LOS ANGELES, Jan. 21, 2019 (GLOBE NEWSWIRE) -- Global greaseproof paper market size is expected to reach the market value of around $1.1 billion by 2025 and is anticipated to grow at a CAGR of around 7.5% in terms of revenue during the forecasting period 2018 - 2025. The expansion in expendable wages of the middle-class families to purchase accommodation items such as greaseproof papers is driving the greaseproof paper market. The customers are inclining towards items which offer simple tidy up and simple exchange qualities amid the cooking procedures. Additionally, there has been an expansion in buyer propensities to spend more in the eateries and bread kitchens which will additionally fuel the greaseproof paper market in near future.
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Because of the high cost of greaseproof paper, it can't be utilized on daily basis by a person which limits the revenue of greaseproof paper market. Additionally, the creation of paper may result in deforestation and in a roundabout, disturb the ecological balance. It is seen that because of numerous ecological dangers associated with the generation of greaseproof paper, it is made on small scale in North America. There are loads of chances in the greaseproof paper market for the new contestants to open new manufacturing facilities in the developing nations such as India, China, Brazil, where penetration is especially low and is projected to raise several folds in the near future.
Packaging Paper Held Major Share In 2017
Greaseproof packaging paper is manufactured under hygienic condition from wood pulp that provides tremendous grease resistance as well as oil hold out properties. This packaging paper avoids penetration of fats and oils and helps to retain the original taste & flavor. For instance, Nordic Paper offers a wide range of Super Perga packaging paper that has been manufactured for fatty foods such as margarine, cheese, and butter and is approved by dairy federations around the world. Super Perga is also the ideal wrap covering for fast foods. In 2017, the packaging paper sales were over USD 350 million and the market share was nearly 60%, and is anticipated to grow at a highest CAGR through the foreseen time span. On the other hand, baking paper is used in cooking and baking as it provides a heat-resistant, non-stick surface to bake on. Baking paper is a unique innovation and contains more properties than traditional oil-free paper. It is a perfect partner for all kinds of cooking, baking (even in hot water) and food preparation. Baking paper makes sure that food does not attach to trays, dishes, or cake forms, and because no oil is needed to coat them, dishwashing is also easier.
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Varied Applications of Product to Fuel Market Growth
Globally, the demand for greaseproof paper has steeply risen with booming residential and commercial applications. Residential and commercial applications of greaseproof paper are on rise owing to strengthening economic conditions and elevated spending capacity. Applications of greaseproof paper in packaging, wrapping, and baking of food products is a major factor that is estimated to contribute to the market growth, globally. Over the last few decades, the greaseproof paper market has considerably grown both in terms of product development and usage. However, the industry faces numerous challenges in terms of latest product development, standardization, and product approval.
Regional Outlook
Currently, Asia-Pacific is the largest market for greaseproof paper backed by the strong growth from countries such as China, India, Japan, Australia, and South Korea. This region has high potential due to increasing investments in food industry and rising disposable income. China accounted for the largest share in Asia-Pacific greaseproof paper market, due to its large population, emerging economic conditions, and rise in foreign trade in the country. In addition, manufacturers are expanding their business in other developing Asian countries including India and Vietnam where market penetration is low but is expected to grow at a high rate during the forecast period. North America holds a significant share in the market for greaseproof paper owing to wide applications in residential as well as commercial segment. Europe is the third largest market for greaseproof paper. The greaseproof paper market growth in the region is driven by the tourism industry. Tourism and food industry are strongly connected to each other, and thus Europe is expected to grow at a fast rate during the forecast period. The commercial usage of greaseproof paper in restaurants and other food-related business is very high. Also, the fast-food and bakery products are at high demand in this region, which is consequently expected to drive market growth.
Insights on Market Segment
Global greaseproof paper market is segmented by type, application and geography. Based on different types, the market is segmented into packaging paper and baking paper. Also, by application, greaseproof paper market is further bifurcated into residential use and commercial use. Based on geography, market is classified into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Key Players
Key industry participants in the global greaseproof paper market profiled in the report include Pudumjee Group, Nordic Paper, Hydon Paper, VICAT GROUP, Dispapali, Krpa Paper, Cheever Specialty Paper, Simpac, Delfortgroup, Paramount Packaging, and others.
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