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. Purchasing 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.
An oven bag is a type of cooking bag used for roasting food such as meat, seafood and other food products. They are made of durable plastics composed of polyester and nylon. The bags can resist the temperature of the oven and help to keep food moist by trapping the moisture in the bag. The moisture is not allowed to escape from the oven which in turn enhances the taste of the food. The oven bags primarily consists of a heat resistant polyester. The food is cooked faster than conventional methods and do not have cleaning issues.
Oven bags are prepared from the materials facilitating the temperature and maintaining food values. The oven bags are heat resistant and have thermal stability in order to maintain the food nutrition and keep the food value intact. The food grade oven bags are used for maintaining the food nutrition values. Oven bags keeps the oven clean in comparison to other containers such as ceramic and glass.
Microwave cooking are energy efficient in comparison to other conventional methods. The microwave cooking does not reduce the nutritional value of foods.
Various manufacturing companies are concentrating towards up gradation in oven bags. Moreover, the different properties of oven bags includes thermal stability, durability, retain food nutrition and others. Currently the global oven bags market is observing vibrant growth owing to increasing demand for fast cooking in ovens. Additionally, the wide range of functions for roasting and cooking of meat and vegetables coupled with the advancement in electric oven industry in the recent years has increased the technological up gradation. This in turn is expected to drive the oven bags market during the forecast period.
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As per U.S. Department of Agriculture, the food expenditure in 2016 by Asia Pacific countries such as Japan, India, China and Indonesia are increasing which is rising the oven bags demand across this region during the forecast period. Japan has a global food expenditure share of 14.2%, China has 22.5% global share, India by 30.2% and 31.4% by Indonesia which is expected to rise the food consumption during the forecast period. This is anticipated to drive the oven bags market during the forecast period.
On the basis of regional platform, global oven bags market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is expected to dominate the global oven bag market. This is on the account of extensive usage of oven for roasting of various food items on daily basis. Additionally, Latin America is expected to observe substantial growth owing to increasing usage of microwave oven. Moreover, Asia Pacific region is expected to observe highest growth owing to changed food habits and increased meat consumption. This leads to high demand for oven bags on the account of easy availability and economical price.
Flexipol Packaging Ltd. is one of the leading key player in the U.K. Company is primarily focused on providing cost-effective oven bags catering to wide range of end use. The oven bags offered by Flexipol Packaging Ltd. consists of high temperature resistance permitting the meat or fish to cook inside the bag without the loss of moisture, flavors and nutrition values. It helps to pack the food without spillage in order to keep the oven free from grease.
Our-in depth analysis of the global oven bags market includes the following segments:
Global oven bags Market is further classified on the basis of region as follows:
The rising demand for oven bags is contributed by the reduction in use of LPG gases for polluting the environment. The electric oven has replaced the cooking fuels to a great extent by providing various applications such as roasting of meat, fish and other food items. It is cost effective and easily available contributing to wide range of applications.
Various benefits associated with oven bags such as faster and minimal cleaning requirement associated with faster roasting and other cooking procedures which is anticipated to drive the market growth of the oven bags during the forecast period.
However, one time use of oven bags is expected to restrict the market growth of the oven bags over the forecast period. Moreover, increasing concern regarding the usage of plastic is also expected to hinder the oven bags market across the globe.