Fact.MR, a market research and competitive intelligence provider, reveals that currently, the global microwave packaging market is valued at US$ 17 billion and is forecasted to reach a market size of US$ 36 billion by 2032.
The requirement for simple and portable packaging options, such as flexible packaging, is driving the demand for microwave packaging. Plastic microwave packaging is highly preferred due to its practical and affordable packaging qualities. Rising demand for frozen food packaging products from many food service outlets is driving market expansion.
Consumer preferences have changed toward food products that require less time to prepare than a traditional home-cooked dinner, which is one of the main drivers fueling market revenue growth. Increased urbanization and a fast-paced lifestyle are the reasons for this trend. Industry growth is being fueled by a rise in the consumption of ready-to-eat meals as well as changes in family dynamics and the participation of more women in the workforce.
Demand for bags and pouches is rising due to several causes, including changing lifestyles, rising disposable income, and the quick urbanization of developing countries. Plastic bags come in a variety of sizes and forms. The need for bags in the packaging of frozen food products is being further fueled by their capacity to withstand temperature changes.
Key Takeaways from Market Study
- The microwave packaging market is predicted to develop at a CAGR of 7.8% during the projection period.
- Market in Canada is projected to progress at a CAGR of 7% over the forecast period (2022-2032).
- Demand for shelf-stable meals is anticipated to rise at a CAGR of 7.5% from 2022 to 2032.
- Market in Germany is set to evolve at a CAGR of 5% through 2032.
“Demand for frozen food packaging is expected to increase over the forecast period due to technological advancements, including better package designs for storing, protecting, and promoting the product. Several value-added features such as zippers, top notches, and the use of premium artwork are anticipated to support market expansion,” says a Fact.MR analyst
Winning Strategy
Leading market players are concentrating on improving the quality of their products to gain a larger share in the global market. To increase their overall profitability, key businesses aim to boost their production and supply of microwave packaging.
Mid-size to smaller businesses are expanding their market presence by gaining new agreements and by accessing new markets using innovative and stylish packaging designs. Leading packaging firms’ ongoing investments in R&D initiatives have encouraged the emergence of a number of packaging technologies in recent years.
For instance,
- Amcor successfully acquired Bemis, resulting in the establishment of a company with One GREAT Future: unparalleled knowledge and health, a wide reach and scale, industry-leading operations and creativity, and a strong commitment to sustainable development. By expanding its product offerings, the decision helped the corporation expand its commercial reach.
