In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSThe global food contact paper market is estimated to garner a considerable CAGR over the forecast period, i.e., 2021–2029. The growth of the market can be attributed to the growing demand for safe food packaging solutions and rising awareness regarding the harmful impact of plastic packaging on health. Use of polyethene and other single use plastics not only contaminate the food, but also have an adverse environmental impact. Stringent government regulations on use of plastics in many countries around the globe, is further estimated to boost the market growth. Moreover, paper is biodegradable and recyclable, which is estimated to boost the demand for paper for food packaging, which, in turn, will promote the market growth. As per the data by the U.S. Environment Protection Agency, in 2018, paper containers and packaging amounted to 41.9 million tons of Municipal Solis Waste, out of which, 80.9% waste was recycled.
The market is segmented by type into poly coated, and non-poly coated, out of which, the poly coated segment is anticipated to hold the major share in the market during the forecast period owing to its longer durability, and strength. Poly coated contact paper is used in packaging of various food products ranging from dry to semi-wet foods. On the basis of application, the market is segmented into bakery products, frozen foods, confectionary, fast foods, and others, out of which the bakery products segment is anticipated to gain significant market share over the forecast period on the back of ease of packaging solid and dry bakery products, such as, bread, biscuits, and cakes, along with the increasing demand for such foods.
Regionally, the global food contact paper market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period on the back of growing food and beverages industry, coupled with ban on single-use plastics among various nations in the region. Moreover, the increasing demand for packaged food products backed by the growing population, is anticipated to encourage the market growth. The market in the North America region is also estimated to witness significant share in the market over the forecast period, owing to rising demand for ready-to-eat foods and fast food along with the growing awareness about environment conservation.
The global food contact paper market is further classified on the basis of region as follows:
Our in-depth analysis of the global food contact paper market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising demand for safe food packaging solutions is the major factor driving the market growth.
The market is anticipated to attain a considerable CAGR over the forecast period, i.e., 2021-2029.
Risk of spreading virus and bacteria through the paper is one of the factors estimated to hamper the market growth.
The market in Asia Pacific is estimated to garner the largest market share owing to the growing food & beverages manufacturing sector in the region.
The major players in the market are The WestRock group, Asia Pulp & Paper Group (APP), Seaman Paper Co., SCG Packaging Public Company Limited, Pudumjee Paper Products Limited, BPM Inc., KRPA Holding, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by material type, product, application, and by region.
The poly coated segment is anticipated to hold largest market over the forecast period on the back of its strength and durability as compared to non-poly coated paper.
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