A recent report published by Infinium Global Research on the high barrier packaging films market provides an in-depth analysis of segments and sub-segments in the global as well as regional high barrier packaging films market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional high barrier packaging films market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global high barrier packaging films market. According to the report, the global high barrier packaging films market is projected to grow at a CAGR of 5.6% over the forecast period of 2021-2027, growing from nearly USD 9.5 billion in 2020 to about USD 13.1 billion in 2027.
High barrier packaging films are one of the revolutionary developments in the packaging industry. Various materials are used to make high barrier packaging films including polyethylene, polypropylene, polyethylene terephthalate (PET), and polyvinyl chloride. Compared to conventional packaging materials, high barrier packaging films displays excellent barrier properties against moisture, gas, and temperature. Moreover, high barrier packaging films are believed to preserve the attributes of the packaged products such as taste, texture, color, and consistency. The absorption and the bioavailability of nutrients in high barrier packaged foods are expected to be better than the conventional plastic or paper packaging. Along with the food & beverage industry, pharmaceuticals and agriculture industries are increasingly adopting high barrier packaging films for their products.
The spread of the COVID-19 pandemic exerted pressure on the food and pharmaceutical industry. The demand for food products and pharmaceuticals increased during the pandemic, as many people were buying excess foods and pharmaceuticals to stockpile for future needs. Many foods and pharmaceuticals use high barrier films for their packaging. This, in turn, augmented the demand for high barrier packaging films during the period of pandemics. However, the global supply chains were hit hard by the spread of the novel coronavirus. Several governments executed stringent restrictions on the transport of goods as a preventive measure for pandemics. Disrupted logistics was one of the major obstacles for the high barrier packaging films market during the period of COVID19. Nevertheless, the supply chain and logistics came back to their normal state as the pandemic crisis was controlled.
The growing demand for innovative packaging material to enhance the shelf life of the products is expected to majorly drive the growth of the high barrier packaging films market. High barrier packaging films have better moisture, heat, and air barrier as compared to conventional plastic or paper packaging. Improved moisture, heat, and air resistance provided by the high barrier packaging films keep the food products and pharmaceuticals inside the packaging unchanged. Moreover, the increasing sale of packaged food is anticipated to propel market growth. The fast-paced lifestyle of working-class people has changed their eating habits. Rapid industrialization and urbanization in developing economies have encouraged consumers to buy and consume packaged foods. This, in turn, augments the demand for high barrier packaging films for food products. However, the negative environmental effect of high barrier packaging is majorly restraining the market growth. On the other hand, a rise in the investment for R&D of innovative packaging materials is expected to offer favorable opportunities for high barrier packaging films over the forecast period.
Among the geographies, the Asia Pacific region is expected to hold the largest share in the global high barrier packaging films market. The industry is expected to offer huge opportunities for market growth on account of the presence of a larger consumer base. Furthermore, the easy availability of raw materials in the region is expected to support the market growth. The expanding food and pharmaceutical industries along with the increasing government budget for the healthcare sector in Asian countries are anticipated to boost the market growth across the region. On the other hand, North America held a significant share in the global high barrier packaging films market. The presence of big packaged food and pharmaceutical industry in the region coupled with the growing e-commerce industry is driving the growth of the high barrier packaging films market in North America.
The report on global high barrier packaging films market covers segments such as material, packaging type, and end user. On the basis of material, the sub-markets include polyethylene, polypropylene, polyethylene terephthalate (PET), polyvinyl chloride, and others. On the basis of packaging type, the sub-markets include bags & pouches, lids, stretch & shrink wraps, laminated tubes, and others. On the basis of end user, the sub-markets include food & beverage, pharmaceuticals, agriculture, chemicals, and others.
The report provides profiles of the companies in the market such as Amcor plc, Berry Global Inc., Sealed Air Corp, Mondi Plc, Glenroy, Inc., Ampac Packaging LLC, Toray Plastics (America) Inc., Constantia Flexibles Group GmbH, Huhtamaki Oyj, and Cosmo Films Limited.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the high barrier packaging films market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.