The oven bag market foresees its current market valuation at US$ 795.9 million in 2024 and is predominantly considered to surge at a valuation of US$ 1,090.6 million by 2034, projected at a CAGR of 3.2%.
Oven bags provide a practical substitute for conventional cooking techniques. They cut down on cooking time and do away with the need for numerous pots and pans consequently helping them to simplify the cooking process.
The popularity of oven bags has risen as they are used in preparing a wide range of items, like meats, poultry, fish, vegetables, and even desserts. Oven bags are versatile and are used for various recipes and cooking methods, like roasting whole chicken, steaming veggies, or baking fish fillets.
Customers with culinary skills enjoy experimenting with flavors and ingredients or discover new culinary skills that will find this variety appealing.
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Key Takeaways from the Market Study
The global ventilated bulk bags market, valued at US$ 23.0 billion by the end of 2022, has shown steady growth with a CAGR of 3.1% from 2018 to 2022. Looking ahead, the market is poised for significant expansion, projected to flourish at a CAGR of 7.1% from 2023 to 2033, reaching an anticipated market value of US$ 48.9 billion by 2033. This growth is largely driven by the increasing demand in the South Asia and Pacific region, which is expected to hold a dominant CAGR of 7.1% during the forecast period.
Key segments contributing to this growth include the circular/tubular construction segment and the fire woods or logs application segment, both expected to grow at CAGRs of 7.1% and 6.9% respectively by 2033. These projections indicate a robust future for the ventilated bulk bags market, underpinned by their versatile applications and rising demand across various regions and sectors.
Leading Key Players:
The oven bag market features several leading key players that drive innovation and quality in the industry. Notable companies include Flexipol Packaging Limited, known for its advanced packaging solutions, and Extra Packaging Corp, which emphasizes durability and convenience. Sunkey Plastic Packaging Co. Ltd and Sirane Ltd are renowned for their eco-friendly approaches. Terinex LTD and Yin Tian Industrial Co. Ltd offer diverse product ranges catering to various consumer needs. M&Q Packaging Ltd and Xiong Xian Xinhuarui Plastic Co. Ltd focus on high-performance materials, while Huangshan Sinoflex Packaging Co. Ltd and Reynolds Consumer Products are recognized for their robust and reliable oven bag products.
Some of the key developments are:
In 2023, Flexipol Packaging Limited focused on enhancing sustainability initiatives by introducing oven bags made from recycled materials or implementing eco-friendly manufacturing processes.
In 2023, Extra Packaging Corp invested in research and development by improving the functionality and versatility of its oven bags. This involves introducing innovative features like improved sealing mechanisms and heat resistance.
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