Global Four-Side Flat Pouch Market to Reach $8 Billion by 2024
Changing lifestyle, and a lean toward fast food will offer positive outlook for industry growth, says a new report by Global Market Insights (gminsights.com). Rising need of packaging, especially for ready to cook food owing to busy lifestyles, will support growth. Factors such as convenience to carry, flexibility, strong sealing strength and vacuum finish are positively influencing the four-side flat pouch market growth.
Increasing packaged food and beverages demand across the developing nations will propel the global four-side flat pouch market size. Increasing usage of the product in pharmaceutical industry has positively influenced the industry growth owing rising rate of infectious diseases.
Presence of multiple substitutes, such as paper bags, boxes and metal cans, will restrain the industry growth. Increasing cost of raw materials including polypropylene and polyethylene will have a direct impact on the product price trend.
Stringent regulations on recyclability of materials are expected to hinder industry growth from 2018 to 2024.
Low production cost of polyethylene as compared to other plastics has propelled the product demand. Polypropylene material holds over 25 percent of the industry share in 2017. This can be credited to its properties such as low density, light weight, high heat resistance, durability and high clarity.
Personal care application is expected to be valued at over USD 1.2 billion by 2024. Growing population coupled with rising per capita income of consumers has enhanced the product penetration. The increasing demand for personal care products owing to its various usage in skin care, oral care, make up and hair care, positively supports the revenue generation.
The market size in the Asia Pacific region is anticipated to witness growth at over 7 percent from 2018 to 2024. Growing food and beverage industry has projected to propel the business growth. This can be credited to increasing penetration of packaging industry mainly in urban areas.
In Europe, the four-side flat pouch market captures share of over 32% in 2017. The region is expected to witness a decent growth owing to the growing travel and tourism industry in Germany, UK, France and Italy. Changing habits of the people along with rising demand from consumers for small and convenient packages will propel the business growth. Shifting preference of consumers for pouches over conventional bottles and metal cans specially in pet food, baby food and detergents will fuel the business growth.