Aesthetic Appeal is driving Pouches Market
The Global Pouches Market is projected to grow from USD 36.4 billion in 2019 to USD 46.1 billion by 2024, recording a CAGR of 4.8% during the forecast period. The rising demand for packaged food & beverages is projected to drive the pouches market.
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Pouches increasingly find applications for packaging in various industries, such as healthcare, food, beverages, and cosmetics & personal care, due to their easy-to-use features, cost-effectiveness, and enhanced aesthetic appeal. According to MarketsandMarkets, the pouches market is projected to grow from USD 36.4 billion in 2019 to USD 46.1 billion by 2024, recording a CAGR of 4.8% during the forecast period.
Based on type, flat pouches are the most widely used pouches in the market. Whereas, the stand-up pouches segment is projected to grow at the highest CAGR from 2019 to 2024, due to its properties such as versatility, easy transportation, and low weight. In addition, the growth of this segment is attributed to the growing demand for products with a longer shelf life and their usage for ready-to-drink beverages and ready-to-cook food.
Based on application, the beverage segment in the pouches market is projected to grow at the highest CAGR from 2019 to 2024. The growth of this segment is attributed to key factors such as changing lifestyle of consumers, growing demand for compact & lightweight packaging, increase in disposable incomes, and a rise in the middle-class population. The growth in the usage of pouches for alcohol packaging further drives the beverages segment in the pouches market. In addition, the increasing need for food packaging has led to an increase in demand for pouches.
The pouches market is segmented into five regions, namely, North America, Asia Pacific, Europe, the Middle East & Africa, and South America. The Asia Pacific region accounted for the largest share in 2018 and is projected to record the highest growth during the forecast period, in terms of both value and volume. Increasing applications of pouches in the food, beverage, healthcare, and personal care & home care industries are projected to drive the growth of the pouches market in the region. Furthermore, the rising consumption of packaged products, rapid urbanization, and increasing disposable incomes in the developing countries such as China and India are factors that are projected to drive the growth of the Asia Pacific pouches market.
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The company increased its productivity by investing in new facilities and acquiring companies such as Nampak Flexibles (South Africa), Hebei Qite Packing Co. Ltd. (China), Alusa S.A. (Chile), and Packaging India Private Limited (India). With its recent acquisition initiative of Bemis Company Inc. (US), the company is projected to lead in the consumer packaging market.
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