The dual ovenable lidding films market registered strong growth with worldwide revenues up 2.8% in 2023. A new forecast by Future Market Insights (FMI) estimates that revenue will nearly double between 2023 to 2033, reaching nearly USD 142.3 million in 2033 at a ten-year compound annual growth rate (CAGR) of 5.6%.
Despite stagnant sales amid COVID-19, dual ovenable lidding films demand will surge, albeit gradually. It is forecast to reach nearly 47 thousand tons by the end of 2022. The market has been projected to expand at 5.3% CAGR over the forecast period, in terms of volume.
| Attributes | Details |
|---|---|
| Dual Ovenable Lidding Films Market Share (2022) | USD 82.5 million |
| Dual Ovenable Lidding Films Market Size Value (2023) | USD 84.7 million |
| Dual Ovenable Lidding Films Market Size Value (2033) | USD 142.3 million |
| Dual Ovenable Lidding Films Market Growth Rate (2023 to 2033) | 5.6% |
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The global dual ovenable lidding films market is primarily driven by the increasing demand for protective packaging in the food sector. FMI has forecast the sales to rise at a CAGR of 5.3% CAGR between 2023 to 2033 against 3% CAGR recorded during the years 2016 to 2022.
| Market Statistics | Details |
|---|---|
| Jul - Dec (H2), 2022 (A) | 2.60% |
| Jan - Jun (H1),2022 Projected (P) | 2.70% |
| Jan - Jun (H1),2022 Outlook (O) | 2.80% |
| Jul - Dec (H2), 2022 Outlook (O) | 2.40% |
| Jul - Dec (H2), 2022 Projected (P) | 2.80% |
| Jan - Jun (H1), 2023 Projected (P) | 3.0% |
| BPS Change : H1,2022 (O) - H1,2022 (P) | (-) 20 ↓ |
| BPS Change : H1,2022 (O) - H1,2021 (A) | 10 ↑ |
| BPS Change: H2, 2022 (O) - H2, 2022 (P) | (-) 40↓ |
| BPS Change: H2, 2022 (O) - H2, 2022 (A) | (-) 20↓ |
Key players in the market are consistently working to improve their product appeal and brand visibility through marketing and promotion techniques. These activities will boost sales and increase consumer preference for these products.
Manufacturers and brand owners are capitalizing on latent opportunities for the usage of dual ovenable lidding films as a promotional medium. To attract consumers, several manufacturers offer a variety of printing and embossing alternatives.
Due to their strong barrier properties against air, moisture, and bacteria, dual ovenable lidding films are widely recommended for packaging meat and other perishables. Manufacturers are partnering with retailers and distributors to effectively reach customers.
Emerging economies are allowing direct investments from industrialized countries in the wholesale sector, which will boost dual ovenable lidding film sales.
The food industry has registered positive expansion around the world, particularly in developing countries with annual growth rate of more than 10%. This, coupled with expansion of the food service sector will create opportunities for growth.
India is one of the top five packaged food markets and is therefore a lucrative market for dual ovenable lidding films. Customized packaging for food products is increasing in popularity, which is projected to boost sales in the coming decade.
The global dual ovenable lidding films market is primarily driven by application in the food industry. This is due to an increase in demand for convenience foods such as prepared meals, frozen foods, and meat due to their ease of purchase and consumption.
The food industry’s growth is predicted to create attractive prospects for manufacturers around the world. Furthermore, by 2030, more than 60% of the world’s population will be living in urban areas.
This will increase the demand for single-serve meals including frozen foods, processed meat, and a variety of other items, bolstering sales prospects for the near future. Key manufacturers are increasingly aiming to manufacture recyclable offerings.
Nevertheless, sales are likely to rise because of demand for clean and convenient methods of carrying packaged meals from retail shelves to consumers’ homes. Consumers are spending on processed food which will boost sales in the near future.
Increasing demand for sustainable packaging solutions among customers and strict recycling requirements have fuelled demand for decomposable dual ovenable lidding films.
| Attributes | Statistics |
|---|---|
| The United States Market Value 2022 | USD 26.6 million |
| The United States Market Share | 32.3% |
According to FMI analysis, North America is one of the most attractive markets for dual ovenable lidding films. The United States is expected to hold around 93.5% of market share in the North American region, by 2033.
Consumers in the United States are inclined towards packaged and processed foods. Factors such as demand for longer shelf life, concerns pertaining to safety of food, and a growing fast-food culture, are anticipated to drive the global market in the near future.
The United States is considered one of the world's largest markets for food and is considered one of top five countries for meat products. The rising demand for packaging food in the USA is creating a conducive environment for sales.
The dual ovenable lidding films market in France is expected to expand at a moderate CAGR of 5.8% during the forecast period. The ready meals sector is expected to hold a market share of around 23.7% in 2023, which is attributable to the expansion of fast-food channels in the country.
The presence of leading players also is creating lucrative opportunities for growth. France leads the Europe market in terms of protective food packaging. Considering this, dual ovenable lidding films is increasingly used for packaging of prepared meals, frozen foods, and meat products has generated strong demand in France.
| Attributes | Statistics |
|---|---|
| Germany Market Value 2022 | USD 6.4 million |
| Germany Market Share | 7.8% |
Germany is one of the key producers in the food and beverage sector, and is expected to hold a market share of 30.6% in the Western Europe dual ovenable lidding films market, by 2033. According to the European Commission, the European Union’s food and beverage industry is the biggest manufacturing sector in terms of EU laws and standards in the agriculture, animal husbandry and food production sectors.
European regulators cover food production and processing within the Europe, while aiding import and export of goods, which is bolstering the demand for dual ovenable lidding films.
| Attributes | Statistics |
|---|---|
| India Market Value 2022 | USD 1.7 million |
| India Market Share | 2% |
The dual ovenable lidding films market in the India is expected to expand at a moderate CAGR of 5.5% through the year 2033. The expansion of the food & beverage industry will present attractive prospects for manufacturers in the country.
According to the India Brand Equity Foundation (IBEF), in the next 5-10 years, the Indian packaged food industry is forecast to double and reach USD 70 billion, pushed by factors such as economic growth and demographic dividends.
The rising production of packaged products in India has increased the demand for dual ovenable lidding films due to its protective features. Moreover, the in-state consumption of packed foods within India has risen due to the surge in population supporting the prospects of market players.
| Regional Pad Printing Machine Markets | CAGR (2023 to 2033) |
|---|---|
| United Kingdom | 4.1% |
| China | 7.1% |
| India | 5.5% |
As per the FMI analysis, peelable seals are most preferred choices among end users and packaging food manufacturers. These products are comparatively easy to use and offer increased convenience.
Consistent demand for peelable seals is driven by their affordable pricing. On the back of these factors, this segment is expected to create an incremental opportunity of USD 61 million, by the end of 2033.
Polyethylene terephthalate (PET) and polypropylene (PP) are the most preferred materials for manufacturing dual ovenable lidding films and will hold a collective market share of 89.3% in 2023.
The demand is expected to increase further as food producers’ focus on safeguarding food products, while maintaining shelf-life attributes of packaged food. Pricing is based on material and the market has a wide range of options.
Polypropylene is anticipated to witness high pricing in the coming decade. The restrictions towards the usage of plastics are encouraging the consumption of biodegradable items among manufacturers. Pricing for polyethylene and polyethylene terephthalate is economical for small and medium scale manufacturers.
Meat product packaging applications are predicted to hold a market share of around 45.8% in 2023 and beyond. The increased consumption of products such as prepared meals, frozen foods, dairy products, and others are increasing among consumers.
Companies operating in the dual ovenable lidding films market are aiming for strategic collaborations and partnerships with other manufacturers to expand their product portfolio.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2016 to 2022 |
| Market Analysis | USD million for Value and Tonnes for Volume |
| Key Regions Covered | North America; Latin America; APEJ; Western Europe; Eastern Europe; MEA; and Japan |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Russia, Poland, China, India, Australia & New Zealand, GCC Countries, South Africa, and North Africa |
| Key Segments Covered | Material type, Seal type, Applications, and Region |
| Key Companies Profiled | Amcor PLC.; Berry Global, Inc.; Sealed Air Corporation; Sonoco Products Company; Schur Flexibles Holding GMBH; Toray Plastics (America), Inc; DuPont Teijin Films USA Limited Partnership; Terphane Inc; Flair Flexible Packaging Corporation; Alert Packaging Ltd.; Sirane Ltd.; Clifton Packaging Group Ltd.; Coveris, Inc.; Multi-Plastics Extrusions, Inc.; FFP Packaging Ltd |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market attained a value of USD 82.5 million in 2022.
Key players in the market are consistently working to improve their product appeal and brand visibility through marketing and promotion techniques.
Introducing biodegradable and eco-friendly lidding films is a futuristic opportunity for key players.
Amcor PLC, Berry Global, Inc., and Sealed Air Corporation are key market players.
Peelable seals are the preferred choice among end users and packaging food manufacturers.
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