DUBLIN--(BUSINESS WIRE)--The "EVOH Resins Market for Food Application Forecast to 2028 - COVID-19 Impact and Global Analysis By Application and End-Use" report has been added to ResearchAndMarkets.com's offering.
The EVOH resins market for food application was valued at US$ 576173.9 million in 2021 and is projected to reach US$ 770199.9 million by 2028. It is expected to register a CAGR of 4.4% from 2021 to 2028.
The increasing application of EVOH resins in food packaging has significantly anticipated demand for EVOH. EVOH resin manufacturers are exploring new and innovative designs for consumer convenience. Key manufacturers are utilizing consumer inclination toward sustainable packaging to develop new products.
Packaging convenience is a key purchasing motivator for consumers. It affects their preference toward type or packaging designs and influences consumer behavior. Consumers demand diversity in terms of product types and package sizes. The attractive, safe, and functional packaging offers comfort to consumers.
Further, consumers are increasingly inclined toward green, low-carbon products to eliminate waste pollution. EVOH packaging is eco-friendly as 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, boosting the EVOH resins market for food application.
In 2021, Asia Pacific held the largest revenue share of the EVOH resins market for food application. There has been an increasing demand for packaged food products, indirectly driving the EVOH resins demand for food packaging applications, and further manufacturers are investing in sustainable packaging.
Due to the high demand for healthy foods, many beverage industries are starting to produce organic and non-alcoholic juices to reach health-conscious consumers. This factor will contribute to the growth of sustainable packaging for food packaging applications over the next few years.
With rising instances of food contamination, manufacturers are using safe packaging materials for their products. EVOH resins for packaging has antistatic properties, which ensure that dust particles in the atmosphere do not settle down on the packaging to prevent the contamination and growth of microorganism.
Also, more players entering the market will stimulate EVOH resins market for food application growth. The demand for healthy packaged food products has also inclined the manufacturers to focus on producing eco-friendly packaging, which does not interact with food products, thus, contributing to the value-addition of the product.
In addition, during the pandemic, top packaged food companies identified new consumer behavior changes that could impact product innovation and development in the food packaging sector, which will create lucrative opportunities for the EVOH resins market over the next few years.
Kuraray Europe GmbH; Nippon Gohsei (UK) Limited; Kureha Europe BV; Chang Chun Group; Eval Europe NV; Soarus L.L.C. (Mitsubishi Chemical Europe GmbH); Schur Flexibles GmbH; Gantrade Corporation; The Compound Company BV; Soarnol; Arkema; Solvay SA; are a few of the major players operating in the EVOH resins market for food application.
Key companies are focusing on strategies, such as R&D investments and new product launches. They develop high-quality and innovative products to fulfill the customers' requirements.
Key Market Dynamics
Market Drivers
- Increasing Application in Food Packaging Sector
- Rules and Regulations Regarding Use of Sustainable Eco-Friendly Packaging
Market Restraints
- Availability of Low-Cost Substitutes
Market Opportunities
- Consumer Preference for Online Sales Channels to Purchase EVOH Films
Future Trends
- Rising Focus of Market Players on Product Innovation and Consumer Convenience
Company Profiles
- Kuraray Co., Ltd.
- Nippon Gohsei (UK) Limited
- Kureha Europe B.V.
- Chang Chun Group
- Eval Europe NV
- Soarus L.L.C. (Mitsubishi Chemical Europe GmbH)
- Schur Flexibles GmbH
- Arkema
- Solvay S.A.
- Gantrade Corporation
For more information about this report visit https://www.researchandmarkets.com/r/4lejvt
