The Hermetic Storage Bags Market Is Estimated To Witness High Growth Owing To Trends In Moisture And Vapor Barrier Properties
Hermetic Storage Bags Market
The 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 specifically designed bags with moisture and vapor barrier properties that help protect food grains and other products from insects, rodents, bacteria and fungus. By maintaining atmospheric pressure inside the bag, hermetic storage bags help extend the shelf life of food grains by up to two years. They provide an affordable solution for smallholders and farmers to safely store grains until prices are favorable.
Market key trends:
One of the key trends driving growth of the hermetic storage bags market is their moisture and vapor barrier properties. By maintaining a hermetic seal, these bags prevent entry and exit of moisture and vapor, thus acting as a highly effective protection against mold, mildew and rotting of stored grains. This helps extend the shelf life of grains substantially without any specialized storage conditions or fumigation. The barrier properties of hermetic storage bags provide an affordable post-harvest solution especially in developing regions, thereby increasing their adoption rate among small farmers.
Porter's Analysis
Threat of new entrants: Low capital requirements pose low barrier of entry but presence of established players makes market tougher.
Bargaining power of buyers: Buyers have moderate bargaining power as hermetic storage bags are basic necessity but customized solutions boost switching costs.
Bargaining power of suppliers: Suppliers have moderate-to-low bargaining power as raw materials are easily available but certifications and filling processes require technical know-how.
Threat of new substitutes: Minimal threat as alternatives like jars lack same level of freshness protection and easy usage like bags.
Competitive rivalry: High as players compete on parameters like moisture protection, extended preservation period, and customized solutions.
SWOT Analysis
Strengths: Hermetic sealing provides superior moisture and oxygen barrier prolonging product shelf life. Flexible packs have easy handling and storage advantages.
Weaknesses: Higher costs than conventional packaging poses affordability challenges in price-sensitive markets. Recyclability needs further strengthening.
Opportunities: Rising demand for long shelf-life foods and frozen goods create scope. Technology upgrades for capabilities like antimicrobial and oxygen scavengers based solutions.
Threats: Regulations pertaining to packaging materials use stringent norms. Economic slowdowns lower discretionary spending on premium products.
Key Takeaways
The Global Hermetic Storage Bags Market Size is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing demand for longer shelf-life perishable products. North America dominates currently due to robust food processing industry and urbanization. However, Asia Pacific is fastest growing region owing to rising income levels, shifting diets, and expansion of food chains in countries like India and China.
Regional analysis: Asia Pacific region is expected to witness fastest growth in hermetic storage bags market over the forecast period. This is attributed to rapidly expanding populations and economies in India and China. Growing awareness about benefits of prolonged freshness among consumers in the region also contributes to market growth.
Key players: Key players operating in the hermetic storage bags market are 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 compete based on parameters like material innovation, functionality, and geographical expansion.
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