(Entertainment-NewsWire.com, July 28, 2020 ) The Stand-up Pouches Market size is estimated to be USD 20.1 billion in 2018 and is projected to reach USD 28.9 billion by 2023, at a CAGR of 7.5% during the forecast period. 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.
The round bottom segment is projected to account for the largest market share between 2018 and 2023.
The round bottom segment is projected to be the largest segment during the forecast period. Round bottom stand-up pouches are durable and render high stability to the product. This form of packaging is used commonly for lightweight products such as coffee, tea, sauces, and candies. Furthermore, they are considered as an ideal form of packaging for products that weigh less than a pound.
Food & beverage is projected to be the fastest-growing end-use industry in the market during the forecast period.
In the food & beverage industry, stand-up pouches are used widely in the packaging of sauces, pet food, ready-to-eat/frozen meal, candies, chocolates, snacks, dried fruits & nuts, and confectionery products. Stand-up pouches are made of highly sterilized materials that 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. Tailor-made packaging in terms of unique shapes, styles, and designs is also one of the factors driving the demand for this packaging in the industry.
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Asia Pacific is projected to account for the largest market share during the forecast period.
Asia Pacific is projected to dominate the stand-up pouches market between 2018 and 2023. The increasing demand for compact packaging solutions from highly populated countries such as India and China is driving the market in the region. The growing population in these countries widens the customer base for FMCG products and food & beverages, which, in turn, is projected to drive the market in the region. 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). Acquisitions, expansions, investments, and new product developments are some of the major strategies adopted by key players operating in the stand-up pouches market.
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