Report : Asia Pacific EVOH Resins Market for Food Application Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Application (Films, Trays, Bottles, Bag-in-Box, and Others) and End-Use (Bakery and Confectionery; Beverages; Sauces and Dressings; Meat, Poultry, and Seafood; RTE Foods and Meals; and Others)
At 4.0% CAGR, the Asia Pacific EVOH Resins Market for Food Application is speculated to be worth US$ 207.88 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific EVOH resins market for food application was valued at US$ 154.83 billion in 2022 and is expected to reach US$ 307.81 billion by 2028, registering an annual growth rate of 4.0% from 2022 to 2028. Rising application in food packaging sector and various rules and regulations regarding use of sustainable eco-friendly packaging are the critical factors attributed to the market expansion.
EVOH resins are specially used as a barrier in packaging, such as films, trays, and bottles, via co-extrusion process to protect meals from oxygen, which can create moisture in packed food. The increasing population and rising per capita disposable income of consumers propel the demand for packed food. Growing demand for packaging offering high barrier properties and surging requirement to increase shelf life and consumer safety are among the factors boosting the need for EVOH resins in the sector.
Rising awareness regarding consumable hygiene and clean room packaging increase the EVOH application in the food packaging industry. Manufacturers are taking additional precautions to preserve the quality and shelf life of foods using technology-based packaging. Interactive food packaging is gaining popularity among health-conscious consumers. EVOH packaging offers value added solutions. Also, it is a cost-effective packaging solution that helps maintain the quality of food products in the supply chain in all environmental conditions. EVOH packaging also helps in inclusion of antimicrobial, antioxidants, and moisture absorbers in packaging, which delays ripening of food products and prolongs shelf life by reducing microbial growth. Further, with the increasing awareness about environmental pollution and global warming, consumers are preferring to use eco-friendly food packaging, which propels the demand for EVOH resins in the food packaging sector.
On the contrary, presence of low-cost substitutes hurdles the growth of Asia Pacific EVOH resins market for food application.
Based on application, the Asia Pacific EVOH resins market for food application is segmented into films, trays, bottles, bag-in-box, and others. With 59.1% of market share the films segment dominated the market in 2022. It accrued US$ 91.49 billion in 2022 and is estimated to generate US$ 124.74 billion by 2028 to grow at a CAGR of 5.3% over the forecast period.
Based on end use, the Asia Pacific EVOH resins market for food application is segmented into bakery and confectionery; beverages; sauces and dressings; meat, poultry, and seafood; RTE foods and meals; and others. The meat, poultry, and seafood segment held the largest market share of 36.3% in 2022, amassing US$ 56.16 billion. It is projected to garner US$ 77.51 billion by 2028 to expand at 5.5% CAGR during 2022–2028.
Our regional analysis states that the China captured 37.2% market share in 2022. It was assessed at US$ 57.62 billion in 2022 and is likely to hit US$ 79.66 billion by 2028, exhibiting a CAGR of 5.5% during the forecast period.
Key players dominating the Asia Pacific EVOH resins market for food application are Arkema, Chang Chun Group, Coveris, Kureha B.V., Mitsubishi Chemical Europe GmbH, and Solvay S.A. among others.
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