The global micro-perforated food packaging market size is projected to reach $1.96 billion by 2025 expanding at a CAGR of 5.7% during the forecast period, according to a new report by Grand View Research, Inc., San Francisco. Rapid growth of the retail sector is one of the key factors driving market growth.
Key highlights from the report are as follows:
- In terms of revenue, the global micro-perforated food packaging market is anticipated to reach $1.96 billion by 2025, at a CAGR of 5.7% from 2018-2025.
- By material type, polypropylene is expected to witness steady growth over the forecast period, owing to increasing demand from food manufacturers.
- On the basis of application, fruits and vegetables dominated the market with a revenue-based share of 48.1% in 2017, owing to significant demand from retail stores.
- The competition is intense among key players owing to the fact that the products offered by manufacturers have low differentiation.
Micro-perforated food packaging offers extended shelf life and moisture retention of food products.
North America was the largest market in 2017, due to increased import of fruits and vegetables and high demand for bakery and confectionery in the region. The North America micro-perforated food packaging industry is also driven by growing demand for lightweight packaging solutions for food products. This is complemented by recent consumer trends that have necessitated convenience in packaging products to facilitate portability.
Asia Pacific's grocery retail industry received a boost thanks to rising population and a dramatic increase in consumer spending. In addition, many large format retailers in this region have enjoyed considerable growth through expansions, despite facing increased rivalry from more developed countries. While countries such as India, Japan and India have emerged as frontrunners in the food packaging industry in Asia Pacific, countries such as Singapore and Thailand play a key role in consumption of packaging products, including micro-perforated food packaging materials.