The stand-up pouch valves market is projected to pull in $900 million and surpass 25 billion units by 2024, according to a new report by Global Market Insights.
The Selbyville, Delaware-based research firm says changing food habits and hectic schedules have increased the necessity for product convenience, influencing demand for pouches with spouts. Improved functions including mess-free dispensing, easy opening, self-feeding and resealability are among key factors driving industry growth.
Corner stand-up pouch valves accounted for more than 70 percent of the market in 2016, thanks to the convenient pouring position. Moreover, additional fitments, including side notches and handles, will also support the market.
Increasing focus on health consciousness has also led more consumers to turn to liquid products, supporting the stand-up pouch spouts market. Furthermore, growing consumer spending on packaged food are other major factors fueling business growth.
Global Market Insights also cited advancement in packaging machinery that enables spout welding on pouches, along with frequent packaging design innovations, as forces continuing to drive industry demand in the food and beverage, household and personal care industries.
In fact, food and beverage applications are expected to grow at over 6.5 percent through 2024, largely due to anticipated adoption by sauce brands, baby food brands and makers of sticky and pasty products.
The Asia-Pacific region accounted for more than 35 percent of the stand-up pouch spouts market share in 2016. Cost effectiveness and packaging durability are among key factors driving regional demand. Moreover, growth in the food and beverage and household care industries will support the product demand.
Global Market Insights noted the world’s stand-up pouch valves market is highly fragmented because of the presence of many international and regional industry players. Scholle IPN, Menshen, Falakpack, Glenroy, Pacificbag, Smurfit Kappa, Liqui-Box, Wilk Group, Swisspack and Gualapack Group are among key industry players. Collaborations and supply agreements with pouch manufacturers, along with mergers and acquisitions, are major strategies adopted by manufacturers.
Global Market Insights, Inc.