The global food contact paper and board market is expected to increase by 6% annually and reach an estimated $70bn by 2017 from the current $53bn, according to a new study by Smithers Pira.
According to the study titled 'The Future of Food Contact Paper and Board to 2017', with regard to markets in Asia Pacific, the packaging materials consumption in China is expected to rise annually by almost 11%. This will be balanced by sluggish development in European demand and other regions witnessing slow growth.
Besides packaging markets, the Smithers Pira's report also includes a review of the future prospects for food contact paper and board in markets such as chilled foods, takeaway foods and ready meals.
The fresh produce sector will contribute an additional demand at 2.5 million tonnes (mt) in 2017, as compared with projected consumption for 2012, dry groceries will add a further 1.8mt and yet another million tonnes will be contributed by liquid food and beverages.
An additional 7.5mt will be needed for the total market by 2017, as noted by the report, in order to satisfy demand.
Driven by the global focus on sustainability, trends in favor of paper-based materials is expected to increase food contact paper and board demand by 4.6% during 2012, which will be followed by a period of sustained growth approaching 6% annually on average from 2012 to 2017.
As a result, a market of over 30mt of material will be created. By 2017, due to this demand, there will be the need for over 7.5mt more material than what is projected for 2012, adding almost $15bn to the market value at 2011 prices.
