Market Trends of North America Tapes Industry
This section covers the major market trends shaping the North America Tapes Market according to our research experts:
Growing Demand from the Food and Beverage Industry
- The food and beverage industry uses a wide range of packaging tapes depending upon direct and indirect contact with food. FDA-approved food-grade packaging tapes are used in food processing, production, and shipping.
- In North America, the demand for packaged and preserved food is upscaling as consumers across the region aim for fast ways to cook food. This emergence of e-shopping has dramatically fueled the demand for packaged foods in the United States. Moreover, a high preference for fast foods and ready-to-eat meals is further likely to increase the demand for packaging tapes used in the food and beverage industry.
- Major food and beverage packaging manufacturers operating across the globe follow the American FDA 177.2600 standards. Moreover, multinational players engaged in exporting food products must comply with regulations set by the European E.U. (V.O.) 1935/2004 or the Chinese GB 4806 and GB 9685. Food and beverage products manufactured for global consumption must have preferred packaging approved by the Hygienic Design Standards of the EHEDG (European Hygienic Engineering and Design Group).
- According to the USDA report 2021, the U.S. exported USD 177 billion in food products in 2021, representing an 18% increase over the previous year. As the number of food products increases, so does the amount of packaging tape used in the food industry. According to the Food Export USA report, Mexico exported USD 10.7 million in consumer-ready food products to the USA by the end of 2021, a 30% increase from 2020. Mexico is the 11th largest packaged food market, with an estimated USD 71.3 billion in 2022.
- According to a Canadian government 2021 report, food exports grew by 2.3%, including farm, fishing, and intermediate food products, thus boosting the food packaging tapes market.
- Overall, North America's growing food & beverage market is expected to drive the packaging tapes market during the forecast period.
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United States to Dominate the Market
- The United States packaging tapes industry has been experiencing a positive demand across various industries such as food, retail, consumer goods, and pharmaceuticals.
- Tamper-proof and personalized company logo packaging tapes are in high demand. Pharmaceutical companies, e-commerce, and textile companies are increasingly using tamper-proof packaging, which helps in reducing counter fit goods and the authenticity of the products.
- The growing e-commerce business in the United States is due to the increasing penetration of the internet. According to the United States Census Bureau 2022 report, e-commerce sales grew by 7.1% in 2022 with USD 257.3 billion in sales.
- As per the data by NCTO (National Council of Textile Organization), U.S. exports substantially increased in 2022 compared to 2020. Exports of fibres, textiles, and apparel reached USD 28.4 billion in 2021 compared to USD 25.3 billion in 2020.
- The exorbitant growth of e-commerce platforms that support sales and distribution of different types of products manufactured by the textile industry has largely propelled the demand for textile-related products, thereby augmenting the market's growth.
- Due to all such factors, the market for packaging tapes in the region is expected to have steady growth during the forecast period.
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