Micro Packaging MarketSize and Trends
Micro Packaging Market Outlook
- Asia Pacific is the fastest growing region in the micro packaging market. The burgeoning food and beverage industry has contributed to market growth, due to large amount of time spent by goods in transit and long shelf lives in products is vital. Moreover, India and China are hubs for manufacture of pharmaceuticals, which are then sold in Europe and North America.
- Europe is a leading region for innovation due to high R&D investments. Stringent environmental regulations have led companies away from conventional packaging to sustainable practices such as micro packaging.
- North America is major supplier of pork and beef to China, the use of micro packaging helps keep the meat fresh during transit. China is projected to import 3 million tons of pork in 2017. Due to recent meat quality issues in China, it is vital for meat packagers to employ techniques to ensure freshness. This will allow for consolidation of market share in Chinese market.
- Middle East is witnessing growing demand for food due to rising tourism and high disposable incomes. Moreover, in an attempt to reduce reliance on food imports, investments in food and packaging sector are projected to rise. Africa is a fledgling market and is not expected to boost the micro packaging industry in the forecast period.
- In Latin America, Brazil, Mexico, and Argentina are among the largest producers of generic drugs. The drugs are exported to almost 40 countries. Nano packaging ensures their quality during storage and trans-Atlantic travel. This will boost the micro packaging industry in the region.
