Saudi Arabia Plastic Packaging Market Growth, Trends, and Forecast Report 2019-2024 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 6, 2019--
The “Saudi Arabia Plastic Packaging Market - Growth, Trends, and Forecast (2019 - 2024)” report has been added to ResearchAndMarkets.com’s offering.
The Saudi Arabian plastic packaging market was valued at USD 7.64 billion in 2018, and it is projected to reach USD 10.64 billion by 2024, registering a CAGR of 5.6% during the period of 2019-2024.
Saudi Arabia is one of the largest markets for the packaging industry in the Middle Eastern region. The country has a huge consumer base and wide range of industrial activities. Moreover, according to the SDIF, as of 2018, there were around 791 food manufacturing facilities, 173 beverage manufacturing facilities, 94 textile manufacturing facilities, 102 apparel manufacturing facilities, and 45 pharmaceutical manufacturing facilities in the country, which account for 16% of the total industrial manufacturing establishments in Saudi Arabia, by which the demand for plastic packaging increases.
Most of the manufacturers are introducing additional functionalities of EVOH films for packaging. Functionalities, such as cost-effectiveness and high seal strength, are displaying an emerging trend in EVOH films for packaging. EVOH films are used as a food packaging solution, as they can successfully retain the properties of food products, thereby, preventing it from contamination during shipments.
Key Market Trends
Rigid Packaging in Healthcare Products Expected To Significant Market Growth
Cosmertics & Personal Care in Flexible Packaging Account for Significant Market Growth
The plastic packaging industry is highly fragmented in the country, comprising of market incumbents (such as Napco Group and APICL Takween, and others), and accompanied by several regional Saudi Arabian contract packaging firms. Sustainable competitive advantage can be gained through innovation in design, technology, and application. The levels of market penetration in Saudi Arabia have grown significantly over the last decade, aided by the growing demand from the food and beverage and pharmaceutical industries.
Recent developments in the market are:
Value Chain Analysis
Industry Attractiveness - Porter’s Five Force Analysis
For more information about this report visit https://www.researchandmarkets.com/r/fq8qst
View source version on businesswire.com:https://www.businesswire.com/news/home/20191106005961/en/
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INDUSTRY KEYWORD: PACKAGING CHEMICALS/PLASTICS MANUFACTURING
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 11/06/2019 03:36 PM/DISC: 11/06/2019 03:36 PM