Strong Demand for Convenience Foods Drives Growth in the Global Microwave Packaging Market, According to a New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) July 24, 2013 -- Follow us on LinkedIn – Convenience has been the signature trend over the last couple of decades marking consumers’ desire for quick, efficient, time saving food solutions that simplify the complexity of elaborate food preparation. The heat-and-serve convenience trend has made microwavable food no longer an option but a necessity for modern time constrained consumers. Besides the convenience factor, growth in demand is also expected to be driven by urbanization, changing lifestyles, rising GDP, increasing awareness about the benefits of nutrient retaining packaging, scarcity of time, and smaller family sizes.
Another important driver is growing disposable incomes as a result of rapid economic expansion in the underpenetrated large emerging markets of Asia-Pacific and Latin America. As the market for microwave packaging is saturated in the developed economies of the US and Europe, Asia-Pacific has emerged as the prime destination for microwave packaging majors. Microwavable food products have made inroads into the general lifestyle of the people in the region. Dynamic growth in food processing is expected to make Asia-Pacific a global leader in food packaging over the next few years. Economic growth in the region, specifically India and China, would accelerate the shift towards processed and packaged foods. The huge proportion of microwavable foods that continue to be sold in the developing and underpenetrated Asian countries offers significant opportunities for growth.
Following several years of robust growth, the momentum of the global microwave packaging market decelerated over the period 2008-2009, a trickle-down effect of the tough business environment in the upstream packaging industry. However, resurgence in growth occurred in 2010 as companies began investing in technology development and new applications. Future outlook for the market remains robust driven by the omnipresence of microwave ovens, the widespread availability of microwaveable foods, technology innovations in microwave packaging, and growth in demand for convenience foods as a result of growing number of dual income households.
Innovations in microwave packaging formats such as microwave cooking bags, microwave containers, microwave cups, and pouch in a carton, among others, have ushered a new age of convenience cooking. The susceptor technology, which allows selective heating at different locations of the food by automatically manipulating temperature settings to meet unique requirements of assorted food products to prevent overheating and scorching, has revolutionized microwave packaged products.
As stated by the new market research report on Microwave Packaging, Europe represents the largest regional market worldwide, followed by the United States. Asia-Pacific represents the fastest growing market with a CAGR of 11.4% over the analysis period. Key growth drivers in the region include improved standard of living, increasing pace of modern life, ubiquity of microwave ovens, rising number of working women, and burgeoning demand for convenience food, among others.
Key players in the market include American Packaging Corporation, Ampac Packaging LLC, Amcor Limited, Bemis Company Inc., Berry Plastics Corporation, DNP America, Exopack, Graphic Packaging Holding Company, Huhtamaki Oyj, Mullinix Packages, Inc., Packaging Concepts Inc., Printpack Inc., Rock-Tenn Company, Rexam Plc., Sealed Air Corporation, Sirane Ltd., Silgan Holdings, Inc., and Sonoco Products Company, among others.
The research report titled “Microwave Packaging: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the microwave packaging market, industry overview, trends, growth drivers and issues, and recent industry activity. The report provides market estimates and projections for microwave packaging in US$ for major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World. Key applications analysed in the report include Fresh Food, Frozen Food, Shelf-Stable Meals, and Others.
For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Microwave_Packaging_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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