The Hermetic Storage Bags market has seen significant growth in recent years due to the increasing demand for bags that help reduce food wastage. Hermetic Storage Bags effectively seal out air and moisture to help preserve the quality and freshness of foods for longer durations. Commonly used to store rice, flour, snacks, coffee, and other dry foods, these bags eliminate the need for refrigeration and help keep foods safe from external contaminants for months.
The Global Hermetic Storage Bags Market is estimated to be valued at US$ 1.24 Billion in 2024 and is expected to exhibit a CAGR of 17% over the forecast period from 2024 to 2030.
Key Takeaways
Key players operating in the Hermetic Storage Bags market are SIGA Technologies Inc., Chimerix, Inc., Bavarian Nordic, Sanofi SA., Emcure Pharma, Jinan Jinda Pharmaceutical Chemistry Co., Ltd.
The increasing awareness among consumers about food wastage and the benefits of long-term food storage is fueling the demand for Hermetic Storage Bags globally. Various government initiatives to promote sustainable consumption are also driving the market.
The Hermetic Storage Bags market is witnessing significant expansion in developing regions due to growing food storage requirements. Major players are focusing on these regions for higher sales volumes.
Market key trends
One of the key trends in the Hermetic Storage Bags Market Demand is the increasing demand for reusable and recyclable materials. Many companies have launched bags made from materials like PET, polyester, and nylon that can be reused multiple times, thus supporting sustainability. Ventilated bags that allow gas exchange but keep moisture and air out are also gaining popularity for certain products.
Porter’s Analysis
Threat of new entrants: Low barrier for new entrants to enter the market as the manufacturing process and raw materials required are easily available.
Bargaining power of buyers: Buyers have high bargaining power as products from various competitors are substitutable. Buyers can easily switch between suppliers based on price and quality.
Bargaining power of suppliers: Suppliers have moderate bargaining power as major raw materials like polymers, adhesives are supplied by few players globally. However, switching cost for suppliers is low.
Threat of new substitutes: Threat of substitutes is moderate as alternative packaging formats such as laminated pouches, shrink bags provide similar functionality at competitive prices.
Competitive rivalry: Intense competition exists among existing players to gain market share. Players compete based on pricing, innovative product offerings, and supply chain management.
Geographical Regions
North America accounts for the largest share in the Hermetic Storage Bags market both in terms of value and volume. The significant consumption of packaged food products along with the early adoption of advanced packaging technologies drives the growth of Hermetic Storage Bags in the region.
Asia Pacific is expected to witness the fastest growth during the forecast period. Increasing food packaging demand due to changing lifestyles and rising disposable income levels in developing countries such as India and China provides opportunities for hermetic storage bag manufacturers in the region.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it