The global double seam bowl market can be segmented on the basis of material, end-use and region. On the basis of material, it is sub-segmented into plastic and metal. Plastic is sub-segmented into polypropylene (PP), polyethylene terephthalate (PET) and polyethylene (PE).
Metal is sub-segmented into aluminum, tin and steel. The plastic sub-segment is anticipated to show highest growth rate over the forecast period. The various properties of the plastic packaging such as excellent barrier and cost-effectiveness is anticipated to be the primary reason for the large acceptance of the plastic material during the forecast period. On the basis of end-use, it is sub-segmented into fruit, fish, pasta, soup, vegetable and others. Fish is expected to lead the end use segment. This is on the account of increasing demand for the double seam bowl for the preservation of the fish for long period of time.
The global double seam bowl market is anticipated to expand at a significant CAGR during 2018-2027. The capability of the double seam bowl to upsurge the shelf life of the packaged foods is expected to be the key factor for the growth of the global double seam bowl market during the forecast period.
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By region, global double seam bowl market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America is anticipated to lead the global double seam bowl market during the forecast period. The increased consumption of the packaged foods in the region coupled with the highly developed packaged industry is driving the growth of the global double seam bowl market during the forecast period. Asia-Pacific region is expected to be the fastest developing region for the global double seam bowl market. The increasing expansion of the food industry across the region is anticipated to increase the demand for the double seam bowl during the forecast period.
In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
The distinct properties of the double seam bowl is anticipated to foster the growth of the global double seam bowl market
The double seam bowl offer better packaging solutions by enhancing the shelf life of the packaged food items. It also offers microwable properties which keeps the food warm for a long period of time. The high barrier resistant property of the double seam bowl creates a barrier between the food products and the moisture which preserves the food. Thus, the various properties of the double seam bowl is anticipated to increase the growth of the global double seam bowl market during the forecast period.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model. This report also provides the existing competitive scenario of some of the key players of the global double seam bowl market which includes company profiling of key companies such as Silgan Holdings Inc., Truitt Bros. Inc. and Golden-Tech International, Inc.
The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global double seam bowl market that is expected to help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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