CHICAGO, Sept. 11, 2019 /PRNewswire/ -- According to the new market research report "Pouches Market by Type (Stand-Up, Flat, Rollstock), Material (Plastic Films, Aluminum Foil, Paper, Bioplastics), Treatment Type (Standard, Aseptic, Retort, Hot-Filled), Pouch Weight, Sealer, Application, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Pouches Market is estimated to account for USD 36.4 billion in 2019 and is projected to reach USD 46.1 billion by 2024, recording a CAGR of 4.8%. The rising demand for packaged food and the cost-effectiveness of flexible packaging solutions is projected to drive the demand for pouches. Furthermore, the increase in demand from end-user industries due to the aesthetic appeal of pouches is projected to drive its market growth during the forecast period.
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The stand-up pouches segment is projected to grow at the highest CAGR in the global pouches market from 2019 to 2024
The stand-up pouches segment is projected to grow at the highest CAGR during the forecast period, in terms of value. This is mainly attributed to the high demand in the food and beverage industry and the growing need for compact and lightweight packaging solutions. Stand-up pouches are durable and render high stability to the products, which further contributes to its high growth rate. This form of packaging is commonly used for lightweight products such as coffee, tea, sauces, and candies. Furthermore, they are also considered an ideal form of packaging for products that weigh less than a pound.
The standard segment is estimated to dominate the pouches market in 2019
The standard segment dominated the market, on the basis of treatment type, in terms of both value and volume. The cost-effectiveness and aesthetic display of these pouches in stores contribute to its leading share in the pouches market. However, the hot-filled pouches segment is projected to be the fastest-growing segment, in terms of both value and volume, from 2019 to 2024. The growth of the hot-filled and aseptic pouches segments is attributed to the increase in demand for products with a longer shelf life and their usage for ready-to-drink beverages.
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The food industry is estimated to be a major consumer in the pouches market in 2019
Pouches are made of highly sterilized materials. These materials help in protecting the product from contamination, making them ideal for food, beverages, and healthcare packaging. These pouches are manufactured using multiple layered films that protect the contents from moisture, light, and odor, and preserve the freshness of food and beverages items. The key factors driving the growth of the pouches market include the increase in demand for compact & lightweight packaging solutions for baby food. In the food industry, pouches are widely used in the packaging of sauces, pet food, ready-to-eat/frozen meal, candies, chocolates, snacks, dried fruits & nuts, and confectionery products. Factors that are projected to drive the demand for these pouches in the beverage industry include protection from contamination, aesthetic appeal, and tailor-made packaging solutions, in terms of unique shapes, styles, and designs.
Asia Pacific is projected to account for the largest share in the pouches market during the forecast period
Asia Pacific is projected to dominate the pouches market during the forecast period. This is attributed to the increasing demand for compact packaging solutions from densely populated countries such as India and China. In addition, the growing population in these countries widens the customer base for FMCG products, food, and beverages, which in turn, is projected to drive the growth of the pouches market in the region. Moreover, factors such as industrialization, growing middle-class population, rising disposable income, changing lifestyles, and increasing consumption of packed food products are projected to drive the demand for pouches in the region.
Key players operating in the Pouches Market include Amcor (Australia), Smurfit Kappa (Ireland), Mondi (Austria), Berry Global Inc. (US), Sonoco (US), Sealed Air (US), Huhtamaki (Finland), Constantia Flexibles (Austria), Coveris (Austria), Clondalkin Group (Netherlands), Goglio SpA (Italy), KOROZO (Turkey), ProAmpac (US), Gualapack S.p.A. (Italy), and DaklaPack (Netherlands). These players have adopted various growth strategies to expand their global presence and increase their market share. Mergers & acquisitions, expansions, investments, divestitures, new product launches, partnerships, agreements, and joint venture are some of the major strategies adopted by key players operating in the market.
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