Market Size of MENA Thermoform Plastic Packaging Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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MENA Thermoform Plastic Packaging Market Analysis
The MENA thermoform plastic packaging market is expected to grow at a CAGR of 5.2 % over the forecast period 2021 to 2026. The growth of the industry can be attributed to increased demand in the food and beverage, electronic devices, and pharmaceutical industries owing to the relatively low-cost production, high customization, and quick development of prototypes.
- Saudi Arabia is one of the largest and most attractive foods and beverage markets in the Middle East. The growth in this region is being driven by several factors, such as expanding population and the increase in Hajj and Umrah visitors. Moreover, there is a 10% increase in food imports that is expected to reach USD 35 billion by 2020 due to the prospect of significant import-substitution opportunities to serve the untapped demand for a local dairy, meat and fruit products. This is expected to drive the thermoform plastic packaging market in the food and beverage industry of Saudi Arabia.
- Key electronic players are planning to expand their business in the Middle East to tap the growing demand for consumer electronics due to an increase in consumers' purchasing power. For instance, Samsung, South Korean tech giant aims to expand production lines in Egypt for home appliances and mobile phones. Moreover, LG Electronics has also shown interest in investing USD 15 million in Egypt in 2020 to scale its current production facilities and has exported USD 200 million worth product in 2018, which accounts for 75% of the company's production. Together, LG Electronics and Samsung invested USD 560 million that promise to drive the market in the consumer electronic segment.
- Further, changes in lifestyle and improvement in living standards, and an increase in consumer preference toward packaged and fresh food, is expected to boost the demand for thermoform packaging during the forecast period.
