Construction Sector Will Remain the Largest Segment for the Global Packaging Sacks Market Until 2020, Says Technavio
By Business Wire News
By Business Wire News
This research report titled ‘Global Packaging Sacks Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
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Based on end-user, the report categorizes the global packaging sacks market into the following segments: construction sector, chemical and fertilizer sector, horticulture sector, food sector, and other sectors. The top three revenue contributors to the market are discussed below:
- Construction sector: largest segment
- Chemical and fertilizer sector: second-largest segment
- Horticulture sector: third-largest segment
Global packaging sacks market by construction sector
The construction industry has highest share in use of packaging sacks because of packaging of construction materials such as sand, cement while making roads, ports, buildings, and other construction activities. However, the growth rate is slow, posting a below average CAGR of 1.86%. This is because of slow construction activities due to the global economic slowdown of 2009.
“Although with a slow growth rate, the construction sector has picked up from 2014 and there will be positive growth over the next four years. Emerging markets will be responsible for most of the growth in this sector,” says Sharan Raj, a lead analyst at Technavio for research on packaging.
The report has estimated that emerging market construction sector will grow at a rate of more than 3.3% during the forecast period. This is much lower than the growth rate of more than 7% in last one decade. Developed economies are also expected to show a positive growth rate of more than 2%, which is much better than negative growth rate which prevailed after 2009.
Global packaging sacks market by chemical and fertilizer sector
The chemical and fertilizer sector is expected to grow at a rate of around 4% during forecast period. Despite moderate growth rate by the chemical and fertilizer sector, the market share of packaging sacks is expected to decline from 23.98% to 23.53%, posting a slow growth rate of 1.73%. Main reason for the use of rigid industrial packaging like drums, intermediate bulk container (IBC) in chemical, and fertilizer sector. Packaging sacks are mainly used for lower volumes fertilizer and chemical products.
The majority of consumption of chemicals and fertilizer is expected to be in APAC, Africa, and the Middle East. Consumption from these regions is expected to grow at rate of 4% during the forecast period. China has highest share of chemical sales globally. Although, Europe is among highest producers of chemicals and fertilizers, sales is expected to grow at a slow rate of 2% during the forecast period.
Global packaging sacks market by horticulture sector
The packaging sacks market in the horticulture sector is expected to grow at a high rate of 2.43% during the forecast period because of high use of packaging sacks in the packaging of horticulture products like fruits and vegetables, sprouts, seeds, and flowers. Potato, onions, and tomatoes are the most popular vegetables whereas among bananas, apples, and grapes are most popular fruits.
China produces more than 50% of vegetables whereas India stands second with a market share of around 10%. Major fruits producing countries are Brazil, China, and India. India produces the highest number of bananas whereas China leads way in the production of grapes.
The horticulture sector will be one of the key drivers for packaging sacks as demand for horticulture products is bound to grow with increasing population and growing demand for vegetables, fruits, and seeds. Demand will be highest in APAC as it has around 61% of world’s population.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Hood Packaging
- LC packaging
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