Global Standup-Pouch Packaging Market To Reach $28.9 Billion By 2023, Climbing 7.5% CAGR

The standup-pouches market is projected to grow from $20.1 billion in 2018 to $28.9 billion by 2023, at a CAGR of 7.5% during the forecast period, says new report by Research and Markets. The rising demand for packaged food & beverages and the need for cost-effective packaging solutions drives the demand for standup pouches. However, recycling of multilayer structure and availability of substitutes are projected to inhibit the growth of the market.

The round bottom segment in the stand-up pouches market is projected to grow at the highest CAGR during the forecast period, in terms of value. The growth of this segment can be attributed to its high demand in the food & beverages industry, as they are durable and render high stability to the product. Round bottom stand-up pouches are commonly used for lightweight products such as coffee, tea, sauces, and candies. They are considered ideal packaging solutions for products that weigh less than a pound. They are widely utilized in food & beverages packaging solutions due to the demand for compact and lightweight packaging solutions.