High-Barrier Pouches Market Analysis by Latest Trends & Growth Factors to 2024
Technological developments in the product design for preventing moisture loss and retaining product freshness are the key driving factors for industry growth. Reduced packaging material usage coupled with low handling and storage cost will propel high barrier pouches market.
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The Europe High-Barrier Pouches Market will witness gains over 5% up to 2024. Fast paced lifestyle along with rise in demand from consumers for small & convenient packages will support product penetration. Increasing product application in pharmaceutical sector is projected to boost regional market. Heat & acid resistance and superior shelf life are key properties propelling product demand.
High Barrier Pouches Market, By Application:
• Pet food
• Home care & personal care
Potential outlook in food & beverage applications is expected to drive high barrier pouches market. Longer shelf life, superior preservation, lightness, extended durability and recyclable properties will support product penetration. As per analysis, the global packaged food industry was estimated over USD 1.5 trillion in 2016 and is projected to surpass over USD 2.6 trillion by 2019.
Industrial application segment will exceed USD 150 million by 2024. Rising product application for packaging fluids, paint & coatings and lubricants will drive high barrier pouches market growth in this segment. Increasing construction spending coupled with infrastructure development mainly in developing countries will boost the product demand.
Polyethylene will observe gains over 5.5% up to 2024. Excellent resistance and tensile strength as compared to other materials will drive industry growth. Increasing demand from household and industrial chemical segments owing to superior chemical resistance property is expected to propel product demand.
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Global high barrier pouches market share is highly fragmented owing to presence of many industry players both at regional & international level. Some of the major players are:
• Elliot Packaging
• Hood Packaging
• American Pouch
• Vacuum Pouch Company
Companies are considering packaging as a branding tool rather than a protective package. Especially in FMCG environment where consumers are less concerned abound brand loyalty. Thus, manufactures are expected to invest in packaging design to gain competitive advantage and boost their product sales.
Spouted high barrier pouches will grow over 6% up to 2024. Easy product consumption without utensils usage owing to attached spout in the pouch has supported industry growth. Easy to handle & carry, ready to pour and mess free food consumption are the driving factors for high barrier pouches market growth.
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Growing consumption of packed and retort food due to shifting trend towards nuclear families will drive high barrier pouches market growth. As per analysis, global packaged food industry reached USD 2.6 trillion in 2016. Shift in manufacturer focus towards packaging as promoting tool rather than protective package has enhanced high barrier pouches market size. Innovations in packaging design to delight customers without harming basic purpose of packaging are key supporting factors