With global revenues rising 2.8% in 2023, the market for dual ovenable lidding films experienced rapid expansion. According to a recent forecast by Future Market Insights (FMI), revenue would almost double between 2023 and 2033, reaching close to US$ 142.3 million in 2031 at a ten-year compound annual growth rate (CAGR) of 5.6%. Despite COVID-19’s sluggish sales, demand for dual ovenable lidding films will increase, albeit gradually. By the end of 2022, it is anticipated to be close to 47,000 tonnes. Over the forecast period, the market is expected to grow in terms of volume at a 5.3% CAGR.
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The market for dual ovenable lidding films is segmented based on type, application, and geography. On the basis of type, the market is segmented into polypropylene, polyethylene, and others. Based on application, the market is divided into food packaging, consumer goods, and others. Geographically, the market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.
North America is expected to dominate the market for dual ovenable lidding films, followed by Europe and Asia-Pacific. The growth of the market in these regions can be attributed to the presence of leading players and the increasing demand for convenient and time-saving food options.
In conclusion, the growth of the global market for dual ovenable lidding films is expected to be driven by increasing consumer demand for convenient and practical packaging solutions, as well as the growth of the food packaging and e-commerce industries. Companies operating in the market are expected to focus on developing innovative and high-performance dual ovenable lidding films to meet the growing demand.
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 the 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 longer shelf life. Biodegradable dual ovenable lidding films are becoming increasingly popular among major participants in the film packaging market.
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 drive 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 to overall growth of the market.
Key Takeaways
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.
Impact of COVID-19
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.
Competitive Landscape
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.
Dual Ovenable Lidding Films Market 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
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What to Expect in Our Report?
(1) A complete section of the Global Dual Ovenable Lidding Films market report is dedicated to market dynamics, which include influence factors, market drivers, challenges, opportunities, and trends.
(2) Another broad section of the research study is reserved for regional analysis of the Global Dual Ovenable Lidding Films market where important regions and countries are assessed for their growth potential, consumption, market share, and other vital factors indicating their market growth.
(3) Players can use the competitive analysis provided in the report to build new strategies or fine-tune their existing ones to rise above market challenges and increase their share of the Global Dual Ovenable Lidding Films market.
(4) The report also discusses the competitive situation and trends and sheds light on company expansions and mergers and acquisitions taking place in the Global Dual Ovenable Lidding Films market. Moreover, it brings to light the market concentration rate and market shares of top three and five players.
(5) Readers are provided with findings and conclusions of the research study provided in the Global Dual Ovenable Lidding Films Market report.
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.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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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