MENA industrial packaging market is worth US$ 4.5 Billion as of now and expected to reach US$ 6.3 Billion by the year 2027 at a CAGR of 7.0% between 2022 and 2027.
Manufacturers of IBCs and drums are continually on the alert, especially given the demand for bulk transportation. Cost effectiveness is one of the advantages. Steel drums do provide defence against rust and damage.
Industrial bulk packaging has advanced from old MS barrels to MS barrels with improvised timing drums. The manufacturing sector has also increased in size during the previous five years. This has led to the use of containers by the unusual verticals. These companies include those that manufacture biochemicals and substances fit for human consumption. It is projected that global trade would increase over the next five years.
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It is a known fact that MENA region is basically focused on ‘oil & gas exploration’. Also, the blatant fact that oil comes across as an exhaustible resource can’t be ignored. New-fangled verticals need to get developed for taking over oil & gas vertical’s dwindles.
The Gulf countries are into promotion of environmentally-friendly lifestyles. Abu Dhabi has already prohibited the usage of single-use plastic bags. The UAE would be hosting COP28 meeting in the year 2023. It has also released Circular Economy Policy promising to help the businesses in adoption of eco-friendly manufacturing practices. Saudi Arabia has also decided to get net-zero emissions by the year 2060.
Future Market Insights has walked through these findings with future perspectives in its latest market study entitled ‘MENA Industrial Packaging Market’. The team of analysts and consultants have worked on micros as well as macros.
Key Takeaways from MENA Industrial Packaging Market
- South Africa is expected to witness a CAGR of 5.9% in MENA industrial packaging market. This could be credited to the assertion by IEA (International Energy Agency) that production of crude oil reached 448.0 TJ units in the year 2020 alone.
- Saudi Arabia holds more than 40% of the market share. This could be reasoned by the fact that spending on the foodservice is expected to witness growth by 6% per year between 2022 and 2027. The year 2021 witnessed food consumption worth US$ 58.85 Bn.
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Competitive Ebullience
- Eviosys, in September 2021, launched a new-fangled company for delivering sustainable, smart packaging solutions. The newly formed company, better known as ‘KPS Capital Partners’, has acquired Crown Holding Inc’s EMEA food and consumer packaging business.
- PalletPlast, in March 2021, has been adjudged as ‘The Best end use Product’ by Petco – PET plastic recycling Group South Africa. This company has come up with fruit pallets produced from waste plastic products.
- Comexi, in March 2022, inked an agreement with Madayn Plastic Company with the objective of expanding in the Middle East. The company has actually opted for entry to the flexible packaging vertical for capturing a remarkable portion of its market share with Comexi and Reifenhauser India Marketing Middle East & Africa (RIMPL MEA). Comexi F2 ML flexographic press, Reifenhauser extruder, and Comexi ML2 Evolution laminator have been acquired by Madayn Plastic.
- Huhtamaki, in September 2021, completed the acquisition of Elif to promote sustainability and talent all across the Middle East, Europe, and Africa.
“Flexible packaging business does set up trends pertaining to packaging by catalyzing design flexibility, safety, sustainability, and convenience”, says an analyst from Future Market Insights.
What does the Report have in store?
- The research study is based on product (plastic pallets, drums, IBCs (Totes), sacks, pails, crates, tubes, bulk boxes, and likewise), by material (metal industrial packaging, plastic industrial packaging, paper & paperboard industrial packaging, and fiber & wood industrial packaging), by packaging (rigid industrial packaging and flexible industrial packaging), and by end-use industry (agriculture, automotive, building & construction, chemical & pharma, engineering, food & beverages, metal products, oil & lubricants, plastic & rubber, furniture, electronics, e-Commerce, tobacco, and likewise.
- Flexible industrial packaging (like sacks) is likely to witness an exorbitant demand going forward, as they require less storage space and are cost-effective. Thus, MENA industrial packaging market is slated to grow well in the forecast period.
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