Summary

The Mexico plastic packaging market is expected to register a CAGR of 13% over the forecast period 2020 to 2025. Growing packaged food and beverage industry owing to changing lifestyle and increasing penetration of organized retail is principally expanding the product application scope in the country.

Key Highlights
Plastic packaging offers transparent, tougher, flexible, and rigid, lightweight, and versatile forms of packaging owing to which key industries such as food and beverage, personal care, and industrial majorly prefer plastic packages over their counterparts. Furthermore, the product can survive in extreme environments and does not degrade in hot or cold temperatures, thus preserving the integrity of food and beverages, cosmetics, and other products.
Plastic packaging solutions are used across various industries in the country such as manufacturing, retail, and healthcare. Plastic packaging has gained significant traction in the healthcare industry due to its high barrier properties, long shelf-life, and durability.
The demand for plastic packaging in the country continues to surge even though serious concerns are being raised about its impact on the environment. However, the market will face challenges from government regulations and consumer demand pushing manufacturers to look for plastic packaging solutions that are biodegradable or derived from sustainable sources.
The demand for plastic packaging solutions in the country will continue to grow throughout the forecast period due to COVID-19 outbreak as there is a high demand for plastic packaging owing to it being one of the major sources of packing essential goods during COVID-19 including gloves, masks, other PPE products as well as food & beverages. Furthermore, relaxation in regulations governing the use of plastics is also expected to aid market growth during the COVID-19 outbreak.


Key Market Trends

Flexible Plastic Packaging to Witness Significant Growth


The plastic packaging market across the country is expected to gradually favor the use of flexible solutions over rigid plastic materials as flexible packaging has superior barrier capabilities and can effectively protect the product from moisture and oxygen. Also, the demand for the longer shelf life of products, better visual appeal, and the changing lifestyle of people is driving the growth of flexible packaging in the country.
Flexible packaging has been preferred in many instances, owing to its low usage of resources and energy, as compared to alternative forms of packaging methods. It provides significant performance advantages over rigid packagings, such as significant reductions in packaging costs, materials used, and transportation costs.
Mexico is seen as a potential market for food and beverages. Packaged food products have recorded high growth, owing to the growing need for convenience and the ‘on-the-go’ lifestyle of the local populace. Also from morning juice to rejuvenating drinks, consumers currently are spending more on products that are safe to consume to keep them refreshed.
On the other hand, the consumption of alcoholic drinks in this country is on the rise, due to low taxes, unregulated marketing, and flexible government policies. This country has one of the highest per capita consumers of alcohol and there is a surge in the demand for flexible packaging. The flexible packaging for alcohol has increased the portability in the supply chain, allowing consumers to consume at their comfort.


Food Industry to Drive the Growth of the Market


Mexico is witnessing the fastest growth for retail packaging in the food sector, after Brazil, in Latin America as there is a steady decline in poverty rates, coupled with a growing middle-class population, which has led to the growth of the food industry in Mexico and thereby driving the market growth.
Also, a greater reliance on ready-prepared nutritious foods is driving the Mexican flexible packaging market in the snack product segment. There is a massive opportunity to gain market share in the nutritious, portable, and easy-to-eat meal alternative market for the Mexican flexible packaging snack manufacturers.
Furthermore, an emerging trend in snack food products is the evolution of fruit snacks and nuts with attractive and portable packaging. The consumers are becoming increasingly aware of the packaging solutions and health benefits of snacks. The demand is primarily driven by taste and health considerations and is boosting the growth of the market.
Moreover, Salted snacks, nuts, and tortillas are the product segments that are driving the market demand for snacks in Mexico. Snack products, though smaller in size, hold a large market potential. The consumption of snack products is growing, owing to new lifestyles and is further fuelling the market growth.


Competitive Landscape

The Mexico plastic packaging market appears to be moderately concentrated. The players in the market are adopting major strategies, like product innovation, mergers and acquisitions, and strategic partnerships, to widen their product portfolio and expand their geographical reach. Some of the key developments in the market are:


Septemebr 2020 - Austria-based Alpla Group said it is in the process of building a plant in Toluca, Mexico, for recycling HDPE (high-density polyethylene) plastic. As designed, the plant will be able to produce 15,000 metric tons of recycled-content HDPE made from postconsumer materials. The firm says the recycled-content HDPE produced in Toluca will be used for nonfood applications,
February 2020 - US-based thermoformer Direct Pack announced to expand its global operations with the acquisition of Guadalajara, Mexico-based Atmosphera Verde, which can recycle 20,000 tonnes of PET, including post-consumer PET thermoforms.


Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support

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