The oven bag market is poised for significant growth, with a projected Compound Annual Growth Rate (CAGR) of 8% during the forecast period. Starting from a value of US$ 1,901.9 million in 2022, it is expected to surge to a valuation of US$ 4,106 million by 2032. Several factors are contributing to this remarkable expansion.
One major driver is the increasing consumption of meat in Asian regions, bolstering the demand for oven bags as a convenient cooking solution. Additionally, the shift in consumer preferences from traditional to modern cooking methods due to urbanization and the influence of Western culture is propelling the growth of oven bag sales. The rise of smart homes is also anticipated to play a role in expanding the oven bag industry.
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Notably, changing consumer lifestyles and meat consumption patterns, along with a growing emphasis on product innovation, are driving the demand for oven bags. Furthermore, as the world focuses on reducing the use of non-environmentally friendly fossil fuels, the convenience and food preservation capabilities of oven bags are making them increasingly popular. Overall, the oven bag market is well-positioned for substantial growth in the coming years.
COVID-19 Impact Analysis on Oven Bag Industry
The recent outbreak of COVID-19 has adversely affected various markets in the packaging industry, and the Oven Bag industry is no exception. Products that are deemed ‘essential’ continue to experience significant sales, while non-essential items faced a sharp decline in demand.
Following government measures, particularly social distancing norms and stay-at-home orders, companies operating in the Oven Bag market have put their production on a halt. Additionally, movement restrictions and supply chain disruptions have created a logistical nightmare for industry players, leading to severe product shortages in the global marketplace. Several industry players are further planning to relocate their supply chain from China – the first epicenter of COVID-19.
The FMI’s report includes an interesting chapter on the preliminary impact of COVID-19 on the Oven Bag industry. This allows both leading and emerging market players to understand the industry scenario during a crisis and aids them in making sound decisions to gain a distinct competitive edge
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Market Segmentation:
Based on the type of material used,
Polyester
Nylon
Based on the end use,
Roasting meats
Whole chickens
Pork
Beef
Lamb
Fish
Seafood
Competition Analysis:
The FMI’s study presents a comprehensive analysis of global, regional, and country-level players active in the keyword industry. Competitive information detailed in the keyword market report has been based on innovative product launches, distribution channels, local networks, industrial penetration, production methods, and revenue generation of each industry player. Furthermore, growth strategies and mergers & acquisitions (M&A) activities associated with the players are enclosed in the keyword market report.
Key players:
Some key players of oven bag market are Flexipol Packaging Limited, Extra Packaging Corp, Sunkey Plastic Packaging Co., Ltd, Sirane Ltd, Terinex LTD, Yin Tian Industrial Co., Ltd, M&Q Packaging Ltd, Xiong Xian Xinhuarui Plastic Co Ltd, Huangshan Sinoflex Packaging Co. Ltd, Reynolds Consumer Products, Xiamen Threestone Packing Material Co. Ltd, and Sealed Air Corp.
Important Questions Answered in the Oven Bag Industry Report
Which end user remains the top revenue contributor in different regional markets?
At what rate has the global Oven Bag market been expanding during the forecast period?
How will the global Oven Bag industry look like by the end of the forecast period?
What innovative strategies are adopted by Oven Bag industry players to stay ahead of the pack?
What are the restraints affecting the growth of the global Oven Bag market?
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Key Offerings of the Report
Growth Drivers and Opportunities: Comprehensive analysis on growth-driving factors and opportunities for industry players in different regional markets
Recent Trends and Forecasts: Detailed assessment on the latest trends, technological developments, and forecasts for a 5-year or 10-year period.
Segmental Analysis: Extensive analysis on each segment and factors differentiating the role of these segments in industry revenue forecasts and growth rate analysis
Regional Market Forecast: Thorough analysis of each regional market to arm stakeholders with necessary information to take critical decisions
Competitive Landscape: All-inclusive insights on both leading and emerging players vying for a slice of the Oven Bag industry
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in industry 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.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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.
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