Liquid Pouch Packaging Market to acquire substantial revenue via food and beverage applications, Europe to influence the regional landscape
Treading on the path of innovation, Liquid Pouch Packaging Market will continue to carve a profitable road map in the coming years. A paradigm shift in consumer preference toward liquid diet has been observed lately in the beverage industry, a key trend driving the global market demand. This is quite evident from the increased consumer spending in energy drinks, which almost touched USD 40 billion in 2016. As consumers become more conscious about the quality of the food purchase, it is imperative that they choose to seek sustainability and convenience in packaging. Liquid pouch packaging not only provide safety, sustainability, and barrier protection, but its high flexibility and low weight make it highly convenient. These added unique functionalities add a marketability label to these packaging solutions.
U.S. Liquid Pouch Packaging Market Size, By Product, 2016 & 2024 (Tons)
A recent report put forward by Global Market Insights, Inc. depicts Liquid pouch packaging industry in the next seven years will almost double its revenue share by 2024, having accounted USD 5.5 billion in 2016. In terms of volume, the market is forecast to exceed 7000 kilotons by 2024. Worldwide, the industry is highly fragmented with the participation of a large number of small and medium sized manufacturers. Some of the biggies include Tetra Pak International, Weyerhaeuser Company, The DOW Chemical Company, IMPAK Corporation, Ampac, and Bemis. Though the business landscape is diversified, North America and Europe observes a strong foothold in the global liquid pouch packaging market. Some of the strong common grounds favoring the regional market commercialization include steady population growth, extensive R&D activities, and expanded distribution channel.
Speaking along the similar lines, Europe liquid pouch packaging market is likely to witness over 5.6% CAGR over 2017-2024. Food and beverage sector is the leading application domain of the regional market. In fact, food and beverage applications procure a major chunk of the overall liquid pouch packaging market share, holding almost 50% of the total volume in 2016. Fast paced lifestyles of the consumers have significantly upscaled the consumption of packaged food in Europe, which in a way have fueled up the demand for these high-grade pouch packaging solutions.
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North America liquid pouch packaging market, on the other hand, is mainly represented by U.S, given the country’s stringent regulatory framework with regards to food safety. California’s Proposition 65, Labelling Act, and Poison Prevention Packaging Act are some of the legislations favoring the regional industry expansion. With a strong demand for FDA approved packaging, U.S. liquid pouch packaging market is slated to experience a y-o-y growth of 5.5% over 2017-2024.
Based on product landscape, stand up liquid pouch packaging market crossed the billion-dollar business fraternity in 2016 and the trend is likely to continue, taking into consideration the increasing adoption of these pouches across myriad end use domains. The huge growth of the market can be credited to the products’ capability of imparting an aesthetic appearance to food products along with minimal space requirement.
Pillow pouches, another prominent product segment of liquid pouch packaging market, accounted for 34% of the global share in 2016. With the escalating commercialization of packaged dairy items like milk, yogurt, creams, curds, pillow pouch market is likely to chart an appreciable growth over 2017-2024. Global dairy industry which is projected to hit a massive revenue of USD 450 billion by 2024, will leave a parallel impact on liquid pouch packaging market trend as well.
It has been observed that liquid pouch packaging market players are increasingly focusing on manufacturing bio based high-quality packaging products. The demand for these products is highly influenced by the recent food trend which is mostly inclined toward convenient food purchases. Another profound aspect that is impacting the liquid pouch packaging market dynamics is the growing urban population and changing demographic trends. The upgradation in living standards and economic development have raised the consumption of packaged food items like sauces, juices, creams, etc., subsequently fueling liquid pouch packaging industry trends.
Author Name : Satarupa De