At 2.8% CAGR, the Middle East & Africa EVOH Resins Market for Food Application is projected to be worth US$ 13.95 Million by 2028, says Business Market Insights

According to Business Market Insights’ research, the Middle East & Africa EVOH resins market for food application was valued at US$ 11.82 billion in 2022 and is expected to reach US$ 13.95 billion by 2028, registering an annual growth rate of 2.8% 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.

Online sales channels are preferred by the consumers to purchase EVOH films for food packaging. Therefore, many companies focus on developing e-commerce websites to increase customer engagement. Industry analysis also indicates that rising demand for EVOH films among end-users is driven by changing market trends. In addition, increase in smartphone penetration is supporting the EVOH films demand.

Digital content, travel and leisure, financial services, and e-mail are e-commerce options available to an internet-accessible customer base, which is gaining traction as internet usage grows. Therefore, consumer awareness of the technology is expected to have a positive impact on the EVOH resins for food market growth. Moreover, COVID-19 pandemic crisis has transformed the way e-commerce functions. Growing small and medium enterprises at a significant rate, especially in Russia, and increasing number of start-ups have led to the adoption of online marketplace for business. Existing organizations and large businesses tend to do business online because telecommunications and infrastructure are cheaper. E-commerce allows organizations to easily reach customers to achieve the desired business results. Hence, the strong growth in the online retail sector for EVOH films would provide lucrative opportunities for the market in the coming years.    

On the contrary, presence of low-cost substitutes hurdles the growth of Middle East & Africa EVOH resins market for food application.

Based on application, the Middle East & Africa EVOH resins market for food application is segmented into films, trays, bottles, bag-in-box, and others. With 63.7% of market share the films segment dominated the market in 2022. It accrued US$ 7.53 billion in 2022 and is estimated to generate US$ 8.99 billion by 2028 to grow at a CAGR of 3.0% over the forecast period.

Based on end use, the Middle East & Africa 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 40.7% in 2022, amassing US$ 4.81 billion. It is projected to garner US$ 5.81 billion by 2028 to expand at 3.2% CAGR during 2022–2028.

Our regional analysis states that the UAE captured 37.2% market share in 2022. It was assessed at US$ 4.47 billion in 2022 and is likely to hit US$ 2.78 billion by 2028, exhibiting a CAGR of 2.0% during the forecast period.

Key players dominating the Middle East & Africa EVOH resins market for food application are Arkema, Chang Chun Group, Coveris, Kureha B.V., and Solvay S.A. among others.    

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