by The global Hermetic Storage Bags Market is estimated to be valued at Us$ 1.07 Bn in 2023 and is expected to exhibit a CAGR Of 6.7% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hermetic storage bags are resealable plastic bags specially designed for long-term storage of perishable goods such as coffee beans, nuts, snacks, rice etc. to preserve their freshness. These bags allow very little oxygen to pass through which prevents oxidation and prevents insects or pests from entering. They function as long-term storage solutions and help extend shelf life of stored goods without refrigeration. The growing demand from grocery and packaged food industry for prolonged storage is expected to drive the hermetic storage bags market during the forecast period.
Market key trends:
One of the key trends in the hermetic storage bags market is the growing adoption in the e-commerce industry. With the rise of online shopping, there is significant demand for packaging solutions that can securely store and transport goods over long distances without compromise on quality and freshness. Hermetic storage bags are well-suited for e-commerce fulfillment centers and distribution networks as they effectively protect packaged items from damage and contamination. This in turn is expected to significantly contribute to the revenue growth of hermetic storage bags market over the forecast period.
Porter’s Analysis
Threat of new entrants: Low as the global hermetic storage bags market is dominated by major established players such as GrainPro Inc., who hold majority market share. New entrants will face high costs associated with R&D of new products and technologies along with strong brand loyalty of customers towards existing brands.
Bargaining power of buyers: Moderate to high as buyers have a good choice of established players to choose from offering diversified product portfolios at competitive prices. This gives them higher bargaining power.
Bargaining power of suppliers: Moderate as major raw material suppliers include producers of polymers, plastic films and laminates used for manufacturing hermetic storage bags. Changing an established supplier involves investments and switching costs.
Threat of new substitutes: Low as hermetic storage bags provide superior benefits of preserving freshness and protecting contents from external elements for long durations. Other alternatives cannot effectively match these values.
Competitive rivalry: High due to presence of global giants competing on the basis of pricing, product differentiation, innovation and expanding their market presence worldwide.
Key Takeaways
The Global Hermetic Storage Bags Market Size is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period 2023-2030, due to increasing demand for long shelf-life and tamper-proof packaging solutions from food industry.
Regional analysis: North America dominates the global market with U.S. being the major consumer owing to rising health-conscious population preferring preservative-free foods sealed in hermetic bags. Asia Pacific region is expected to witness fastest growth aided by growing middle-class incomes in emerging economies like China and India and their increasing focus on food preservation solutions.
Key players operating in the hermetic storage bags market include GrainPro Inc., PackFreshUSA, ShieldPro Flexible Packaging, SorbentSystems, IMPAK Corporation, Green Storage Ltd., LPS Industries LLC, Seal King Europe B.V., TPB Plastech Limited, Integra Packaging. These players are focusing on new product development, mergers & acquisitions and capacity expansions to gain larger market shares.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
