(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Oct 14, 2021, 06:19 /Comserve / -- Mexico Flexible Packaging Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The Mexico Flexible Packaging Market is expected to register a CAGR of 8.72% during the forecast period from 2020 to 2025. Technological innovation, sustainability trepidations, and attractive economics are among the reasons for the remarkable growth of flexible packaging in the last two decades. The way consumers view and interact with packages is altering. Owing to the increasing focus on sustainability, traditional rigid packaging solutions are being substituted by innovative and more sustainable, flexible packaging. The growing market demand for customer-friendly packages and heightened product protection is expected to boost flexible packaging as a viable and cost-effective substitute.
- Flexible packaging is rising faster than many other forms. It includes trends, like e-commerce, digital printing, and sustainability, that can be used to drive market development and growth. Customers in the region are eager to pay more for specific product attributes boosted by flexible packaging. Customers are willing to pay additional for food stored in flexible packaging. For instance, more than 46% of Americans are willing to pay more for food and beverage products stored in flexible packaging than they would for food products kept in non-flexible packaging, and 71% of Americans said they would prefer flexible packaging over non-flexible packaging when asked to pick between flexible and non-flexible packaging for a product they were considering for purchasing.
- A surge in the usage of other flexible packaging solutions may also be observed during the forecast period. Flexible packaging is mainly used for food, contributing to more than 60% of the total market. Growing end-user verticals, increasing demand for consumer-friendly packages, and rising demand for product protection have boosted the role of flexible packaging as a viable and cheap option, in Mexico.
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Key Market Trends
Pouches are Expected to Hold Significant Share
- Pouch packaging is rapidly gaining popularity, due to its being a highly-convenient and portable packaging solution. Standup pouches offer benefits and protect contents from moisture, vapor, odor, pests, air, and light. Consumers' preferences towards aesthetic appeal and convenience of pouches with value-added attributes such as spouts, zippers, or handles are impacting the growth of standup pouches. The lighter weight, reduced material use, and lower shipping cost of standup pouches than the rigid packaging are benefitting the packaged food producers.
- According to a study published by the Flexible Packaging Association, rigid PET containers have a fossil fuel usage that is 504% greater than that of the flexible standup pouch with zipper, and the weight of the package is six times heavier. Furthermore, the availability of numerous printing options for pouches helps innovative print designs on the pouch, thus, improving the aesthetics of the product and reflecting the brand. Growing innovation has seen the emergence of flexible foam, papers, and aluminum foils, replacing the current use of plastic as a raw material for the manufacturing of pouches.
- Increasing the adoption of pouch packaging for liquids, such as juices, detergents, and edible oil, has seen the emergence of pouches with excellent oxygen-barrier properties, to preserve the liquid inside, thus, ensuring that the contents stay uncontaminated. With the beverage industry increasingly consuming pouches, the demand from the market is expected to increase. Furthermore, the pouches market has seen considerable innovation in the standup pouches used in the food packaging industry.
Personal Care & Cosmetics is Expected to Witness Significant Growth
- In the current scenario, the cosmetic packaging industry has observed a significant breakthrough with the increasing demand for biodegradable flexible packaging, such as bioplastic. Bioplastics are available to cosmetics package design, majorly derived from renewable biomass like corn, rice, potato, tapioca, sugarcane, or cellulose. In July 2019, Researchers of University of Valle de Atemajac in Zapopan, Mexico created a biodegradable plastic from the prickly pear cactus juice. The latest material starts to break down after sitting in the soil for a month, and when left in water, it breaks down in a few days.
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- According to the National Chamber of the Cosmetics Industry (CANIPEC) of Mexico, the Mexican consumers spend about USD 90 on cosmetic products annually. More importantly, only 10% of that expenditure is done on premium products, and hence there is massive scope for upscaling of packaging as the acceptance of premium products grows. This is confirmed by the fact that in 2019, premium beauty products registered a 15% growth in Mexico.
- Among product categories, Skincare, haircare, fragrances, and makeup are expected to experience the highest growth during the forecast period. In the previous years, the solar exposure awareness undertaken by CANIPEC is contributing to the growth of dual functionality cosmetics that cater to the makeup and skincare requirements of the customers. The demand for hair care products is increasing due to the growing adoption of grooming products and the popularity of beards among men. Representing 20% of personal care in Mexico, haircare is also expected to experience healthy growth during the forecast period.
The Mexico Flexible Packaging Market is moderately fragmented with significant players such as Amcor Flexibles MX, American Packaging Corporation, Berry Global Inc., Transcontinental Mexico, etc., which occupy the majority of the market share. The companies in the region are forming multiple partnerships and mergers to increase their market share.
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHT
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Market Drivers
4.5 Market Challenges
5 IMPACT OF COVID-19 ON THE FLEXIBLE PACKAGING INDUSTRY
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