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Press Release

Demand From Packaging Industry to Boost the Functional Additives Market: Technavio

Technavio Research
Posted on: 20 Sep 17

Technavio market research analysts forecast the global functional additives market to grow at a CAGR of more than 4% during the forecast period, according to their latest report.

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Technavio has published a new report on the global functional additives market from 2017-2021. (Graphic: Business Wire)

The market study covers the present scenario and growth prospects of the global functional additives marketfor 2017-2021. The report also lists oxygen scavengers, UV stabilizers, antistatic, antimicrobial, clarifying agents, antioxidants, and anti-fog as the seven major types of functional additives of which the oxygen scavengers segment accounted for 55% of the market share in 2016.

According to Hitesh Bhatia, a lead analyst at Technavio for additives, adhesives, and sealants research, “The global functional additives market is expected to grow owing to increasing demand for better shelf-life and quality from the food and beverages, pharmaceutical and healthcare applications. The growing online trade and sales are also driving the demand for functional additives for packaging application.”

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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global functional additives market:

  • Growing demand from packaging industry
  • Rising demand from developing countries
  • Growing demand from pharmaceutical industry

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Growing demand from packaging industry

Packing materials are generally used to contain the product, increase its shelf life, preserve product quality, and for hassle-free transportation and distribution. An ideal packing material should extensively prevent food deterioration. Packaging is also an effective tool for brand awareness and has a positive impact on market growth.

Flexible packaging is made of flexible or easily yielding materials that can readily change in shape when it is filled or closed. It can be made of foil, paper, plastic film, or a combination of any of these. Manufacturers and retailers prefer flexible packaging because of its lightweight property, which reduces transportation costs and makes it easily recyclable. The growing trend of the consumption of easy-to-cook meals, food products, and beverages is expected to drive the demand for functional additives.

Rising demand from developing countries

The global functional additives market is witnessing high growth in developing economies such as Brazil, India, China, Russia, Turkey, Indonesia, and Mexico. Many manufacturers are shifting their operations to developing countries due to factors such as the easy availability of raw materials, availability of land, inexpensive labor, low transportation costs, and lenient government norms. Rapid urbanization and increasing purchasing power in the developing countries of APAC and ROW are prompting higher investment in the packaging, cosmetics, and pharmaceutical industries.

The high GDP of developing countries such as India, Russia, China, Mexico, and Indonesia is expected to drive the manufacturing industries in these countries, which in turn, will drive the demand for functional additives. The growing middle-class population and changing lifestyle in these regions will foster the growth of the global functional additives market, owing to increase in demand for packaged food and beverages.

Growing demand from pharmaceutical industry

The pharmaceutical packaging industry is projected to have the highest growth in developing economies such as Brazil, Mexico, Philippines, Russia, India, China, and South Africa. The growth in these regions is fostered by the increase in healthcare facilities and increasing disposable income. Growing population, favorable demographics, and high life expectancy are the key drivers for the global functional additives market for the pharmaceutical sector.

Countries such as Japan, Italy, Greece, Germany, and Portugal have more than 20% of the population with the age of more than 65 years. The increasing medical expenses of this age group is an important driver for the global functional additives market. The increasing demand for functional additives is mainly driven by the increasing use of blister packs, bottles, and pre-fillable syringes in the pharmaceutical industry.

“In the pharmaceutical sector, packaging can increase the shelf-life and preserve the products against UV radiation, oxygen, and moisture. The stabilizers, UV additives, master batch colorants, and lubricants for blister packaging are some of the main applications of functional additives in the pharmaceutical sector,” says Hitesh.

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About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Last updated on: 20/09/2017

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