Middle East And Africa Flexible Packaging Market 2022-2028
MARKET OUTLOOK
Triton Market Research’s report infers that the Middle East and Africa flexible packaging market is likely to advance in terms of revenue and volume at a CAGR of 4.12% and 2.87%, respectively, during the forecast years 2022-2028. The United Arab Emirates, Saudi Arabia, South Africa, Turkey, and Rest of Middle East & Africa shape the market in the region.
In the UAE, industrial packaging has witnessed substantial growth compared to consumer packaging. For instance, industrial packaging accounts for around 15% of polymer consumption. The packaging products are competitively priced as the region is a major production hub for polymer resins. Furthermore, investments in food processing, especially meat and poultry, and a rise in manufacturing capacity expansion are creating a high demand for packaging, generating numerous opportunities for the flexible packaging market.
On the other hand, South Africa is among the major hubs for flexible packaging, with various players expanding operations. The manufacturing sector is well-developed in the country, increasing the demand for bulk packaging. Besides, the demand for renewable materials is high owing to robust environmental regulations. However, high operation costs and a lack of skilled labor affects the market. Nevertheless, the rising demand for packaging is estimated to open new avenues for the flexible packaging market over the forecast period.
COMPETITIVE OUTLOOK
The major companies in the flexible packaging market include Asahi Kasei, Dai Nippon Printing Co Ltd, Mitsui Bussan Packaging Co Ltd, Takigawa Corporation, and Rengo Co Ltd.
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