GCC Flexible Packaging Market Overview, Trends, Opportunities, Growth and Forecast by 2024
United States, 13 June 2019 -- Over the past few years, the GCC flexible packaging market has witnessed strong growth. This can be accredited to the thriving processed and packaged food industry and the increasing sales of pharmaceutical products across the GCC region.
According to the latest report by IMARC Group, titled “GCC Flexible Packaging Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the GCC flexible packaging market reached a value of US$ 1.6 Billion in 2018. Flexible packaging consists of easy molding packages that have no rigid structure. These packaging solutions have aroma retention and barrier properties and come in re-sealable packs which make them suitable for packing moisture-sensitive products. This type of packaging may include bags, pouches, plastics, films, foils and liners or a combination of these materials. At present, one of the key factors driving the GCC flexible packaging market is the extensive utilization of these packaging solutions in the fast-moving consumer goods (FMCG) sector which is witnessing rapid expansion in the region.
The processed and packaged food industry in the GCC region is currently experiencing rapid growth owing to the rising population, high income levels and shifting dietary patterns. Cost-effectiveness and longer shelf-life of food products are two of the key benefits offered by flexible packaging that are driving the market growth. Flexible packaging also provides other benefits such as light-weight, ease of opening, carrying, storing and resealing, and various customization options which add to the products’ aesthetic appeal. Besides, it requires less energy for production which results in significantly lesser carbon emissions as compared to rigid packaging, thus making it a sustainable option of packaging goods. Moreover, rapid urbanization, sedentary lifestyles and regular consumption of fast food in the GCC region have led to a significant increase in the number of cases of chronic diseases, such as obesity, diabetes and cardiovascular diseases. This is boosting the overall sales of pharmaceutical products which, in turn, is strengthening the demand for flexible packaging in this sector. On account of the aforementioned factors, the GCC flexible packaging market size is anticipated to reach US$ 2.5 Billion by 2024, growing at a CAGR of around 8% during 2019-2024.
On the basis of the raw material, the market has been divided into polymer, paper and foil. Amongst these, polymers account for the majority of the total market share.
Breakup by Product Type:
1. Pouches and Bags
2. Squeezable Bottles
Based on the product type, the pouches and bags segment represents the most popular segment, followed by squeezable bottles.
Breakup by Application:
1. Food and Beverages
3. Consumer Products
On the basis of the application, the market has been segregated into food and beverages, non-food products, consumer products, pharmaceuticals and others. Currently, the food and beverages segment exhibits a clear dominance in the market.
Breakup by Printing Technology:
Based on the printing technology, the market has been classified into rotogravure, flexography, offset, digital and others. At present, rotogravure holds the dominant market share.
Breakup by Region:
1. Saudi Arabia
On the geographical front, Saudi Arabia holds the dominant market share. Other major regions include the UAE, Oman, Kuwait, Bahrain and Qatar.
The competitive landscape of the market has also been analyzed along with the detailed profiles of the key player operating in the market. Some these players include Huhtamaki, Rotopak, Arabian Packaging, Integrated Packaging, Emirates Printing Press, Emirates Technopack, Fujairah Plastics and Amber Packaging Industries LLC.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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