In todays’ scenario of changing lifestyle, ‘less has been proving to be more’. Ongoing trends such as ‘on the go lifestyle’, ‘snackification of meals’, ‘eating on the run’ and ‘happy to be alone’ have redefined the concepts of meals, family packs and super savers. These modern needs, has translated to the development of ‘single serve packaging’. This innovative concept of packaging is proving to deliver bigger value for food, beverage, health care as well as personal care products. Single serve packaging adds convenience at every stage in the value chain from manufacturing, distribution, inventorying, displaying and retailing. Single serve packaging features properties like shatterproof, lightweight and ease to use facility for improved consumer satisfaction.
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Single serve packaging: Market Dynamics
Numerous factors as such consumer lifestyles, urbanization, consumer spending power and population growth are diving trend towards smaller packaging products. Furthermore, concerns such as convenience, freshness, dietary awareness and waste reduction are driving demand for single serve packaging in the food and drinks packaging segment. Single serve packaging are widely sought after in the personal care sector owing to the growing concept of independent living and increasing consumer spending power among the teen agers in addition to the consumer preference for variety and affordability. The mounting demand in the health care sector is attributed to the accuracy of dosage and convenience of usage among children and geriatrics. Such trends and tripping points, in turn have expanded the scope of single serve packaging, driving the demand throughout the forecast period. Moreover, single serve packaging being a modern concept, the market is very less explored with huge opportunity for the market players to capitalize on this untapped segment.
Huge transition in the global consumption pattern is driving demand for consumer goods and food products at competitive prices. This is expected to augment the growth of the single serve packaging market during the forecast period. However, communal ethos in developing regions like Africa and Asia Pacific and capital intensive nature of single serve packaging product is anticipated to limit the growth of single serve packaging market in emerging regions.
In terms of geography, the global single serve packaging market has been divided in to five key regions including North America, Latin America, Europe, Asia-Pacific and Middle East & Africa. Asia Pacific is expected to dominate the market throughout the forecast period. Significant consumer pool coupled with emergence of organized retail stores is expected to boost overall sales of single serve packaging in the region. Asia Pacific is expected to be primarily driven by China and India. Furthermore, free trade agreement in ASEAN region on the lines of European Union is expected to create lucrative market opportunities for single serve packaging manufactures/suppliers. Next, North America and Europe are expected to create substantial opportunities for players owing to high consumer spending and presence of organized retail stores. Though the market is expected to create opportunities in near future, market is highly mature – thus leading to intense competition among market players. France and Germany are leading consumer and manufactures of wine worldwide. Revolutionary concept of single serve wine packaging has resulted in demand for such products. Latin America and MEA are expected to witness moderate growth over the forecast period.
Single serve packaging Market: Key players
Some of the key players in the global single serve packaging market are American Beverage Corp., Single Serve Packaging, Bemis Company, Inc., Zipz Inc., Snapsil Corp., etc.
