LONDON--(BUSINESS WIRE)--Dec 5, 2018--Technavio ’s global perforated packaging film market research report projects the market to grow at a CAGR of approximately 8% during the forecast period.
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Technavio has released a new market research report on the global perforated packaging film market for the period 2019-2023. (Graphic: Business Wire)
The growing confectionery market in the US will be one of the major trends in the during 2019-2023. In 2017, the US confectionery market was valued at USD 36 billion and is anticipated to grow at a CAGR of 2% during the forecast period. The US confectionery market growth is expected to increase the demand for micro-perforated PP packaging films as these films are generally used for the packaging of bread, cakes, and sandwiches.
According to Technavio analysts, one of the key drivers for the global perforated packaging film market is the rise in global meat consumption:
Global perforated packaging film market: Rise in global meat consumption
In 2017, the global volume of fresh meat consumption reached around 250-260 million tons. Poultry is anticipated to show a higher consumption rate when compared with beef or veal. For instance, in 2016, the volume of poultry consumption across the globe registered a growth rate of around 3.90%-4.30%. The APAC and the European countries are expected to witness an increase in meat consumption, whereas in North America the meat consumption will be moderate.
According to a senior research analyst at Technavio, “The consumption rate of pork and poultry has increased due to the substitution of red meat with lean meat in North America and Western Europe. In 2017, Europe’s volume of pork consumption increased by around 5.9%-6.4%. The increase in fresh meat consumption is anticipated to increase the need for perforated packaging films.”
Global perforated packaging film market: Segmentation analysis
This global perforated packaging film market analysis report provides market segmentation by technology (laser perforation and needle perforation) and by region (the Americas, APAC, and EMEA). This report provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major technology segments, the laser perforation segment held the largest perforated packaging film market share in 2018, contributing to over 53% of the market. This technology segment will dominate the global market throughout the forecast period.
The APAC region held the largest share of the market in 2018, accounting for more than 43% share. It was followed by EMEA and the Americas respectively. The APAC region is expected to dominate the market throughout the period 2019-2023.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market ecosystemMarket characteristicsMarket segmentation analysis
Market definitionMarket size and forecast
Five Forces Analysis
Regional comparisonKey leading countries
Vendors coveredVendor classificationMarket positioning of vendorsCompetitive scenario
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INDUSTRY KEYWORD: MANUFACTURING PACKAGING
SOURCE: Technavio Research
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