According to recent data, lidding film sales in the United States reached US$ 721.7 million in 2022 and are expected to grow by 4.2% year-on-year in 2023. Looking ahead, the demand for lidding films in the United States is forecasted to experience a steady increase, with a projected compound annual growth rate (CAGR) of 4.9% over the forecast period. The latest industry analysis indicates a positive trajectory for lidding film demand, with total revenue in the country estimated to climb from US$ 755.4 million in 2023 to US$ 1,222.3 million by 2033.
Revenue in the United States is poised to more than double by 2033, with an estimated compound annual growth rate (CAGR) of 2.1%, surpassing historical figures. This growth trajectory is driven by increased demand for packaged food products, a rising preference for flexible packaging solutions, and the growing necessity to prolong the shelf life of food and pharmaceutical items. The market’s expansion reflects evolving consumer trends and industry requirements, emphasizing the critical role of lidding films in meeting the demand for efficient and sustainable packaging solutions in the United States.
Request Sample Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-18002
Business Growth Drivers:
- Growing Demand for Convenience Packaging: As consumer lifestyles become increasingly fast-paced, there’s a rising demand for convenient packaging solutions like lidding films, which offer easy-open features and resealability, enhancing consumer convenience and product freshness.
- Focus on Sustainability: With growing environmental concerns, there’s a push towards sustainable packaging solutions. Lidding films that are recyclable, compostable, or made from bio-based materials are gaining traction, driven by consumer preferences and regulatory pressures for eco-friendly packaging.
- Innovations in Material Science: Advancements in material science are enabling the development of lidding films with improved barrier properties, extending shelf life, enhancing product protection, and reducing food waste. Innovations such as high-barrier coatings and active packaging technologies contribute to the growth of the industry.
- Rise in Ready-to-Eat and Convenience Foods: The increasing consumption of ready-to-eat meals and convenience foods, coupled with the growth of online food delivery services, fuels the demand for lidding films suitable for microwave and oven applications, as well as those compatible with various packaging formats.
- Technological Advancements in Manufacturing: Continuous technological advancements in manufacturing processes, such as improved printing techniques, enhanced sealing technologies, and automation, lead to higher production efficiency, lower costs, and improved product quality, driving the growth of the lidding film industry.
Industry Restraints:
- Regulatory Compliance and Safety Standards: The lidding film industry is subject to stringent regulatory requirements and safety standards, particularly in food packaging, which can increase compliance costs and pose challenges for smaller manufacturers or those operating with outdated equipment.
- Price Volatility of Raw Materials: Fluctuations in the prices of raw materials, such as plastics and adhesives, impact the manufacturing costs of lidding films. Price volatility can affect profit margins and competitiveness within the industry, especially for companies without long-term supply contracts or hedging strategies in place.
- Competitive Landscape and Price Pressures: The lidding film industry is highly competitive, with numerous players competing on factors such as price, product quality, and innovation. Intense competition can exert downward pressure on prices, squeezing margins for manufacturers and limiting profitability.
- Consumer Preferences and Market Trends: Changing consumer preferences, such as a shift towards alternative packaging formats or materials, can pose challenges for lidding film manufacturers. Adapting to evolving market trends requires flexibility and investment in research and development to stay ahead of consumer demands.
- Waste Management and Environmental Concerns: Despite efforts towards sustainability, the disposal and recycling of lidding films remain a challenge due to limited infrastructure for collecting and processing flexible packaging materials. Addressing end-of-life issues and promoting recycling initiatives are essential for mitigating environmental impacts and improving the industry’s sustainability profile.
Key Players:
- Amcor Plc
- Sonoco Product Company
- Graphic Packaging International, LLC
- Sealed Air Corporation
- Berry Global Inc
- Novolex Holdings, LLC
- Klöckner Pentaplast Group
- Profol GmbH
- Dunmore
- ProAmpac Holdings Inc.
- Toray Plastics
- Plastopil BV.
- Mondi Plc
- Momar Industries
- Dupont Teijin Films U.S.
- Dow Inc.
Recent Developments:
- In February 2023, the launch of a line of extended shelf-life refrigerated meals was announced by Preferred Packaging.
- In January 2022, Sonoco Products Company further enhanced its food packaging portfolio through the acquisition of Ball MetalPack, a leading manufacturer of metal food and household packaging.
Buy Now/Purchase: https://www.futuremarketinsights.com/checkout/18002
Key Segmentations
By Product:
- Dual-Ovenable Lidding Films
- Speciality Lidding Films
- High Barrier Lidding Films
- Breathable Lidding Films
- Die-Cut Lidding Films
By Material:
- PE
- PET
- APET
- CPET
- PP
- PVC
- Polyamide
- EVOH
- Aluminum
- Others
By Application:
- Cups
- Trays
- Cans & Bottles
- Jars
- Others
By End Use:
- Food
- Pharmaceutical
- Personal Care & Cosmetics
- Other Industries
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube