Burgeoning urban population and changing consumer lifestyle has propelled the market for freezer bags. Moreover, growing demand for freezer bags has also been recognised by various freezer bag manufacturing firms across the globe. Manufacturers of freezer bags are focusing on expanding their production capacity either by adding machinery to the manufacturing facility or by acquiring the emerging small and regional freezer bags companies. The trend among freezer bags manufacturing firms to expand their production capacity to meet the increasing demand of freezer bags has fuelled the freezer bags market.
In addition to that, the growth in retail stores around the world is expected to further propel the market growth. Moreover, attractive and functional packaging of freezer bags, especially for food sector has also driven the market in addition to the superior barrier traits such freezer bags exhibit.
The global freezer bags market was valued at US$ 3,654.6 Mn in 2017 and is expected to be valued at US$ 5,102.8 Mn in 2026, as indicated by the latest research report published by Transparency Market Research. The global freezer bags market is characterized by the growing demand of freezer bags owing to their wide-spread usage in food, pharmaceutical and other industries.
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The consumer demand is also rising due to the growing disposable income worldwide. The market is also marked with the advancement in the manufacturing technology. Food sector will reportedly remain the predominant end-use industry generating the maximum demand for freezer bags.
Key market characteristics observed in the global market for freezer bags include high demand for private label brands and various expansion activities made by key players of freezer bags market. The demand for freezer bags from sectors other than food is also rising. The market volume for global freezer bags is expected to expand 1.4X during the forecast period 2018-2026. The market is expected to expand at a CAGR of 3.8% in terms of market value during the forecast period, 2018-2026.
On the basis of material type, the global freezer bags market is segmented into HDPE (High-density polyethylene), MDPE (Medium-density polyethylene) and LDPE (Low-density polyethylene). HDPE, the most commonly used material for the manufacturing of freezer bags, is the leading segment with market share of over half of the global market. MDPE is the fastest growing segment in the market owing to their increasing uptake. LDPE segment contributes about a quarter to the freezer market.