Single-Serve Packaging Market to Grow at CAGR of 5 Percent Between 2018-2022
The global single-serve packaging market is forecast to reach a CAGR of around 5 percent during the period 2018-2022, reports Technavio (technavio.com).
A key driver for the global single-serve packaging market is the cost efficiency. Single-serve packaging solutions cost less when compared with other forms of packaging such as multi-serve packaging solutions. A limited number of raw materials are required for the production of single-serve packaging solutions and it involves low manufacturing overhead costs. The cost of shipping single-serve packaging solutions is also lesser when compared with rigid packaging solutions.
The growth of the global single-serve packaging market is being driven by the rising demand for flexible packaging solutions such as pouches, stick packs and sachet packaging solutions. Some of the challenges for companies that offer flexible packaging solutions are the intense competition between the vendors, the fragmented nature of the global flexible packaging market and rapid advances in technologies.
The flexible plastics segment held the largest single-serve packaging market share in 2017, accounting for nearly 37 percent of the market. Flexible packaging is expected to dominate the global market through the forecast period.
The EMEA region led the market in 2017 with approximately 36 percent of the market share, followed by APAC and the Americas respectively. The APAC region will surpass EMEA to become the highest contributing region by 2022.