Market Research Future (MRFR) announces the publication of its Cooked Research Report — Global PET Lidding Films Market 2020–2027.
PET Lidding Films Market is expected to reach a market size of USD 995.4 Million by 2027 and expand at 6.7% CAGR during the forecast period.
The report covers segmentation and drivers for a better glimpse of the market in the coming years. The PET lidding films market has registered significant growth in adoption rates over the past few years, due to the growth of the food & beverage industry, and increased demand for processed & convenience food
The global PET lidding films market is characterized by a moderate number of players that operate at the global and regional levels. The players embrace strategies such as mergers & acquisitions, product development, and expansion to enhance their position in the global market. High competition, rapid changes in technology, and integrated solutions by industry participants are the key factors that impact market growth. Vendors compete in terms of cost, product quality, and reliability. It is essential for these players to offer cost-effective and superior products and services to succeed in the competitive market environment.
The growth of the market vendors depends on the market conditions, government support, and industry development. Thus, they should focus on improving their products and expanding their market presence. Amcor PLC(Australia), Berry Global Inc(US), Sealed Air Corporation(US), Mondi(Austria), Uflex Ltd(India), being the leading players, held nearly 28.46% of the market share in 2020.
Plastopil (Israel), Wipak Walsrode GMBH & CO. KG (Germany), Clifton Packaging Group Limited(UK), Impak Films Pty. Ltd (Australia) are some of the other key players operating in the global PET lidding films market.
The increased number of working populations, demand for dairy products, and consumption of conveniently packaged food products are some of the factors to propel the market growth. The global PET lidding films market has been segmented based on product type, application, end use, and region.
On the basis of material, the global PET lidding market has been segmented into high barrier lidding films, dual-ovenable lidding films, resealable/reclosable films, specialty lidding films, and breathable lidding films. In 2020, the high barrier lidding films segment accounted for the largest market share of 51.1% of the overall PET lidding films market. It is expectedto register a significant CAGR during the projected timeframe.
On the basis of application, the global market has been segmented into trays, cups, others, and jars & bottles. In 2020, the trays segment accounted for the largest market share of 32.5% of the overall PET lidding films market. It is projected to grow at a lucrative CAGR during the forecast period.
Based on end-use, the global market has been segmented into food & beverage, pharmaceutical, and others. In 2020, the food & beverage segment accounted for the largest market share of 71.8 % of the overall PET lidding films market. It is projected to grow at a significant CAGR during the forecast period.
By region, the PET lidding films market is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Europe region is one of the prominent regions in the PET lidding films market in 2020, owing to factors such as rising investment by the companies in the packaging of food &beverage and pharmaceutical products. The region has witnessed tremendous growth in the medical sector. This has increased the need for PET lidding films in the pharmaceutical industry. The food & beverage industry holds the biggest share of the domestic market in the region due to the increasing dependency on packaged food and beverages in the region.
Europe comprises Germany, the UK, France, Spain, and the rest of Europe. The region holds the largest share of the PET lidding films market. It is home to several major companies, such as Mondi Group and Wipak Walsrode GmbH & Co. KG, which support the growth of the market for PET lidding films.
In Germany, PET lidding films are gaining popularity owing to the growing awareness and preference for fresh food items among consumers. Additionally, the increasing focus on controlling the quality of food items by increasing their shelf-life has prompted food packaging manufacturers to come up with new packaging solutions for food packaging, including PET lidding films.
Germany is one of the EU's top processed food manufacturers. The increase in per capita disposable income of individuals in the region, the rise in demand for convenience food, and growing awareness of packaged food among consumers are driving the growth of the PET lidding films market in the country. The packaging market is customer-oriented and is driven by the increase in demand for extended product shelf-life.
Moreover, governing authorities are taking initiatives to develop smart packaging for food products to cut down on food wastage and packaging waste. These factors are expected to drive the market for PET lidding films in Germany during the forecast period.
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