Technavio, a tech-focused research firm, has published a new report on the packaging market in the Middle East and North Africa (MENA), which is expected to grow at a CAGR of almost 5% from 2015-2019.
The latest report by Technavio pinpoints the growth in FMCG and organized retail sector, which is driven by the increase in demand by consumers for eco-efficient packaging material. Progress in organized retail is expected to play a significant role in the growth of the packaging industry in MENA.
“In addition to the growth of the organized retail sector and the increase in demand for frozen and chilled foods, many retailers are also shifting towards retail-ready packaging, which will increase the demand for packaging and will continue to do so during the forecast period,” says Faisal Ghaus, Vice President of Technavio.
The new report by Technavio also draws attention towards the growing popularity of plastic-based flexible packaging, especially in the food and beverage industry.
“The demand for PET bottles, containers, and stand-up pouches is replacing the demand for beverage packaging cartons, especially for products such as milk and juices,” adds Ghaus.
Technavio is a leading global technology research and advisory company. Founded in 2003, Technavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.