Growth Drivers
- Surge in Packaged Food Consumption - For instance, global consumption of ultra-processed foods has skyrocketed. In several parts of the world, these foods now contribute for 26-62% of a person's daily energy needs.
Packaged foods, such as ready to eat meals, processed meats, and baked goods, are considerably high in demand as a result of their easy to store and easy to cook factors. Such food items require a specific type of packaging, so that they stay fresh without getting any type of contamination. Therefore, the surge in packaged food consumption is fueling up the market growth of BOPA films.
- Growing Intake of Sea Food - Seafood includes all bony fishes as well as shrimp, tuna, clams, and oysters. The increasing intake of these sea food items is increasing the demand for their export, which leads to their proper packaging. For instance, global fish consumption is expected to increase to 21.6 kg per capita in 2030, which is up from 20.4 kg in 2018.
- Escalation in Pharmaceutical Industry - The escalating growth of the pharmaceutical industry is anticipated to boost the demand for biaxially oriented polyamide (BOPA) films as a durable packaging material for packing various kind of drugs. The global pharmaceutical industry is expected to be worth approximately USD 2 trillion by the end of 2030.
- Increasing Expenditure in Research and Development – According to the World Bank, the total expenditure globally on research and development surged from 2.2% of the total GDP in 2018 to 2.63% of the total GDP in 2020. Such spending on research and development expenditure is estimated to be helpful for the manufactures to obtain raw materials and cover basic production costs.
- Significant Progression in Chemical Industry - The total global revenue of the chemical industry reached its highest level in the previous 15 years in 2021, totaling about USD 4 trillion.
Challenges
- Availability of BOPA Films Substitutes – There are presence of plenty of other substitutes for BOPA films, such as- paper packaging, glass containers, and steel, which are more sustainable, and environmentally friendly as compared to BOPA films. Hence, the presence of other substitutes is anticipated to restrain the market growth.
- Presence of High Concentration Active Chemicals in BOPA Films
- Stringent Governmental Standards
