Spout Pouch Market to Expand At 7.5% CAGR with the High Use in Food and Beverage Industry
Transparency Market Research (TMR) analyze that the global market for spout pouch is highly competitive and fragmented due to the presence of multiple players. These players compete each other based on price of the product and though product differentiation. Players are also focusing on expanding their global reach through by offering lower price for the product, by investing into mergers and acquisition, and strengthening their financial standing. Some of the key players in the market are Berry Global Group Inc, Mondi, Inc., Sonoco Products Company, ProAmpac LLC, Tyler Packaging Ltd, Amcor Limited, Foster Packaging International, HPM Global Inc., Bemis Company, Glenroy, Inc., Sealed Air Corp, Impak Corporation, and Coveris Holdings S.A.
As per the TMR analysis, the global spout pouch market as of 2018 is estimated to be US$ 2.11 bn and during the forecast tenure it is expected to rise at 7.5% CAGR. On the basis of retort segment under the filling process category, is anticipated to increase its market share form 12.5% in 2018 to 13.8% 2026. As per regional growth, Asia Pacific leads the market. On the account of value, Asia Pacific is expected to rise at 9.6% of CAGR during the forecast period. Middle East and Africa and Latin America are also expected to contribute moderately in the spout pouch market in the next few years.
Increasing Demand for Packaged Products Triggered the Demand
The demand for spout pouch has significantly grown worldwide as various promising factors contributed to the market. Rising demand for packaged food, changing lifestyle, and increasing disposable income are the major factors responsible in expanding the demand for the market. Moreover, reduced cost and comfortable use from these spout pouches have also grown the demand for the spout pouch market. Spout pouches are commonly used to store energy drinks, hygiene products, sauces, liquid soaps, pharmaceutical products, alcoholic beverages, and various other liquid materials.
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Applicability of spout pouch is high in food and beverages industry, thus makes the product convenient to use, attractive for branding, and increases the packaging quality of the product. The use of spout pouch is a flexible packaging option as compared to plastic or glass bottles. They can also be recycled and are used for storing multiple liquid substance. As the spout pouch is easy to handle and carry, it support the on the go lifestyle of the customers.
Stringent Laws to Obstruct Market Growth
There are certain restraining factors that may hamper the growth of the global spout pouch market. Strict policies employed by the government is one of the major factor that could obstruct the growth of the market. Harsh decisions taken by the government is mainly because the packaging waste take decade to decompose and pollutes the environment. Moreover, compliance with regulations is essential as the minute defect in the packaging might spoil the product. Thus, to address issues like those that this government across nations have been taking strict decisions that resulted in flexible packaging industry to be subjected to governance.