LONDON--(BUSINESS WIRE)--The global PET films market is expected to post a CAGR of over 6% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the growing demand for ready-to-eat meals. One of the major factors driving the ready-to-eat meals market is the growing need for convenience among customers. In 2018, the global ready-to-eat meals market was valued at USD 109,84 billion which is expected to grow at a CAGR of 5% during the forecast period. The busy schedules of working professionals urge them to seek convenience in daily-use products such as packaged foods and beverages. Moreover, manufacturers are considering the disposal of the packaging after use and therefore manufacturing packaging products that can be disposed of quickly. The prominent flexible packaging designs that contribute to easy convenience and reuse are zippers, pouring spouts, peel-off lids, and microwave pouches. Thus, with the growth of the ready-to-eat meals, the demand for flexible packaging is expected to increase, which will drive the growth of the global PET films market during the forecast period.
This market research report on the global PET films market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increasing demand for flexible packaging as one of the key emerging trends in the global PET films market:
Global PET films market: Increasing demand for flexible packaging
One of the emerging trends in the global PET films market is the growing demand for flexible packaging. The growing demand for flexible packaging, which mainly includes thin PET films, will accelerate the demand for the product and drive the growth of the global PET films market. The driving force for flexible packaging are factors such as the increase in demand for convenient packaging and growth of the food and beverages and pharmaceutical industries. Moreover, the food and beverages sector is expected to dominate the flexible packaging market due to the increased use of flexible packaging by the sector. The demand for plastics from the packaging market is expected to the drive the growth of the flexible packaging market further, during the forecast period.
“Apart from the increasing demand for flexible packaging, the emerging technologies in the packaging industry is one other factor expected to boost the growth of the global PET films market. Some of the emerging technologies in the packaging industry are modified atmosphere packaging, high-barrier flexible packaging, and smart packaging materials,” says a senior analyst at Technavio.
Global PET films market: Segmentation analysis
This market research report segments the global PET films market by type (thin PET films and thick PET films) and geographical regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2018 with a market share of over 58%, followed by the Americas and EMEA respectively. During the forecast period, the APAC region is expected to continue dominating the global PET films market and register the highest incremental growth of over 1%.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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