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Future Market Insights (FMI) in its latest report revealed that the industrial packaging market in the MENA region stood at $3,372.5m in 2016 and is estimated to reach a valuation of $5,053m by the end of 2024. Revenue from the sale of industrial packaging products in the region is expected to increase at a CAGR of 5.2% during the forecast period (2016–2024).

According to the report, the demand for industrial packaging in the Middle East and Africa is likely to remain robust owing to the improving situation of international trade. In addition, the global trade of industrial products has grown three-fold over the past decade. Bio-chemical products and food-grade ingredients are amongst a few of the most traded items around the world.

In the MENA region, the focus has recently shifted towards non-oil based industrial activities as the long-term dependency on crude oil business is gradually abating. Moreover, it is important to develop new business verticals in order to stay unaffected from the ongoing dwindles in the region’s oil and gas industry.

As compared to other regions, non-oil goods and services have a significantly low contribution to the economy of the MENA region. Yet exports, especially non-oil exports are expected to be crucial in the further development of the robust and all-inclusive growth model to secure the future of the region. End-use industry such as electronics, automotive, plastics & rubber, and agriculture in MENA are expected to witness healthy growth over the medium term. This, in turn, is expected to support the growth of the industrial packaging market in the region.

The report further stated that plastic remains the top material for manufacturing industrial packaging products. “However, demand for paper & paperboard-based packaging material is expected to gain healthy traction over the forecast period,” it stated.