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Michigan Ag News Headlines |
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Antimicrobial Packaging Market to Touch $11.88 Billion by 2024
Michigan Ag Connection - 01/23/2017
According to the recent study published by TMR, the global antimicrobial packaging market is expected to rise to US$11.88 bn by the end of 2024, after expanding at a CAGR of 5.6% within a forecast period from 2016 to 2024. The market was valued at
US$7.65 bn at the end of 2015.
"The increasing instances of foodborne and waterborne illnesses, price inflation in the food and beverages industry, and a generally increasing awareness on the scarcity of food around the world is putting a lot of consumers in a position where they want to avoid
wastage of food as much as possible. This need is augmented by the general household tendencies within the working class of stockpiling certain types of foods, spices, condiments, mixes, and beverages. In all, this forms the leading factor driving the global
antimicrobial packaging market, due to the clear lead that antimicrobial packaging holds in terms of extending the shelf life of its consumable contents. Manufacturers of foods as well as the common consumer demographic is now looking for ways to increase the
overall lifespan of foods and this search leads them to the several types of antimicrobial packaging available today," states a TMR analyst.
Another factor promoting the growth of the global antimicrobial packaging market includes the growing tendencies of consumers sticking to convenience foods. The modern hectic lifestyles that the majority of the working class leads is leaving them with little time
to cook and driving the growth of the convenience foods markets. This consequently encourages the use of antimicrobial packaging, further enhancing this market's global growth rate.
Regulatory organizations such as the FDA are closely monitoring the addition of antimicrobial agents into foods as well as food wrappings. They prescribe the levels of safety that need to be adhered by all manufacturers in the regional antimicrobial packaging
markets. These limitations on the types of chemicals that can be used as well as the amounts in which they can be used becomes a complicated affair for market players due to the difference in permissible levels between different key regions.
"The global antimicrobial packaging market is expected to get a shot in the arm from their increased demand from food and beverage producers over the coming years, especially from those that manufacture foods with very short shelf lives. Their endeavors to
expand the distribution chain of foods with short shelf lives as well as the growing demand for them by consumers is likely to put manufacturers from the global antimicrobial packaging market in a very favorable position," adds the analyst.
Takex Labo Co. Ltd., Sciessent LLC, BASF SE, and The Dow Chemical Company were some of the leaders of the global antimicrobial packaging market for 2015. This market is expected to witness an intense competitive field marked by players of all sizes
and in all key regions.
As stated in a research report by Transparency Market Research, the players from the global antimicrobial packaging market are likely to be highly attracted towards Asia Pacific owing to the region's dominant share in the global market's volume. Players are
expected to continue being pulled towards this region over the coming years due to growth in its demand for convenience foods coupled with growing health concerns.
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