Increasing preference for efficient storage and food packaging solutions is fueling the demand for freezing bags. The global freezing bags market is exhibiting steady growth and the trend is expected to continue for the forecast period between 2021 and 2031.
Rising demand for packaged food and growing disposable income of consumers are some of the key factors, fueling the freezing bag market growth across the globe. Besides this, increasing use of freezing bags for fruit, vegetables, and meat industries has created opportunities for growth of the global market for freezing bags, as per a study by Fact.MR.
Despite the growth, the COVID-19 outbreak had a major impact on the world economy. The pandemic had caused severe economic destruction due to the closure of manufacturing units and choked supply chain and logistics. Nonetheless, pharmaceutical and food industries are expected to emerge stronger as governments slowly ease restrictions imposed. With demand forecast to rise in the future, sales of freezing bags will continue rising at a positive rate.
Asia-Pacific accounted for the largest market share during the forecast period. The increasing middle-class population and rise in their purchasing power are factors escalating the growth freezing bags market. Furthermore, the surging food industry in countries like China and India is expected to propel the market growth.
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Key Takeaways
- The U.S exhibits high growth in the global freezing bags on the back of sophisticated lifestyles of the people and the growing food industry.
- Growing urban population and increasing consumption of packaged food are the factors driving the growth of the freezing bags market in the U.K.
- In terms of region, Asia Pacific is expected to dominate the freezing bags market due to its large consumer base and increasing inclination towards processed and frozen foods.
- The Middle East and Africa are expected to be the least market growth segment owing to the less adaptability of the freezing bags.
Key Drivers
- Changing lifestyles and the growing spending power of consumers across the globe are the factors fueling the demand for freezing bags.
- Increasing number of retail stores across the globe is propelling the market growth in a positive way.
- Rising purchasing power of the middle-class population in developing countries will push the sales of freezing bags in the market.
Key Restraints
- Rising awareness among people to stop the use of plastic may hinder the market growth of freezing bags.
- Growing regulations to prohibit the use of plastic may pose a challenge for growth for the global market of freezing bags.
- Strict regulations and policy measures implemented by the government are restraining the growth freezing bag market.
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Competitive Landscape
Prominent players in the freezing bag market include S. C. Johnson, Great American Packaging, The Glad Products Company, Reynolds Consumer Products, Elevate Packaging, Weston, NatureWorks, Rutan Poly Industries, Inc., Star Poly Bag, Inc., Abbey Polythene, Maxpak Australasia, Falcon Pack, Novamont, Convex Innovative Packaging among others. Some of them are investing in product developments and acquiring other companies to strengthen their presence. For instance,
- In January 2021, Novamont acquired the complete BioBag Group which helped Novamont to expand its boundaries to North America, Australia, and North-Eastern Europe.
- In September 2020, NatureWorks announced manufacturing technology projects which assisted NatureWorks to increase the availability of Ingeo (PLA) biomaterial portfolio.
More Insights on the Freezing Bag market:
In its latest report, Fact.MR offers an unbiased analysis of the freezing bag market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (reusable and disposable), material type (High-Density Polyethylene (HDPE), Medium Density Polyethylene (MDPE), and Low-Density Polyethylene (LDPE)), distribution channel (pharmaceutical industry, chemical industry, and food industry), distribution channel (offline stores and online stores), and across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa).
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