MICROWAVE PACKAGING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
The global microwave packaging market is estimated to be valued at USD 16.87 Bn in 2024 and is expected to reach USD 32.33 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.7% from 2024 to 2031. The global microwave packaging market has been gaining significant traction over the past few years due to the increasing demand for convenient and ready-to-eat food products. Microwave packaging helps in heating food products evenly and maintaining their quality while cooking through microwaves. The rising working population demanding easy meal solutions and busy lifestyles have been driving the sales of microwaved meals, thereby fueling the demand for efficient microwave packaging materials and solutions. Moreover, continued technological advancements in microwaveable food packaging such as improved insulation and barrier properties are further expanding the applications of microwave packaging in the food processing industry.
Market Dynamics:
The key drivers propelling the growth of the global microwave packaging market include growing urbanization, increasing disposable incomes, and preference for convenience food among millennials and working professionals. However, high costs associated with the manufacturing of microwave-safe packaging materials along with growing concerns regarding packaging waste have been obstructing the market growth. Furthermore, ongoing R&D to develop biodegradable and eco-friendly packaging solutions without compromising on product shelf-life and microwave compatibility are expected to present lucrative opportunities for microwave packaging manufacturers over the forecast period.
Key Features of the Study:
- This report provides in-depth analysis of the global microwave packaging market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global microwave packaging market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include Amcor plc, Sealed Air Corporation, Berry Global, Inc., Sonoco Products Company, Mondi Group plc, Smurfit Kappa Group, Huhtamaki Oyj, Reynolds Group Holdings Limited, WestRock Company, Printpack, Inc., Klabin S.A., LINPAC Packaging Limited, AEP Industries Inc., Pactiv Evergreen Inc., and ProAmpac LLC
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global microwave packaging market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global microwave packaging market
Market Segmentation
Market Segmentation
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