Microwave packaging: Key market research findings
- Convenient packaging drives market growth
- Frozen food packaging is the dominant shareholder in the market
- Key vendors—Amcor, Ampac Holdings, Berry Plastics, Graphic Packaging, Huhtamaki, Sealed Air, Sonoco, and WestRock
Technavio’s market research analysts predict the global microwave packaging market to grow at a CAGR of around 8% between 2016 and 2020. The introduction of convenient food packaging is the primary driving force behind growth in the market. Hectic schedules and busy lifestyles have spurred an increasing preference for microwavable food products that require minimum time and effort to open, carry, and store. Flexible packaging designs such as zippers, pouring spouts, peel-off lids, and microwavable pouches are convenient to use and dispose of, especially for people on-the-go. EMEA accounted for almost 37% of the market share to dominate the global microwave packaging market in 2015. Growth prospects in the emerging markets of Eastern Europe and the increased penetration of fresh food and shelf-stable meal in the retail food industry are some of the factors that will contribute to the growth of the microwavable packaging market in EMEA during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the microwave packaging segments based on application.
“An increase in the demand for small-sized packaging is the latest trend in the market. The rise in the number of single-person households triggers an increased demand for food products in small-sized packs. Besides, small-sized packages take up less shelf space and allows merchants to stock more goods. As a result, the packaging companies are emphasizing on expanding their product and material offerings to meet different customer requirements with solutions such as multipack and variety packs,” says Sharan Raj, Lead Analyst, Transportation & Logistics, Technavio Research.
Currently, the frozen food segment occupies more than 55% of the market space to dominate the global microwave packaging market. Factors that determine the type of packaging used include customer convenience, packaging design, product features, and material compatibility. Advancements in packaging technologies, increase in the number of small households, on-the-go lifestyles, the rise in disposable income are some of the factors that will fuel growth in the frozen food microwave packaging market in the coming years.
The key vendors in the global microwave packaging market include Amcor, Ampac Holdings, Berry Plastics, Graphic Packaging, Huhtamaki, Sealed Air, Sonoco, and WestRock. The global microwave packaging market is highly competitive owing to the presence of several large and small players. The local and regional vendors have started providing premium packaging solutions with high levels of customization at low prices than international suppliers. The new providers in the market are finding it increasingly difficult to compete with global vendors in terms of features, functionalities, and services. The competitive environment is expected to intensify with an increase in product extensions, innovations in technology, an increase in product extensions, and M&A.
A more detailed analysis is available in the Technavio report, Global Microwave Packaging Market 2016-2020.
- Global Food Packaging Machinery Market 2016-2020
- Frozen Food Packaging Market in the US 2015-2019
- Aseptic Packaging Market in the Americas 2015-2019
- Global Soft Drinks Packaging Market 2016-2020
