Global Pouch Packaging Market - Segmented by Material Type (Polyethylene, Polypropylene, PVC), End User (Food, Beverages, Household care), and Region - Growth, Trends, and Forecast (2018 - 2023)
The pouch packaging market was valued at USD 15.77 billion in 2017 and is expected to reach a value of USD 20.69 billion by 2023 at a CAGR of 4.62% over the forecast period (2018 - 2023). The increasing disposable income of consumers, rapid urbanization, and the demand for packaged food is rising in countries, like China, India and other APAC regions. The growth in these nations is expected to positively impact the pouch packaging industry. The consumer preference for convenient packaging solutions due to the demographic and lifestyle dynamics is the major trend affecting the pouch packaging market. They are preferred by consumers in the food & beverages industry owing to its flexibility, low weight, and easy-to-carry features that aid in its promotion. North America is the major contributor to this market, while Asia-Pacific is expected to record highest growth rate.
Innovations in Food & Beverages Industry Driving the Market
Rising competition in the food industry is leading to constant innovations by companies to maintain their market share. Consumer spending on energy drinks and health awareness trends are expected to drive the market growth. The need to create specialized packaging has further boosted packaging manufacturing. Furthermore, the stringent regulations by governments on packaging and the escalating public interest toward innovative packaging are some of the factors that are driving the food & beverages pouch packaging segment.
Food packaging is The Major Contributor
The packaging reflects a range of influences, from personal consumer preferences to larger economic forces. Food products continue to hold a large share of pouch packaging business and this is not expected shift dramatically in the coming years. The consumers are becoming increasingly demanding and short of time, seeking out convenience food solutions that represent a change from the more traditional processed foods. The rise in the expectations of food quality and growing awareness present new challenges to retailers, packers, and packaging suppliers. The rising sales of convenience foods and the developments in convenience food packaging have been a major feature of the packaging markets in the recent times. These factors are set to boost the growth of the pouch packaging market in the food industry.
Asia-Pacific to Grow at a Fast Pace
The Asia-Pacific region holds a significant potential for development. The market holds a major share in retail packaging, estimating to nearly 75%, as the majority of the manufacturing is done in China. The demand for pouches is expected to grow at a fast pace in the Asia-Pacific regions due to the rapid growth and the ongoing population shift from rural to urban in the major countries in the region, such as China, Japan, and India. The change in lifestyle and the growing young population is expected to lead to a higher demand for branded and packaged substances. At the same time, increased demand from the healthcare industry and the improving infrastructure is leading to the growth of the market.
Key Developments in the Market