Survey: Liquid pouch packaging market to hit $10.5B by 2024
High flexibility, low weight and easy to carry will remain key properties enhancing product penetration.
The liquid pouch packaging market size will exceed $10.5 billion by 2024, according to a research report by Global Market Insights, Inc., Ocean View, Del.
Shifting consumer preference for convenient packing solutions due to demographics and lifestyle dynamics are key trending factors driving liquid packaging demand. High flexibility, low weight and easy to carry will remain key properties enhancing product penetration. Increase in consumer spending on energy drinks and prevalent health awareness trends will also drive growth.
Pillow products accounted for more than 34% of the liquid pouch packaging market share in 2016. Competitive pricing along with strong consumption of dairy products, including milk, curd, yogurt and creams will continue to drive this segment. The global dairy industry will generate revenue over $450 billion by 2024, with China being the major consumer.
Stand-up liquid pouch packaging market generated over $1.5 billion in revenue for 2016. Capability to stand upright and offer attractive aesthetic appearance for the retail shelf are key properties. Increase in product adoption among retailers due to easy handling and low shelf-space requirements will continue to fuel demand.
Spout pouches are the fastest growing product owing to beneficial factors such as transportation ease, handling and ready to pour.
Polyethylene is the widely used packing material, generating over $2 billion in revenue for 2016. Key properties offered by the material includes high insulation, durability and flexibility along with stain and moisture resistance. Upward polymer price trend along with environmental regulations pertaining to material residues will impact the industry growth.
Flexible liquid pouch packaging generated over $5 billion revenue in 2016. Shifting preference for easy-to-carry products have enhanced the product demand. Moreover, the product enables ease in labeling and printing of colorful designs.
Food and beverages accounted for more than 50% of the overall industry share in 2016. Increasing consumer consciousness toward hygiene along with increased spending on ready-to-eat food and beverages will fuel the liquid pouch packaging market growth.
Asia Pacific liquid pouch packaging market share accounted for more than 35% in 2016. Changing income and demographic trends are leading to increased consumer spending on packaged food products will propel the industry growth.
Europe will witness over 5.6% CAGR up to 2024. Necessity for the small and convenient packing solutions due to changing lifestyles are the factors fueling the product scope. Increasing food safety awareness among consumers along with regulatory compliance will drive the regional demand.