Global Antimicrobial Packaging Market: Snapshot
The increasing incidence of microbial infestation of packaged food is fuelling the growth of antimicrobial packaging market. In several parts of the world, strict regulations in place to safeguard the quality of packaged food, manufacturers of packaged food need to adhere to packaging guidelines laid down by statutory bodies. This is stoking demand for antimicrobial packaging solutions.
Moreover, rising foodborne and waterborne diseases, and growing awareness to minimize food wastage that can help with food shortage issues are some other key factors benefitting the antimicrobial packaging market.
On the flip side, lack of infrastructure for antimicrobial packaging facilities and lack of awareness are some bottlenecks to the growth of antimicrobial packaging market in emerging economies.
A report by Transparency Market Research projects the global antimicrobial packaging market to expand at a healthy CAGR of 5.6% between 2016 and 2024. At this pace, the market is likely to reach a valuation of US$11.88 bn by 2024, increasing from US$7.65 bn in 2016.
Favorable Physical Properties makes Plastics leading Material type
The report studies the global antimicrobial packaging in terms of packaging type, application, material, antimicrobial agents, and technology. By material, paperboards, plastics, tin, and other minority materials are key segments into which the antimicrobial packaging market is divided in this report. Of them, demand for plastics surpasses all because of their physical, chemical, and mechanical properties over other materials. Moreover, plastics allow easy insertion of vacuum or gas as antimicrobial agents. In addition, physical properties of plastics that allows them to be easy to mold, display sufficient elasticity, enable multi-layered packaging at affordable price, and is strong to be easily damaged account for their large share in the antimicrobial packaging market.
Based on antimicrobial agent, the global antimicrobial packaging market is divided into enzymes, metal ion and oxidizers, bacteriocins, essential oils, organic acids, and others. In terms of package type, the antimicrobial packaging is divided into bottles and cans, trays, bags, pouches, carton packages, cups and lids, and others. Application-wise, food and beverages, personal care, healthcare, and others are key end-use industries of antimicrobial packaging market.
Rapid Economic Growth pushes Asia Pacific to fore
Geography-wise, the global antimicrobial packaging market is divided into five key regions, namely North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Vis-à-vis revenue, Asia Pacific held the leading 33.3% of the market in 2015. The stellar growth of the region is attributed to rapid economic growth in emerging economies of the region over the past few decades.
Key companies operating in the global antimicrobial packaging market include LINPAC Senior Holdings Limited, BASF SE, PolyOne Corporation, Mondi plc, The Dow Chemical Company, Barr Brands International, and BioCote Limited.