The global demand for meat products is on the rise, which is also propelling the packaging market associated with it. The U.S. and India are expected to see a spurt in meat exports, suggesting an increase in their nano-enabled packaging markets. Large portions of the population in developed countries consume prepared foods.
New York, NY -- (SBWIRE) -- 07/30/2015 -- A report recently published by Persistence Market Research studies the key factors that drive and inhibit the global nano-enabled packaging market. The report, titled "Global Market Study on Nano-Enabled Packaging For Food and Beverages: Intelligent Packaging to Witness Highest Growth by 2020", indicates that growing at a 12.7% CAGR from 2014 to 2020, nano-enabled packaging for the food and beverages industry is likely to rise from US$6.5 billion in 2013 to US$15.0 billion by 2020.
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While nanomaterials are used by a wide range of industries, its usage by the food and beverages industry for packaging holds immense potential. Nanomaterials are used for packaging meat products, bakery products, fruits and vegetables, beverages, prepared foods, and others. Nano-enabled packaging increases the shelf life of food products and beverages compared to traditional plastic packaging and as a result, the demand for the same has grown with the development of the food and beverages sector. Increasing demand for frozen and processed food and rise in food-led export activities has fueled the nano-enabled packaging market.
Another factor that drives the global nano-enabled packaging market is the surging demand for meat and meat products around the world. The spurt in meat exports in the U.S. and India indicate growing demand for nano-enabled packaging in these countries. Rise in disposable income and increase in the employed female population in developing countries has resulted in the escalating demand for prepared foods. This has in turn accentuated the nano-enabled packaging market.
The introduction of intelligent nano-enabled packaging is a key growth driver for the nano-enabled packaging market. This kind of packaging allows customers to determine the freshness of food products and also alerts consumers regarding the presence of fungi, microbes, gases, or chemical contaminants in the food. Consumers have always pressured food manufacturing and packaging companies to use advanced packaging solutions and this has yielded a positive outcome. For instance, the U.S. FDA in January 2013 released its proposal to lay down scientific standards for holding, growing, harvesting, and packing foreign and domestic farms. This is anticipated to increase the scope for the nano-enabled packaging market in the years to come.
Cost-saving benefits of nano-enabled packaging and efforts by companies to enhance brand image by improving the quality of packaging are some of the other factors boosting the global nano-packaging market. Industry experts forecast that new inventions and advancements in technology are likely to increase the scope for nano-enabled packaging in the food and beverages market. Some of the key companies operating in this space are Sealed Air, Chevron Phillips Chemical Company, L.L.C., Klöckner Pentaplast, Amcor Limited, Tetra Pak International S.A., and Bemis Company, Inc.
On the flip side, concern from regulatory bodies is hampering the growth of the nano-enabled packaging market. Some nanomaterials are believed to be incompatible with specific food products and can have an adverse effect on the health of humans and animals. These materials do not pass the safety assessment test or the guidelines laid down by the US FDA. In addition, the U.S. Central Federal Register also requires manufacturers to acquire pre-market approvals for indirect food additives such as nanomaterials. This has negatively impacted the growth of nano-enabled packaging in the food and beverages industry.
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