Albany, NY -- (SBWIRE) -- 03/01/2019 -- The global freezer bags market was valued at US$ 3,654.6 Mn in 2017 and is expected to be valued at US$ 5,102.8 Mn in 2026, as indicated by the latest research report published by Transparency Market Research. The global freezer bags market is characterized by the growing demand of freezer bags owing to their wide-spread usage in food, pharmaceutical and other industries. The consumer demand is also rising due to the growing disposable income worldwide. The market is also marked with the advancement in the manufacturing technology. Food sector will reportedly remain the predominant end-use industry generating the maximum demand for freezer bags.

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Key market characteristics observed in the global market for freezer bags include high demand for private label brands and various expansion activities made by key players of freezer bags market. The demand for freezer bags from sectors other than food is also rising. The market volume for global freezer bags is expected to expand 1.4X during the forecast period 2018-2026. The market is expected to expand at a CAGR of 3.8% in terms of market value during the forecast period, 2018-2026.

Transparency Market Research, in its report titled, "Freezer bags Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2018-2026," has segmented the global freezer bags market by material type, application and by geographic regions.

HDPE Leads with More than Half of the Market Value Share, by Material Type

On the basis of material type, the global freezer bags market is segmented into HDPE (High-density polyethylene), MDPE (Medium-density polyethylene) and LDPE (Low-density polyethylene). HDPE, the most commonly used material for the manufacturing of freezer bags, is the leading segment with market share of over half of the global market. MDPE is the fastest growing segment in the market owing to their increasing uptake. LDPE segment contributes about a quarter to the freezer market.

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Application-wise, Food Industry Retains Top Consumer Position

Based on application, the market is divided into food, pharmaceuticals, medical devices, stationery and others. The food segment is further divided into frozen specialties, baked foods, meat, poultry & seafood, confectionary, snacks and other food products. Food is the largest segment, contributing more than half to the total freezer bags market. Others segment is the fastest growing segment based on application. Among the food segment, meat, poultry & seafood is the largest segment in terms of market value. The said segment contributes about one-third to the global freezer bags market.