Global market for liquid packaging to reach $370.75 billion
The market size for liquid packaging is projected to reach U.S. $370.75 billion by 2021, registering a CAGR of 5.4% between 2016 and 2021. Increasing demand from the food & beverages industry is the major driver for liquid packaging market, according to a new study from Research and Markets (researchandmarkets.com).
The global liquid packaging industry is expected to rise with the increasing demand from food & beverage industry in economies such as India, China, Africa, Middle East, Germany, Brazil and others. Increasing carbon footprint due to use of various resins in the manufacturing of liquid packaging type is the major restraint affecting the growth of the market.
Flexible liquid packaging is the fastest-growing liquid packaging type. This packaging type provides various advantages such as longer shelf life, less cost, consumer friendly, capable of retaining freshness of products, less energy consumption, green packaging and others. Films are the largest flexible liquid packaging type used majorly in the packaging of liquid products. Liquid packaging is widely used as it prevents the loss of moisture or protects the goods from moisture; improves tear, scuff and puncture resistance; and provides a heat sealable surface; and so on.
Asia-Pacific is the largest market for liquid packaging globally, with China being the most dominant. This region is also anticipated to witness the highest growth rate, which is attributed to the rapid economic expansion in the region. The rapid development in liquid packaging industry is also vigorously driven by the demand from food & beverages, medical & pharmaceutical and other end-use industries in the region.