The global electron high barrier packaging film market is expected to register a market value of US$ 25.32 billion in 2023 and is projected to accumulate a valuation of US$ 44 billion by exhibiting a CAGR of 5.6 % in the forecast period 2023 to 2033. The electron high barrier packaging film market registered a growth of 4.2% CAGR in the historical period 2018 to 2022.
Key Trends Influencing Market Growth
· The market for electron-high barrier packaging films is expected to grow as supermarkets and hypermarkets continue to increase in numbers around the world.
· Increasing demand for transparent and lightweight packaging solutions, particularly for electronic devices such as laptops and mobiles as well as food products like fruits, vegetables, and processed foods, will fuel the market growth.
· Due to their improved shelf life, ability to maintain food quality, and availability of cost-effective packaging materials, electron high barrier packaging films are in high demand in hypermarkets and retail supermarkets.
· According to the Food and Agriculture Organization (FAO), global meat consumption per capita in 2028 will be 35.2 kilograms, rising from 34.3 kilograms in 2019. This surging demand for meat across the globe is propelling the use of polyethylene, a high-performing barrier film.
· Demand from the pharmaceutical industry is also rising, attributed to the need for high levels of protection. Due to their durability, flexibility, and lightweight properties, high-barrier packaging films have found wide use in the healthcare sector.
Regional Outlook of Electronic High Barrier Packaging Market Expansion
Asia Pacific is expected to dominate the market, accumulating a 41% market share. The region will also witness a CAGR of 5.5% from 2023-2033. Growth is attributed to the continuing trend of consumerism in highly populated areas such as China and India.
According to the Organization for Economic Co-operation and Development, the pharmaceutical industry in India will grow by 232%, and China will see an increase of over 230% between 2017 and 2030. Thus, these advancing trends in the pharmaceutical industry would help fuel the demand for various high-barrier packaging products such as blister base films.
North America is projected to grow with a CAGR of 5.2% during the forecast period. The growth is attributed to the rising demand for packaged food and consumer products. Furthermore, increasing production and demand for milk and other beverages is also expected to augment the product demand in the forthcoming period.
What Drives the Growth of Electron High Barrier Packaging Film Market?
As the customers are becoming more and more inclined towards environmental issues, they are preferring the light-weight packaging solutions such as high barrier packaging films and are prioritizing the portable packaging in order to decline the waste.
Customers are paying more attention to the convenience factor and the “grab and go” products instead of buying in bulk, thereby resulting in increase in the demand for packaged foods. Moreover, excellent optics couples with easy peel options make the electron high barrier films all the more desirable.
These insights are based on a report Electron High Barrier Packaging Film Market by Future Market Insights.