The global antimicrobial packaging market depicts an intensely competitive and fragmented landscape, thanks to large number of global and small players, reports Transparency Market Research (TMR). Some of the main players in the antimicrobial packaging market are BASF SE, Sciessent LLC, The Dow Chemical Company, and Takex Labo Co. Ltd.
Main players in the antimicrobial packaging market are focused on expanding their global footprint through collaboration and innovation. Main players in the antimicrobial packaging market are focused on developing new agents.
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Additionally, vulnerability of antimicrobial compounds in relation to widely used packaging polymer, presents a major challenge for end-use industries such as food & beverage. Development of biopolymers and advanced coating technique promise lucrative opportunities for players in the antimicrobial packaging market.
According to TMR, the antimicrobial packaging market is likely to register a 5.1% CAGR during 2016-2024. The health CAGR is expected to help the market up its evaluation from US$10.28 bn in 2016 to US$15.31 bn by 2024 end. Rising demand for plastic packaging is expected to drive this growth in the near future.
The rising demand for food products and large population in Asia Pacific are also expected to become a boon for the antimicrobial packaging market during 2018-2024. The region led the global market in terms of revenue share in 205, accounting for a total 33.3%. The antimicrobial packaging market in Asia Pacific is anticipated to lead growth in the near future.
Food Security a Major Opportunity for the Antimicrobial Packaging Market
According to Centers for Disease Control and Prevention (CDC), annually 48 million (or 1 in 6) Americans fall sick due to food. Food contamination occurrences are common in popular food products such as meats, fruits-nuts, root vegetables, and leafy vegetables. Additionally, despite 9 million of food borne illness cases resulting from known pathogens, food contamination still presents a major headache for the food and beverage industry. Complete food security is a distant dream for the industry, due to complex logistics such as transportation, food handling, and post-production handling as well. In 2000, 500 million eggs from two Iowa producers were recalled after a major Salmonella detection.
In the near future, food contamination is likely to become a bigger issue as limiting land use drives more farmers towards chemical fertilizers and pesticides.
Food contamination can result in commercial loss due to contamination during storage, product recalls, and sometimes major liabilities as well. Hence, major costs associated with liabilities, food recalls, and stringent regulations regarding food safety are expected to drive the antimicrobial packaging market in the near future.
Fresh Food Products Propel the Antimicrobial Packaging Market
In major markets like the US, consumers are increasingly demanding fresh food products. Growing awareness regarding the harmful effects of food presents new opportunities for food and beverage industry. Despite the high costs of organic foods, markets in the US are adopting these trends quickly. This is expected to grow revenue for food producers and drive more growth for the antimicrobial packaging market as well.
Additionally, regions such as Asia Pacific are experiencing major growth in food production as well as demand. Growing modernization of agriculture is leading to increased supply and increased risks related to food contamination. Growing disposable income in this region, is expected to fuel these trends further during the forecast period.
This post was originally published on Market Reports