The market for ‘modified atmosphere’ packaging will be worth €12.3 billion by 2020, according to a new study by MarketsandMarkets.
The study, ‘Modified Atmosphere Packaging Market by Application (Dairy Products, Bakery & Confectionery, Poultry, Seafood, & Meat Products, Convenience Food, Fruits & Vegetables, & Others) by Region - Global Trends & Forecast to 2020’ estimates that the growth in convenience foods, pre-packed meat and seafood products, and pre-packed fruit and veg in stores will lead to an increase in demand for modified packaging.
The report anticipates a compound annual growth rate for the industry of 4.3%.
‘North America is estimated to be the largest market for modified atmosphere packaging, the report states. ‘Furthermore, Asia-Pacific is projected to be the fastest-growing market for modified atmosphere packaging during the period under consideration. This market is also driven by the rising income levels, changing lifestyles, and growing demand for convenience and ready-to-eat foods in the emerging economies.’
© 2015 European Supermarket Magazine – your source for the latest retail news. To subscribe to ESM: The European Supermarket Magazine, click here