Antimicrobial Packaging Market to Reach $17.9 Billion, globally, by 2031 at 5.6% CAGR: Allied Market Research
An increase in demand for effective packaging, owing to health concern of the consumers drives the growth of the global antimicrobial packaging market.
PORTLAND, Ore., March 3, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Antimicrobial packaging Market by Material Type (Paperboard, Plastic, Biopolymers, Others), by Technology (Active Release, Controlled Release), by Packaging Type (Cartons, Bags, Pouches, Others) and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031" According to the report, the global antimicrobial packaging market size was valued at $10.3 billion in 2021, and is projected to reach $17.9 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities-
There is a rise in the demand for packaged food, owing to the surge in disposable income of people worldwide. In addition, R&D and advances in drug formulation are the two biggest market drivers for antimicrobial packaging market globally. However, the fluctuation in the cost of raw materials used in the manufacturing of antimicrobial packaging is one of the restraining factors hindering the growth of the market.
Covid-19 scenario-
- Volatility in prices of raw materials such as paper, fabric, plastics, and other materials lowered the market demand, thus impacting the growth of the antimicrobial packaging industry negatively.
- However, rise in organic growth strategies by the major key players has helped the market recover post-pandemic.
The plastic segment to rule the market-
By material type, the plastic segment held the major share in 2021, garnering around 60% of the global antimicrobial packaging market revenue. The biopolymers segment would showcase the fastest CAGR of 6.4% during the forecast period. The large-scale application of plastic packaging for retail and logistics industry is driving the segment growth.
The active release segment to maintain its dominance during the forecast period-
By technology, the active release segment contributed to the highest share in 2021, accounting for around 90% of the global antimicrobial packaging market revenue. The controlled release segment would showcase the fastest CAGR of 7.4% throughout the forecast period owing to growing food & beverage industry which is growing the adoption of controlled release in order to keep the products fresh and extend the life of food products.
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The pouches segment to dominate by 2031-
By packaging type, the pouches segment accounted for nearly 40% of the global antimicrobial packaging market share in 2021, and is expected to rule the roost by 2031. The cartons segment would display the fastest CAGR of 7.1% throughout the forecast period. This is due to the fact that antimicrobial packaging for food products increases their shelf life.
Europe garnered the major share in 2021-
By region, Europe garnered the highest share in 2021, holding nearly 35% of the global antimicrobial packaging market revenue in 2021, and is projected to retain its dominance by 2031. The LAMEA region would also portray the fastest CAGR of 8.0% during the forecast period. Growing acquisitions by antimicrobial packaging manufacturing companies in different countries of LAMEA have propelled the market growth.
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Leading Market Players-
- Avient Corporation
- BASF SE
- BioCote Limited
- Dow
- Dunmore
- Klockner Pentaplast
- Microban International
- Mondi
- Sciessent
- Takex labo Co., Ltd.
The report analyzes these key players in the global antimicrobial packaging market. These players have adopted various strategies such business expansion, and acquisition and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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