Rebounding from Challenges, Market Poised for Growth
Despite experiencing stagnant sales during COVID-19, the demand for dual ovenable lidding films is expected to surge steadily. In terms of volume, the market is forecast to reach nearly 47 thousand tons by the end of 2022 and expand at a CAGR of 5.3% over the forecast period.
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Key Drivers and Future Prospects
The dual ovenable lidding films market is fueled by several key factors:
- Booming Food Sector: The increasing demand for protective packaging in the food sector is the primary driver of this market. FMI forecasts sales to rise at a CAGR of 5.3% between 2023 and 2033, compared to a 3% CAGR from 2016 to 2022.
- Convenience Food Craze: The surge in popularity of convenience foods like prepared meals, frozen items, and meat, due to their ease of use, is driving the demand for dual ovenable lidding films.
- Urbanization on the Rise: With over 60% of the world’s population expected to live in urban areas by 2030, the demand for single-serve meals, including frozen foods and processed meats, is projected to rise significantly, bolstering the market in the near future.
- Sustainability in Focus: Key manufacturers are increasingly focusing on developing recyclable dual ovenable lidding film options, catering to the growing consumer demand for sustainable packaging solutions.
- Consumer Preferences Shift: Despite concerns about sustainability, the demand for clean and convenient ways to transport packaged meals from stores to homes is likely to drive sales.
- Focus on Biodegradable Options: The growing demand for sustainable solutions and stricter recycling regulations are propelling the demand for decomposable dual ovenable lidding films.
Looking Ahead: Innovation and Expansion
- Asia Pacific: A Growth Engine: Major players in the market are strategically expanding their presence in Asia Pacific countries, recognizing the vast potential in this region.
This press release highlights the promising outlook for the dual ovenable lidding films market, emphasizing the key drivers, future growth projections, and the increasing focus on sustainability and innovation.
Business Growth Opportunities in the Dual Ovenable Lidding Films:
- Eco-Friendly Solutions: Developing sustainable and eco-friendly dual ovenable lidding films to cater to the increasing demand for environmentally responsible packaging solutions.
- Advanced Barrier Properties: Innovating films with enhanced barrier properties to prolong shelf life, preserve freshness, and maintain food quality during transportation and storage.
- Customization and Branding: Offering customization options for lidding films, such as printing capabilities and unique designs, to help brands differentiate themselves and attract consumers.
- Expansion into New Markets: Exploring opportunities to expand the application of dual ovenable lidding films beyond traditional markets, such as ready-to-eat meals, to sectors like healthcare and institutional catering.
- Research and Development: Investing in research and development to improve the heat resistance, seal integrity, and overall performance of dual ovenable lidding films, thereby addressing evolving customer needs and preferences.
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Upcoming Trends in the Dual Ovenable Lidding Films Industry:
- Increased Demand for Convenience: Rising consumer demand for convenient and time-saving cooking solutions will drive the adoption of dual ovenable lidding films, particularly in busy urban lifestyles.
- Focus on Food Safety and Hygiene: Growing awareness of food safety and hygiene standards will prompt manufacturers to develop films with antimicrobial properties and compliance with stringent regulatory requirements.
- Technological Advancements: Integration of advanced technologies such as modified atmosphere packaging (MAP) and active packaging solutions to extend the shelf life of packaged foods and minimize food waste.
- Shift towards Circular Economy: Embracing circular economy principles by utilizing recyclable and biodegradable materials in the production of dual ovenable lidding films, aligning with sustainable packaging initiatives and reducing environmental impact.
- Market Consolidation and Partnerships: Increasing consolidation among key players in the dual ovenable lidding films market through mergers, acquisitions, and strategic partnerships to strengthen market presence, expand product portfolios, and enhance distribution networks.
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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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
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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