US Report Predicts Microwave Packaging Market To Reach $2.5 Billion By 2015
June 16, 2010
by Canadian Packaging Staff
Despite a decrease in the rate of growth over the past five years, Global Industry Analysts, Inc. (GIA) notes in a report that the US microwave packaging market will reach US$2.5-billion by 2015.
The Microwave Packaging: A US Market Report, now available for purchase, analyzes the U.S. market for microwave packaging, including trays, folding cartons, cups, tubs, bowls, bags, pouches, sleeves and more as used in the fresh-prepared food, frozen food, shelf-stable meals, et al.
According to the report, the past few years–2008 and 2009–have seen a reduction in the growth of microwave packaging, owing to the global recession. Citing a reduction in companies investing in new equipment, and less R&D (research and development) resources spent to further innovation, with the saving grace being consumers seeking convenience and wanting more microwavable foods especially in the frozen foods category, which had ~57.83 per cent of the revenues of the 2009 microwave packaging market.
Nonetheless the report states that with the recession coming to an end, companies will again start to invest in new equipment, technologies and applications. The Fresh prepared foods segment will continue its rapid growth through 2015.
As well, the report notes that microwavable foldable cartons and trays have been the big market growth areas in the microwave packaging segment.
The report provides a review of noteworthy market trends and growth drivers and can be found by visiting www.strategyr.com/Microwave_Packaging_Market_Report.asp.