The highest growth rate among end-user market segments in the region is seen in consumer, construction and industrial packaging, followed by textiles, agriculture, automotive and domestic appliances.In GCC, the packaged food industry was valued at US$25 billion in 2013 and is projected to increase at a CAGR of 8.5% till 2018. Food and beverages in the world packaging market account for just over 40.0% of sales, while in Middle East and North Africa (MENA) region they represent almost 59.0% of packaging sales.
Healthcare packaging sales account for just 2.9% of MENA packaging sales compared with 4.0% for the world packaging market as a whole. The industrial/bulk sector also represents a much lower proportion of MENA packaging sales compared with the world market; 26.4% versus 40.0%. Moreover, superior aesthetic value and excellent barrier properties of plastic against moisture and air are other important factors driving demand for plastic packaging.
• Global demand for plastic packaging valued at US$270 billion in 2014, which is expected to reach US$375 billion in 2020,growing at a CAGR of 4.8% between 2015 and 2020.
• In terms of volume, the global plastic packaging market stands at 81,750 kilo tons in 2014.
• Plastics production capacity in the GCC grew 6% to 25.5 million tons in 2014 and is projected to increase 25% to 33.8 million tons by 2020.
• The molded plastics market in the Gulf Cooperation Council (GCC) countries of Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain and Oman is projected to grow at a CAGR of 8.3% between 2014 and 2023.
• Per capita consumption of plastics is estimated at 39 kg in the GCC, 33% higher than the world average.
• From 326 in 1990, the number of plastics factories in the GCC has gone up to 1,223 in 2007 and rose to 7,000 by 2012-