Report : North America 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 North America EVOH Resins Market for Food Application is speculated to be worth US$ 307.81 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America EVOH resins market for food application was valued at US$ 242.87 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.
Growing consumer awareness regarding the environmental concerns and strict government regulations related to the toxic packaging fuel the demand for EVOH resins in the food sector. To reduce the environment contamination, manufacturers are adopting eco-friendly packaging solutions, which, in turn, boosts the sales of eco-friendly materials.
Governments and manufacturers are providing funds in the research and development of innovative packaging solutions. Further, consumers are increasingly inclined toward green, low-carbon products to eliminate waste pollution. EVOH packaging is environmentally friendly because it has a low carbon footprint and can be easily recycled. Unlike plastic and paper containers, it does not produce waste and does not need wood cutting for raw materials. These benefits increase the demand for EVOH resins for eco-friendly food packaging, which propels the market growth.
On the contrary, presence of low-cost substitutes hurdles the growth of North America EVOH resins market for food application.
Based on application, the North America EVOH resins market for food application is segmented into films, trays, bottles, bag-in-box, and others. With 55.0% of market share the films segment dominated the market in 2022. It accrued US$ 133.61 billion in 2022 and is estimated to generate US$ 172.48 billion by 2028 to grow at a CAGR of 4.3% over the forecast period.
Based on end use, the North America 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 30.8% in 2022, amassing US$ 74.74 billion. It is projected to garner US$ 96.43 billion by 2028 to expand at 4.3% CAGR during 2022–2028.
Our regional analysis states that the US captured 87.0% market share in 2022. It was assessed at US$ 211.20 billion in 2022 and is likely to hit US$ 268.97 billion by 2028, exhibiting a CAGR of 4.1% during the forecast period.
Key players dominating the North America EVOH resins market for food application are Arkema, Chang Chun Group, Coveris, Kureha Europe B.V., Mitsubishi Chemical Europe GmbH, and Solvay S.A. among others.
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