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The ovenable shrink bags are most commonly used in the primary packaging of perishable food items. These bags are made with material that is oven safe and is used in packaging of mostly those food items which are often pre-marinated and only require heat for complete cooking. The bags are gaining tremendous popularity among manufacturers in the packaged and processed food industry. The manufacturers and end-users prefer Ovenable Shrink Bags Market over other primary packaging solutions for packaged food products.
The manufacturers prefer ovenable shrink bags as they are a comparatively convenient packaging alternative that is easier to transport without many restrictions. The ovenable shrink bags are also gaining popularity among the consumers as it helps in saving a lot of time in the cooking process and is also economical as compared to other oven-safe products that are available in the market. The increasing demand from the manufacturers in the food industry as well as from the end-users is fuelling the market growth of ovenable shrink bags. The ovenable shrink bags market is anticipated to expand at a steady compound annual growth rate during the foreseeable future.
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Ovenable Shrink Bags Market: Dynamics
The packaged food industry is one of the major contributors in enhancing the market demand for ovenable shrink bags. The rapid increase in the urbanization and fast-paced lifestyle of modern consumers is boosting the demand for processed food in the global market. The packaged food items are not only convenient for the consumers but are also time-saving and comparatively economical than the takeaways and other alternatives.
The increasing demand for ready to eat meals is experienced in all major parts of the globe. The sheer number of food items being introduced in the market with the ready to eat format is very high. Many players are entering the processed food industry with innovative products and regional delicacies to capture the elevated demand in the market. Ovenable shrink bags are the choice packaging solutions among these manufacturers as they are an easily available and economical alternative.
Customization in the ovenable shrink bags market is one of the key opportunities for the manufacturers to gain maximum market share. The processed food industry which is the largest end-user industry of the ovenable shrink bags is highly competitive and product differentiation and brand identity is a priority for most manufacturers in order to attract the maximum number of customers. Many players in the target market are offering customization in terms of colours, size, covert tamper evidence solution, labelling, etc. Manufacturers like Sealed Air Corporation are offering ovenable shrink bags in a variety of specifications in terms of gauges, transparency, size, etc.
The increasing trend of preparing gourmet recipes at home has gained significant traction during the pandemic. The ovenable shrink bags give a number of benefits to the users like reduced cooking time, ease in preparation and clean up, seal reliability and abuse resistance. These are highly favourable properties by the end-users. The ovenable shrink bags also allow users to effectively refrigerate and reheat the food items keeping the initial quality, moisture and aroma intact as a result of its superior barrier properties. All these factors are anticipated to bolster the market demand for ovenable shrink bags.
As a result of the Covid-19 pandemic, the ovenable shrink bags market growth was significantly dampened. This is mainly because of the restrictions and lockdowns imposed by the national governments of various regions. The decreased manufacturing efficiency as a result of reduced manpower and delay in shipment of raw materials due to the restrictions imposed on the logistics and transport industry negatively impacted the market growth. However, with the ongoing lifting and lockdowns and ease on restrictions, the demand for ovenable shrink bags is gaining pace in the global market and is anticipated to recover rapidly.
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Ovenable Shrink Bags Market: Regional Outlook
The rise in disposable income and per capita expenditure of the consumers in the developing nations of the Asia Pacific region is bolstering the market demand for processed and ready to eat food products. This is anticipated to generate elevated demand for ovenable shrink bags in the Asia Pacific region in the coming years. North America captures the largest market share in the global ovenable shrink bags market with key players operating in the region. North American ovenable shrink bags market is projected to expand at a steady compound annual growth rate during the foreseeable future.
Ovenable Shrink Bags Market: Key Players
Key players in the ovenable shrink bags market are,
The report ovenable shrink bags market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on cement packaging market segments and geographies.
This intelligence report by TMR is the outcome of intense study and rigorous assessment of various dynamics shaping the growth of the market. TMR nurtures a close-knit team of analysts, strategists, and industry experts who offer clients tools, methodologies, and frameworks to make smarter decisions. Our objective, insights, and actionable analytics provide CXOs and executives to advance their mission-critical priorities with confidence.
The scrutiny of the various forces impacting the dynamics of the market, and key and associated industries, guides enterprises in understanding various consumer propositions. Our clients leverage these insights and perspectives to enhance customer experience in the fast-paced business environment.
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