Packing convenience, high safety and other valuable properties will continue to make dual-ovenable lidding popular amongst consumers. Dual-ovenable lidding films have emerged as a revolutionary way of packaging food that needs to be heated in an oven or microwave. Moreover, these packaging films are capable of providing a longer shelf life as well as persist the freshness and taste of the food item. These days, consumers are more inclined towards processed food products, instead of normal grocery shop products. Hence, packaging plays a significant role in the case of processed food products where they are needed to increase the shelf life of products.
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The advent of dual-ovenable lidding films has substantially reduced many of the complications of packaging processed food. PET is considered one of best types of dual-ovenable lidding films and is anticipated to witness a surplus demand over the next couple of years. Factors such as increased food safety and favourable consumer preference coupled with growing fast-food culture across the globe are expected to drive the global dual-ovenable films market in the forthcoming years. Future Market Insights’ latest report on the global market for dual-ovenable films reveals that by 2027-end, more than US$ 133 Mn worth dual-ovenable films will be sold worldwide.
The FMI report also estimates the market’s current value at little over US$ 73 Mn and expects it to expand at a CAGR of 6.1% during the forecast period (2017-2027). As per the report, technological advancements in dual-ovenable lidding films and mergers and acquisitions are key trends that will be governing the market by 2017 and beyond.
Key Highlights of the report titled “Dual-Ovenable Lidding Films Market: Global Industry Analysis and Opportunity Assessment, 2017–2027,” include:
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PET and PP dual-ovenable lidding film types collectively are anticipated to hold dominant value share of the market over 2027. By 2017-end, more than two-third of market revenues will be garnered by sales of PET and PP dual-ovenable lidding film types. Amongst seal types, peelable seals will continue to be highly preferred throughout the forecast period. During the same time, demand for permanent seals is expected to drop further.
Based on application, over US$ 62 Mn worth dual-ovenable lidding film is estimated to be used for meat product packaging by end of the forecast period. Meanwhile, application of dual-ovenable lidding film in packaging of prepared meals is set to increasing rapidly in the near future.
Amongst regions, APEJ is anticipated to witness a significant expansion of its dual-ovenable lidding film market, reflecting a CAGR of 7.2% over the forecast period. This is primarily owing to the increasing preference for convenient cooking practices coupled with rapid industrialisation in the field of packaging. North America, being a mature market will continue to hold its top position during the assessment period, followed by Europe.
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The report has also profiled some of the top companies operating in the global dual-ovenable lidding films, which include, Toray Plastics (America), Inc., Bemis Company, Inc., Sealed Air Corporation, Schur Flexibles Holding GesmbH, Sonoco Products Company, Golden Eagle Extrusions, Inc., DuPont Teijin Films U.S. Limited Partnership, TCL Packaging Ltd, Clifton Packaging Group Ltd, and Multi-Plastics, Inc