Valuation may reach $11.5 billion this year; Asia-Pacific to be most lucrative market
Demand for antimicrobial packaging is accelerating thanks to the growing demand for packaged food, according to a new market analysis. Globally, antimicrobial packaging is expected to register a market value of $11.5 billion in 2023.
A major shift in lifestyle, growing demand for packaged foods and a sizeable increase in the number of health-conscious consumers are driving the growth, said the upcoming report on the antimicrobial packaging market by research organisation Future Market Insights.
The report projected that the antimicrobial packaging market will grow to approximately $20 billion by 2033 at a compound annual growth rate of 5.7 per cent.
Asia-Pacific is poised to be the most lucrative market for packaging with antimicrobial properties, the report further said. This can be attributed to the rising demand for packaged food coupled with a bourgeoning healthcare and pharmaceutical industry in the region.
Moreover, it was projected that in the next five years, healthcare spending in the Asia-Pacific is poised to grow by approximately 40 per cent, expanding at a rate two times the world average.
North America is another growing market for antimicrobial packaging, the report said. Consumption of packaging rose by around 10 per cent in the region in 2012-2016 and is further expected to rise by around 20 per cent by the end of 2022.
Increased packaging consumption and demand for safe and microbial-free packaged products are projected to drive the market in the long run, the analysis said. Moreover, high government spending on healthcare, especially in the United States, has provided a surge in demand for packaging with antimicrobial properties.
Packaged food has always been a major health concern. Government authorities across the globe have established many regulations related to food packaging, which is positively affecting the market growth, a report overview said.
The healthcare industry has been experiencing substantial growth in recent years, which will directly amplify product sales in the forecast period, the analysis said. Antimicrobial packaging is widely employed for preservative-free food products, which require negligible processing and are prone to decay.
Growing awareness regards to consumer health and the improved shelf life of products has led to the increased use of antimicrobial packaging in recent years, the research pointed out. This trend is most likely to continue in the forecast period as well, which will proliferate product sales.
Another April 2023 report on the global antimicrobial plastics market had estimated its value at $41.7 billion in 2022. The research had suggested the plastics market can go up to $64.8 billion in value by 2028.
The growth of the healthcare, automotive and building & construction industries is driving the demand for antimicrobial plastics, the analysis said. Packaging is expected to be the second fastest-growing type of the antimicrobial plastics market, in terms of value, to 2028 from 2022, it added.
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