CHICAGO, Feb. 26, 2019
CHICAGO, Feb. 26, 2019 /PRNewswire/ -- According to the new market research report "Stand-up Pouches Market by Type (Aseptic, Standard, Retort, Hot-filled), Form (Round Bottom, Rollstock, K-Style, Plow/Folded Bottom, Flat Bottom), Closure Type (Top Notch, Zipper, Spout), Application, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Stand-up Pouches Market is estimated at USD 20.1 billion in 2018 and is projected to reach USD 28.9 billion by 2023, at a CAGR of 7.5%. The rising demand for packaged food and the cost-effectiveness of this flexible packaging solution drives the demand for stand-up pouches. Furthermore, the increase in demand from end-use industries and aesthetic appeal of stand-up pouches further boosts its market growth.
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The round bottom segment is projected to grow at the highest CAGR in the global Stand-up Pouches Market from 2018 to 2023
The round bottom segment is projected to grow at the highest CAGR during the forecast period, in terms of value, due to its high demand in the food & beverage industry, and rise in demand for compact and lightweight packaging solutions. Round bottom stand-up pouches are durable and render high stability to the product, which further contributes towards its high growth rate. This form of packaging is commonly used for lightweight products such as coffee, tea, sauces, and candies. Furthermore, they are also considered as an ideal form of packaging for products that weigh less than a pound.
The food & beverage industry is estimated to be a major consumer in the Stand-up Pouches Market in 2018
Stand-up pouches are made of highly sterilized materials. These materials help in protecting the product from contamination, making them ideal for food & beverages packaging. These pouches are manufactured using multiple layered films that protect the contents from moisture, light, and odor and preserve the freshness of food & beverages. The key driver for the growth of the Stand-up Pouches Market is the increase in demand for compact & lightweight packaging for baby food. In the food industry, stand-up pouches are widely used in the packaging of sauces, pet food, ready-to-eat/frozen meal, candies, chocolates, snacks, dried fruits & nuts, and confectionery products. The various factors that have driven the demand for these pouches in beverage packaging applications include protection from contamination, aesthetic appeal, tailor-made packaging in terms of unique shapes, styles, and designs.
The Asia Pacific is projected to hold the largest share in the Stand-up Pouches Market during the forecast period
The Asia Pacific is projected to dominate the Stand-up Pouches Market through 2023. This market position is attributed to the increasing demand for compact packaging solutions from highly populated countries such as India and China. In addition, the growing population in these countries widens the customer base for FMCG products and food & beverages, which in turn, is projected to drive the growth of the Stand-up Pouches Market in the region. Moreover, factors such as industrialization, growing middle-class population, rising disposable income, changing lifestyles, and increasing consumption of packed products further boosts the demand for stand-up pouches in the region.
Key players operating in the Stand-up Pouches Market include Amcor (Australia), Bemis Company (US), Berry Global Group (US), Mondi (Austria), Sonoco (US), Sealed Air (US), Coveris (UK), ProAmpac (US), Smurfit Kappa (Ireland), and Huhtamaki (Finland). These players have adopted various growth strategies to expand their global presence and increase their market share. Mergers & acquisitions, expansions, investments, new product launches, and partnerships are some of the major strategies adopted by key players operating in the Stand-up Pouches Market.
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