The global Antimicrobial Packaging market is expected to value at USD 11.92 billion by 2024. The antimicrobial packaging industry is subject to witness a substantial growth due to the rising demand for advanced packaging solutions in confectionery and bakery sectors. Antimicrobial type of packaging is gaining popularity in preservative free food products that need minimal processing and are perishable.
Increasing level of awareness associated with consumer health and longer shelf life of products are expected to fuel market demand for antimicrobial packaging solutions over the next seven years. Globally, the antimicrobial packaging market is predicted to grow at a CAGR of 5.0% in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.
The factors affecting the growth of antimicrobial packaging industry are varying food preferences, enhancements in living status, and rising disposable earnings. Furthermore, implementation of modern techniques in packaging sector, and rising preference towards food safety concerns, are predicted to uplift the demand for antimicrobial packaging over the forecast period.
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The other factors that are significantly contributing to industry growth include growing demand for hot and easily available packaged food products coupled with soaring demand for convenient & sustainable packaging solutions. Increasing demand for bioplastics and metal composites of aluminum, steel, and plastic grades like polyethylene terephthalate (PET) & polyethylene (PE), glass, and paper for convenient & sustainable packaging solutions, are expected to drive market growth of antimicrobial packaging market. Rapid industrialization in BRICS economies such as Brazil, Russia, India, China and South Africa is expected to stimulate market growth of antimicrobial packaging in the upcoming years.
Aggressive marketing by the industry players and numerous brand improvement efforts by energy drink manufacturers are attracting more consumers, thus driving market demand for enhanced beverage packaging solutions. Increasing popularity of the ready to drink (RTD) beverages coupled with increasing number of local manufactures across the globe are anticipated to boost market demand for advanced antimicrobial packaging solutions.
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However, the major task of antimicrobial packaging is to preserve the quality of the stored food product. The antimicrobial packaging solutions not only provide prevention from the downgrading and spoilage in the food but also preserve the food products by maintaining quality with regards to its appearance, odor, taste and vitamin content. The use of the antimicrobial packaging enhances the commercial value of the food product and limits financial loss for the food manufacturer.
The antimicrobial packaging industry is broadly categorized into three major segments based on the application type such as food & beverage industry, healthcare sector and personal care& cosmetics industry. The food & beverage industry is considered as one of the fastest growing segment in the with substantial revenue generation in the last few years. Growing popularity of antimicrobial packaging solutions in the food & beverage segment is attributed to the changing food preferences and rising disposable income. The personal care& cosmetics segment has also witnessed substantial growth owing to the increasing demand for personal care products from Asia Pacific & North America region.
The antimicrobial packaging market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in packaging sector, increase in the number of research & development activities in the region and existence of well-established infrastructure. Asia-Pacific region is predicted to hold major market share in antimicrobial packaging with massive growth in forecast period.
Countries such as India, China and Singapore are leading the Asia-Pacific market with changing food preferences, rising per capita income, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the antimicrobial packaging industry are Mondi Plc, BASF Group, Dow Chemicals Co., Dunmore Co., PolyOne Co., Linpac Senior Holdings, Inc., Bicote Co., Microban International, Inc., and Agion Colorcon Co.
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