London, 24 July 2015: Technavio, the independent tech-focused global research firm, has published a report on the plastic packaging market in the APAC 2015-2019, which is expected to grow moderately during the forecast period of 2014-2019, posting a CAGR of 6.63%.
The growth in the APAC region is mainly driven by an increase in the need for plastic packaging in developing countries, such as China and India. Vendors in the region have started developing innovative methods for plastic packaging, and in addition, an increase in investment in packaging equipment has further driven the growth of the market.
“Smart packaging refers to the usage of a smart material, which is capable of sensing a change in its immediate external environment through the usage of sensors and indicators, thereby increasing the shelf life of the items inside,” says Faisal Ghaus, Vice President of Technavio.
“An automatic rectifying action takes place in response to the change in environment (temperature, moisture content, or pressure). Anti-microbial films control the growth of microorganisms using additives as well. These films are even fitted with RFID tags to enable the tracking of items.”
Key Market Drivers
- Growing Demand from F&B Sector
- R&D Spending by Manufacturers
- Demand from Pharmaceutical and Healthcare Sector
- Increase in Purchasing Power and Urbanization in Emerging Markets
Key Market Trends
- Shift from Rigid to Flexible Plastic Packaging
- Adoption of High-barrier Plastics
- Increased Use of Smart Packaging Materials
- Growing Demand from APAC
Key Market Vendors
- Amcor Ltd.
- Bemis Co. Inc.
- Berry Plastics Corp.
- Sealed Air Corp.
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
