In 2021, the global sales of the Micro-Perforated Films Market were estimated to be US$1.4 billion. With a CAGR of 3.5%, the predicted market growth between 2022 and 2032 is expected to be slightly higher than historical growth, with the market size expected to reach US$ 2 billion by the end of the forecast period.
The primary revenue factors influencing Micro-Perforated Films demand include an increase in demand due to the increased use of protective packaging in fruits and vegetables, which extends their shelf life.
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Key Takeaways from the Study:
• In 2021, the market for micro-perforated films was estimated to be worth US$1.4 billion. According to Fact.MR, the Micro-Perforated Films Market sales will grow 1.4X between 2022 and 2032, reaching approximately US$ 2 billion in 2032.
• Polyethylene material-based micro-perforated films are expected to contribute for a CAGR of more than 3.9%.
• Fresh Fruits and Vegetables Packaging has the greatest CAGR of 3.3% from 2017 to 2021.
• The United States is the dominant country in the Micro-Perforated Films Market, with an absolute dollar growth opportunity of more than US$164 million.
In addition, government rules have a considerable impact on the demand for microperforated films. The Food and Drug Administration (FDA) claims that the US Federal Food, Drug, and Cosmetic Act requires packing materials to be secure when in contact with the product. The rule also ensures that the material's recycling value is secure and has minimum negative environmental impact. In the United States, all food packaging must get FDA clearance, a Finding of No Significant Impact (FONSI), and Environmental Assessment (EA) approval.
Competitive Landscape
Some of the recent developments in the Micro-Perforated Films Market are:
- In October 2019, to improve its new generation of extrusion presses and pre-tensioning equipment and to expand its offering for industrial and agricultural applications, Coveris started a significant project investment in the UK.
- In May 2019, Sealed Air has acquired a manufacturer of automated packaging systems, Automated Packaging System Inc. They possessed roughly 7 production facilities in the US and the UK, and the total transaction value was USD 510 million on a debt-free basis.
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The study reveals significant growth in the Micro-Perforated Films Market by Material Type (Polyethylene, Polypropylene, Polyethylene Terephthalate, and Other Material Types) and Application (Fresh Fruits and Vegetables, Bakery & Confectionery, Ready-to-Eat Food, and Other Application) across five regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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