Strip Pack Market Reach Nearly US$ 275.7 Mn in 2032 while Expanding at a CAGR of 5.2% during the forecast Period
The strip pack market is projected to reach a valuation of US$ 275.7 Million by 2032, likely to surge at a vigorous 5.2% CAGR from 2022 – 2032. In the course of recent years, there has been a sharp ascent in the interest for strip packs from the pharmaceutical companies. These packs are exceptionally received over the business attributable to their benefits such as toughness, tamper proof, protection against environmental factors, and inexpensive.
Strip packs which are opaque in nature protects the object from UV radiations of the sun. Strip packs also increases the shelf life of the product by creating a barrier for oxygen and moisture due to multiple layers. Furthermore, the light weight of strip packs is also creating advantages for the market.
Strip packs also reduces the spillage of the product, provides the feature of anti-counterfeiting, easy to open and improves the recognition of the brand. All these trends are the key factors for creating growth opportunities for strip packs market.
Global Strip Pack – Market Dynamics
Global strip pack market is growing at a significant rate over the forecast period 2017-2025. The market for strip pack is basically driven by the expanding pharmaceutical industry as they are primarily used for packaging of tablets, pills and capsules. Strip packs are also gaining traction between the pharmaceutical packaging manufacturers due to the property of anti-counterfeiting.
In addition, the market for strip packs are also accelerating due to various value added features such as cost effective and affordable packaging solution. Furthermore, strip packs are also available in customized packaging solution for different customers. The rising demand for light weight packaging solutions for pharmaceutical products are also one of the factors which are positively increasing the demand in strip packs market.
Nevertheless, the arrival of bio based plastics are opening new opportunities for companies which are manufacturing strip packs. Moreover, the market for strip pack is restricted due to unsuitability of strip pack for heavy products. Digital printing on strip packs is a key trend prevailing in the global strip pack market and is expected to contribute to the overall market growth.
The global strip pack market can be divided into seven major regions which are as follows –
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia-Pacific excluding Japan
- Middle East & Africa
The market for strip pack in North America region is expected to remain supreme due to high growth in the food & beverages market as compared to other markets in the region. North America is also represented by consumers who are willing to pay for convenient packaging.
APEJ region is represented by economies such as India and China who are expected to witness considerable growth in terms of market revenue due to extensive developments in the food & beverage as well as pharmaceutical industry. The growth is expected to be driven by an increasing middle class population and rising disposable income of individuals in the region.
Europe is expected to witness moderate growth during the forecast period with Germany, France, Italy, and the U.K. ranking high regarding demand for Strip pack packaging market. Latin America is expected to witness sluggish growth during the forecast period due to economic downturns.
Global Strip Pack Market – Key players
Few of the key players in the strip pack market are Constantia Flexibles Group GmbH, Amcor Ltd., Wasdell Packaging Limited, Bemis Company, Inc., Mikart, Inc., ACG Pharmapack Private Limited, Svam Packaging Industries Pvt. Ltd., etc.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, type of product and applications.
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The report covers exhaust analysis on
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
The regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia-Pacific (China, India, ASEAN, Australia & New Zealand)
- The Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The global strip pack market can be segmented by the material type, by product type, by capacity, and by end user base.
On the basis of material type, the global strip pack market is segmented into –
- Polyethylene Terephthalate (PET)
- Polyethylene (PE)
- Polypropylene (PP)
On the basis of end user base, the global strip pack market is segmented into –
- Powder & granules
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Published Fri, 12 Aug 2022 09:32:39 -0500