Packaging materials: US microwave packaging market to reach US$2.5 Billion by 2015, says report

-- Packaging Digest, 6/14/2010 5:54:47 PM

Having witnessed deceleration in its growth over the last few years, the US market for microwave packaging is expected to reach US$2.52 billion by 2015. Growth in the short to medium term period will be driven by factors such as the trend towards take-home and packaged convenient frozen foods, increasing popularity of microwaveable foods and innovation in product offerings.

Consumers’ desire for food solutions, which are quick, efficient, time saving, and designed to simplify an elaborate food preparation, has been long driving technology developments in consumer electronics geared towards delivering the utmost level of convenience.

Microwave ovens, which during 1970s, invited lot of skepticism from wary skepticism by wary consumers unwilling to sacrifice quality, flavor or taste of foods, is today an indispensable part of every American household. The massive levels of market penetration witnessed for this consumer appliance, over the years, is the result of continued incremental improvements made in microwave technology. Against this backdrop, microwave packaging too has developed into a highly accepted and convenient packaging technology.

Growth in the US microwave packaging market has been decelerating over the last few years due to the trickle down effect of the tough business environment in the upstream packaging industry. Recession induced trends, such as reduced investments on new microwave packaging machinery and equipment, and lesser availability of financial resources for research and development have stifled innovation in this industry. However, with the recession at its tail’s end, a quick resurgence of growth is on cards, as companies start re-investing in technology development and new applications.

This represents a critical trend for the market’s inherent growth, given that packaging for microwaveable foods is extremely innovative and targeted to meet specific consumer requirements and unique food processors’ needs. Although, the performance of microwave packaging market for the years 2008 and 2009 has been quite lethargic, the trend towards take home food packaging has been the saving grace. Take home foods especially in the frozen foods category has been witnessing resilient growth against a backdrop of compromised consumer spending on consumer-packaged goods (CPG).

Microwave Packaging: A US Market Report
As stated by the new market research report on the US Microwave Packaging market, the frozen foods market has been the largest end-use segment for microwave packaging, contributing a share of about 57.83% in the total market revenue for the year 2009, while the fresh prepared foods market, remains the fastest growing end-use segment over the analysis period 2007-2015. By product type, microwavable foldable cartons and Trays have been the most prominent product segments.

Key players in this marketplace include American Packaging Corporation, Ampac Packaging, LLC, Associated Packaging Technologies, Inc, Amcor Limited, Bemis Company, Inc., Berry Plastics Corporation, E. I. Du Pont De Nemours And Company, Graphic Packaging Holding Company, Huhtamaki Oyj, Mullinix Packages, Inc., Packaging Concepts Inc., Printpack Inc., Rock-Tenn Company, Fold-Pak, Rexam Plc, Sealed Air Corporation, Silgan Holdings, and onoco Products Company among others.

The report titled “Microwave Packaging: A US Market Report” announced by Global Industry Analysts, Inc., provides a review of noteworthy market trends and growth drivers. The report in addition also enumerates product introductions, recent acquisitions, and other strategic industry activities. The report offers latent demand estimates and projections in value sales (in US$ million) for the US Microwave Packaging market by product segments, such as, Trays, Folding Cartons, Cups, Tubs, & Bowls, Bags & Pouches, Sleeves and Others and by Packaging Application such as Fresh Prepared Foods, Frozen Foods, Shelf-Stable Meals and Others.

For more details about this market research report, please visit –
http://www.strategyr.com/Microwave_Packaging_Market_Report.asp

SOURCE: Global Industry Analysts, Inc.

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