Flexible Plastic Pouches Sales Predicted To Top $10 Billion
The flexible plastic pouches market is set to hit the magic number of $10 billion by 2020. This is an expected CAGR of 5.11% from the time period of 2016 to 2021 with retort pouches segment, which is most expected to grow at its highest rate during the forecast period, because of its high demand from the end-user industries. The global rate for flexible packaging is estimated to grow at an average rate of 3.4% annually over the next 5 years, as per the study conducted by Smithers Pira, The Future of Global Flexible Packaging.
70% of the flexible plastic pouches market has been occupied by the food packaging industry and it is growing at the 4.0% average in the volume terms and has successfully reached over 18.8 million tones in 2015. However, Western Europe and Asia-Pacific has enjoyed a very huge growth over the period of 2010 to 2014. In Asia-Pacific and Eastern Europe, sales of consumer flexible packaging have been growing at a very high average annual rate.
U.S. flexible packaging market volume by application, 2012 – 2022 (Kilo Tons)
Along with the food & beverages, cosmetics & toiletries, healthcare and other household products, sporting goods, oil & lubricants and agricultural products is the reason for this increasing demand from the various end user industries. The consumer’s foremost preferences towards lightweight characteristics, convenient packaging and ease of use has demanded the flexible plastic pouches. The numbers of manufacturers are shifting towards flexible plastic pouches as it requires lower consumption of raw materials and it also produces less waste and in terms of storage and transport it is also very much convenient and has excellent barrier properties.
Plastic Films Segment Is All Set To Reach Its Highest Rate At Its Forecast Period
Aluminum foil, plastic films, paper, and bioplastic raw materials are being used for flexible packaging. Plastic films are specifically categorized into polypropylene, PVC, BOPET, EVOH, polyamide, polyethylene and other polystyrene. Amongst this polyethylene accounted for the principal market share in 2015. During the time period of 2016 to 2021, the BOPET segment is projected to grow at the highest rate. BOPET is mainly used in the packaging of food & beverage products as it protects them from oxidation and also grant extended shelf life to the product.
Stand up Pouches segment is also contributing the maximum market share
The demand for the stand up pouches is expected to account at its highest share in 2021, the core reason behind is growing consumption of dairy, cosmetics products, food & beverage. Stand up pouches are functional as well as appealing as they offer numbers of features such as slider closure, spout, zipper re-seal, release valves and slider closure. The healthcare industry is also supporting to grow further due to the high consumption of over-the-counter products for that most conveniently stand up pouches are being used in the up-and-coming markets of Latin America and Asia-Pacific.
For example, a leading Ketchup manufacturer Heinz introduced a 10-ounce classic version of Tomato Ketchup package in a stand up pouch also known as a spouted pouch. Heinz specifically developed this product to meet its specific consumer’s need to fulfill the tight grocery budgets.
There is another example that comes from the leading soup marketers Campbell’s Go soups. It was specifically introduced to appeal to younger generation soup-lovers with an adventurous palate. This packaging has a greater surface along with the dash of humour and eye-catching graphics. The design was awarded at the Dupont Packaging Awards.
If we specifically consider the key regions, then flexible plastic pouches market into RoW, North America, Asia-Pacific and Eurpoe has accounted as the largest share regions in 2015. As the numbers mentioned above it is projected to grow at the highest rate from 2016 to 2021. This is specifically due to the high demand for flexible packaging in China and India as it has growing food & beverage industry. Due to the high disposable incomes, the majority of the urbanized population is shifting toward packaged food that is healthy as well as safe. So the high consumption level and rising income would also lead the flexible plastic pouches in this specific region.
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