The commodity adhesive tape market is expected to surge with a CAGR of 5.12% increasing from a market size of US$49.936 billion in 2019 to a market size of US$67.365 billion by the end of 2025. Commodity adhesive tapes are tapes used for purposes including packaging, masking, and consumer and office space uses. The demand for commodity adhesive tapes will rise with growth in the packaging and retail industries. Moreover, the booming eCommerce industry will further boost the demand for these tapes as they are used to pack goods for shipment in bulk quantities. Furthermore, the growing number of SMEs will further lead to an increase in the demand for office supplies, which will, in turn, add to the demand for these tapes. In addition, increasing demand for painting in office and housing spaces will snowball the demand for these tapes for masking purposes. The Asia Pacific region will see many growth opportunities during the forecast period due to rising disposable income boosting the demand for household and retail supplies and the increasing expenditure on the aesthetic appeal of buildings and interiors.
The growing adoption of flexible packaging worldwide is poised to fuel the market growth in the forecast period.
The flexible packaging in the Asia Pacific region is expected to surge in the forecast period with the growing disposable income, evolving living standards of people and a burgeoning consumer demand for convenient packaging solutions. Additionally, the hectic work schedule of people in the APAC region is propelling the demand for easy-to-use packaged food and beverage products. The demand for flexible packaging is further supported by the growing demand in varied end-use industry verticals. Also, the use of lightweight materials coupled with low production costs is assisting in ease to transport with minimal or no damage to the products. Hence, reducing the overall cost of operation for the manufactures. The market is expected to show high growth prospects in the emerging countries of China and India with a high consumer base with expanding middle-class population and an increasing disposable income. Also, the market is China is providing maximum consumption among all the countries of the APAC region. Furthermore, the growing number of retail stores including supermarkets, hypermarkets, and convenience stores are bolstering the flexible packaging with an improved shelf-life of the degradable products such as fresh foods and vegetables among others.
With advancements in technology, the flexible packaging innovations are continuing to grow at a significant pace where the industry is focusing on the production of eco-friendly packaging solutions having benefits which include reduced utilization of non-biodegradable plastics and utilizing sustainable raw materials, thus, reducing energy consumption during recycling. Additionally, with the increasing pressure from the government, the market for flexible packaging will continue to proliferate in the forecast period driving sustainability.
The presence of a large consumer base, especially in the countries of India and China is driving the market demand with the growing adoption of flexible packaging. This is majorly driven by the increasing preference for consuming convenience and ready-to-eat products. The increasing family income with more than one earning family member and women entering the main workforce stream is surging the market demand for flexible packaging to thrive in the forecast period. Additionally, with increasing urbanization, a shift from the rural to urban areas of the world is being observed, bringing in changes in dietary consumption as well. In India, the citizens are moving from the regular way of traditional cooking to the adoption of purchasing meals from outside, hence fueling the market demand for convenience foods and beverages. With the changing living conditions, the spending ability has also increased, further encouraging the industry players in the APAC region to manufacture innovative flexible packaging solutions in order to satisfy a wide range of customers. Also, with the growing elderly population, and with the high number of people suffering from chronic diseases, the demand for flexible packaging is further increasing the market demand with the fueling consumer demand for drugs and medications and other necessary medical supplies.
Flexible packaging solutions in the European region which include Spain is focusing on curbing the carbon emissions. Hence, this is considered as an optimum environmental choice due to the fact that fewer resources are used for its production with lesser emission. In addition, lesser waste is generated while manufacturing flexible packaging solutions, which is further anticipated to augment the adoption of flexible packaging solutions in the country. Moreover, numerous benefits by the use of flexible packaging solutions such as lesser transportation costs, higher product-to-package ratio, and reduced materials to landfill among others are further creating the inclination of the food manufacturers to increase the adoption of sustainable packaging solutions and thus fueling the market growth during the forecast period. Furthermore, key market players are adopting every possible strategy ranging from capacity expansion to mergers and acquisitions in order to sustain and increase their share in the competitive market.
The demand for paper-based flexible packaging solutions is gaining traction in the country, owing to the increasing popularity of biodegradable products for packaging and mounting restrictions on the use of plastics. This trend is also projected to have a positive impact on the demand for paper-based flexible packaging for fresh foods in the region during the forecast period. In addition, trend towards the use of non-chemically induced products has resulted in a sharp rise in the demand for organically fresh produce all around Europe. With Spain being the largest producer in the European region, this growth has resulted in a substantial growth of the Spanish organic produce, and the usage of packaging which is free from chemical treatment. According to the data by the Spanish Ministry of Agriculture, Fisheries, and Food, the production of organic fruits and vegetables in Spain increased from 423,245 metric tons in 2012 to 547,601 metric tons in 2016. In addition, growing popularity of organic food in the country has also resulted in the development of the country’s first organic fresh food hub, which is projected to open in spring 2020.
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