Liquid packaging boards forecast to grow through 2020
Technavio’s (technavio.com) market research analysts predict the global market for liquid packaging boards to grow at a CAGR of over 4% between 2016 and 2020. The growth of this market is spurred by the rising demand for single-serve packs in the market. The recent rise in the number of single-person households has led to the increased demand for single serve packs in various consumer products of the mass consumption branded category. This preference for single serve packs fuels opportunities for brand switching, as consumers are not committed to consuming large volumes at a time. During 2015, the global liquid packaging board market was dominated by Europe with a market share of around 57%. The demand for alternative drinks among consumers will contribute to the growth of the market in this region during the forecast period.
“The rising popularity of water-based coating technology is the latest trend in the global liquid packaging board market. This increase in the popularity of water-based coating technology can be attributed to advantages such as it is odorless, tasteless and environment-friendly properties. The principle used by water-based coating in extracting water are evaporation and absorption. During the process, polymer particles shape the coating film by approaching each other,” says Sharan Raj, lead analyst, transportation & logistics, Technavio Research.
The dairy packaging segment accounted for more than 74% of the overall market revenue in 2015 to become the key revenue generating vertical in the global liquid packaging board market. Milk and dairy products are the most consumed perishable products. Owing to their short shelf life, continuous efforts have been made to increase their longevity. Dairy products are processed or packed in a suitable way so that they can be served fresh to the consumer. Apart from their short life, they should also be protected from other factors like improper handling during transportation and climatic changes.