscious consumers. Furthermore, these products provide improved liquid barrier properties which help increase shelf life of food products. Growing demand for improved and hygienic packaging solutions in food industry is also expected to positively impact the market growth.
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and North America Creating Lucrative Growth Opportunities
Collectively, North America and
Europe will continue to dominate the dual ovenable lidding films market with
more than 60% of the total share by the end of 2029. Penetration of
supermarket, hypermarkets, and retail distributors in these regions is one of
the major factors for the market growth. Increasing demand for meat products
and frozen food are anticipated to create numerous growth opportunities for stakeholders.
In the next decade, APAC is expected to observe significant growth owing to a notable
increase in the demand for ready-to-eat, dairy, and meat products.
Investing in Product Innovation
Market players are incurring heavy cost in product innovation and realignment of their strategies with on-going market trends. In order to gain a distinct competitive edge, leading players in the global market are entering into mergers & acquisitions and partnership with companies that focus on employing decomposable, high-quality, and sustainable materials for manufacturing dual ovenable lidding films.
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