The global market of antimicrobial packaging was valued at USD 7.65 Billion in 2016 and is anticipated to reach USD 11.48 Billion by the end of 2024
The global market of antimicrobial packaging was valued at USD 7.65 Billion in 2016 and is anticipated to reach USD 11.48 Billion by the end of 2024 by expanding at a compound annual growth rate of 5.2% during the period 2017-2024. The usage of antimicrobial packaging in preventing the superficial evolution of bacteria and germs in food by using antimicrobial mediator where the large portion of spillage and contamination occurs is driving the growth of the market. Further, the growing demand for confectionary and bakery products is anticipated to benefit the expansion of the antimicrobial packaging market over the forecast period.
In the regional segment, Asia Pacific is anticipated to dominate the overall antimicrobial packaging market over the forecast period which can be attributed to the rising demand for food among people and increasing prevalence of diseases in the region. Further, increase in utilization of antimicrobial packaging is envisioned to drive North America antimicrobial packaging market with fastest growth rate over the forecast period.
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The antimicrobial packaging market has been segmented by type into commodity plastic, high performance plastic and engineering plastic. Among these segments, the commodity plastic segment is expected to dominate the antimicrobial packaging market over the forecast period. Growing population and need of germs-free food are the major factors that are driving the growth of the antimicrobial packaging market with robust pace.
Food & Beverages Industry Reflects Significant Opportunities
The antimicrobial packaging market is driving on the back of the consumption of antimicrobial packaging in various end user industries such as healthcare, food & beverages, personal care and others. Food & beverages industry is anticipated to garner more than half the market share as compared to other end-users. Additionally, lack of proper storage, growth in disposable income, increasing communicable diseases through microorganisms in the foodcombined with rising healthcare and hygiene concerns among people are some of the important factors that are anticipated to supplement the growth of the antimicrobial packaging market by the end of 2024.
However, cost effectiveness in raw material process is likely to inhibit the growth of the antimicrobial packaging market in the near future.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the antimicrobial packaging market which includes company profiling of Mondi Group, LINPAC Packaging, BioCote, Dunmore, King Plastic Corporation, OPLON, PolyOne Corporation, Microban, MicrobeGuard Corporation.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the antimicrobial packaging market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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