EVOH Resins Market is projected to reach US$ 770.2 Billion by 2028 from US$ 576.17 Billion in 2021. It is estimated to grow at a CAGR of 4.4% from 2021 to 2028. In-depth market segmentation, deep dive regional and country level analysis of 18+ countries across 5 key regions, key company profiles and industry landscape to provide latest market initiatives and competitive landscape, impact of COVID-19 pandemic on ecosystem.
New York, July 29, 2022 (GLOBE NEWSWIRE) -- The Insight Partners has published a new research report titled Global EVOH Resins Market for Food Application Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application, End-Use, and Geography. The projected market growth during the forecast period is mainly attributed to the increasing demand in the food packaging sector. EVOH resins help maintain the freshness of food and increase the shelf life of food products. Another major factor, driving the demand for EVOH resins, is people's preference for packed food products and beverages. Consumers in the country are more inclined toward convenience and sustainability, as these EVOH resin packaging are eco-friendly.
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EVOH Resins Market - Strategic Insights
No. of Charts & Figures
North America; Europe; Asia Pacific; Latin America; MEA
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
EVOH Resins Market for Food Application Market: Competition Landscape
Kuraray Europe GmbH; Nippon Gohsei (UK) Limited; Kureha Europe BV; Chang Chun Group; Eval Europe NV; Soarus L.L.C. (Mitsubishi Chemical Europe GmbH); Schur Flexibles GmbH; Gantrade Corporation; The Compound Company BV; Soarnol; Arkema; Solvay SA; Are a few of the major players operating in the EVOH resins market for food application. Key companies in this market are focusing on strategies, such as R&D investments and new product launches.
In the country, the popularity of skipping meals such as breakfast, lunch gives leverage to packed foods. Growing online sales channels in the US play a significant role in the increasing need for EVOH resin packaging in food applications. EVOH resin packaging has antistatic properties, which create a barrier for dust particles entering packed food. This packaging’s also prevent microbial growth that spoils the natural aroma of food products.
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By application, the EVOH resins market for food application is segmented into films, trays, bottles, bag-in-box, and others. By end-use, the EVOH resins market for food application is segmented into bakery and confectionery; beverages; sauces and dressings; meat, poultry, and seafood; RTE foods and meals; and others. EVOH trays are high-performance and have excellent resistance to external agents, such as humidity. EVOH trays provide superior barrier properties, ensuring the safety and integrity of food products. These trays are suitable for shelf-life extension and food preservation in several processes, from modified atmosphere packaging (MAP) or aseptic filling to demanding sterilization of foods. These trays are especially suitable for preserving sauces, fresh pasta, meat products, and preserves.
In 2021, Asia Pacific held the largest share of the EVOH resins market for food application. The rising innovation in sustainable packaging is propelling the demand for EVOH resins in packaging. Companies are focusing on developing more sustainable packaging, such as increasing barrier properties of EVOH resin packaging, which keeps food products fresh.
The uptake of EVOH resins is increasing among manufacturers as they are extensively used to extend the shelf life of food products. The Asia Pacific market is expected to open many untapped opportunities, driven by population growth, rising per capita income, and consumer awareness of packaging to ensure safe food consumption.
Furthermore, China has emerged as a manufacturing hub for EVOH resin packaging, which is also contributing to the market growth. The growing demand for ready-to-eat food is expected to stimulate packaged food, increasing the need for EVOH resins during the forecast period. The consumption of fast-food products is also gaining momentum due to the ever-expanding urban population and the continual rise in the workforce. Due to the high demand for ready-to-eat foods, consumers' preference for healthy foods and beverages will also accelerate the market for EVOH resins over the coming years.
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EVOH resins are specially used as a barrier in packaging, such as films, trays, and bottles, via the co-extrusion process to protect meals from oxygen, which can create moisture in packed food. The increasing population and the rising per capita disposable income of consumers are fueling the demand for packed food.
Changing lifestyles of consumers and the increasing consumption of bread, sausages, and other snacks, especially in Germany and the UK, are driving the demand for EVOH resins in the food packaging sector. The growing need for packaging with high barrier properties, the surge in the requirement to increase shelf life, and consumer safety are the factors boosting the EVOH resins market for food application.
The rising awareness regarding consumable hygiene and clean room packaging increases the EVOH application in the food packaging industry. Manufacturers are taking additional precautions to preserve foods' quality and shelf life using technology-based packaging.
Interactive food packaging is gaining popularity among health-conscious consumers. EVOH packaging offers value-added solutions. Also, it is a cost-effective packaging solution that helps maintain the quality of food products in the supply chain in all environmental conditions. EVOH packaging also helps include antimicrobial, antioxidants, and moisture absorbers, which delay the ripening of food products and prolong shelf life by reducing microbial growth. Further, with the increasing awareness about environmental pollution and global warming, consumers are preferring to use eco-friendly food packaging, aiding the demand for EVOH resins in the food packaging sector.
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Based on application, the market is segmented into films, trays, bottles, bag-in-box, and others. The demand for films is anticipated to grow significantly during the studied forecast period. EVOH is a flexible, crystal clear, and glossy thermoplastic copolymer with excellent flex-crack resistance and high resistance to hydrocarbons, oils, and organic solvents. EVOH films have good barrier properties to gases, such as oxygen, nitrogen, and carbon dioxide, which make them suited for packaging food and other perishable or delicate products to extend shelf life. In comparison with many other common films, EVOH has superior barrier properties. However, EVOH loses its good gas barrier properties when exposed to moisture.
EVOH films are also difficult to recycle because the EVOH oxygen barrier layer sandwiched between 2 or more PE layers tends to grow when reprocessed, resulting in holes in the recycled PE film. On the upside, EVOH waste does not produce toxic or harmful by-products when properly incinerated.
Based on end-use, the market is segmented into bakery and confectionery; beverages; sauces and dressings; meat, poultry, and seafood; RTE foods and meals; and others. The demand for EVOH resins in the meat, poultry, and seafood segment is anticipated to grow significantly during the studied forecast period.
Packaging of meat is critical, especially when it comes to fresh meat. Since fresh meat, poultry and seafood are perishable, and weight loss due to dehydration can increase the decay rate, extending shelf life remains a key objective for packaging. Implementing EVOH as a packaging material barrier extends the meat's shelf life. EVOH has outstanding barrier properties against gases, such as oxygen, nitrogen, carbon dioxide, and helium. These gases are widely used in modified atmosphere packages. EVOH resins for packaging have antistatic properties, which ensure that dust particles in the atmosphere do not settle down on the packaging to prevent microbial growth.
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The EVOH resins market for food application is further segmented into five main regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). Asia Pacific held the largest share of the market in 2020. Continuous growth in the food packaging industry is likely to boost the market during the forecast period. Increasing consumption of packaged food has surged the demand for EVOH resins in packaging. Consumer acceptance of healthy alternatives to packaged foods has offered many opportunities for packaged food companies to expand their market. This has created lucrative opportunities for the EVOH resins market for food packaging application.
Impact of COVID-19 Pandemic on EVOH Resins Market for Food Application
The COVID-19 pandemic caused significant economic losses worldwide, especially in 2020 and early 2021. The EVOH Resins Market for Food Application market also experienced the adverse effects of the pandemic in 2020. The pandemic temporarily hampered various industries' operational efficiencies, resulting in limited demand for lubricants and EVOH resins market for food application. Nevertheless, various economies started reviving their operations in 2021. The growing need for EVOH resins for food applications and significant investments by prominent manufacturers to increase production capacities are expected to drive the market during the forecast period.
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