Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the global food contact paper and board market 2015-2019. One of the major trends emerging in the market is the growing demand for biodegradable packaging products. Manufacturers are using paper-based materials and coatings that are eco-friendly in response to the increase in environmental concerns among consumers. The global food contact paper and board market is expected to grow at a CAGR of 8.33 percent in terms of revenue during the forecast period of 2014-2019.
The growth of the global food contact paper and board market will be predominantly driven by the emerging economies, followed by developed economies. Asia and MEA together will continue to dominate the market during the forecast period because of the large population combined with the improving economies of developing countries such as India, Nigeria, Ghana, Egypt, and South Africa.
“Water-based coatings are used increasingly in the quick service restaurant sectors, where packaging is high-volume and recycling streams are inefficient,” said Faisal Ghaus, vice president of Technavio Research.“Water-based coatings can be readily removed while recycling or the coated product can easily decompose in a landfill with the water-based coating still on.”
To define the market conditions in the next three to four years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
