Press Release

Saudi Arabia Plastic Packaging Market Anticipates 5.3% CAGR Rise Through 2030

The Saudi Arabia Plastic Packaging Market is projected to grow at a CAGR of around 5.3% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The industry's growth is driven by increased consumption of packaged food, a growing food delivery sector, and a thriving pharmaceutical sector. Saudi Arabia has seen a significant influx of expatriates, attracted by the job opportunities created in lieu of the Vision 2030 initiative, which has boosted demand for packaged food. According to the Saudi Arabia General Statistical Authority, the non-Saudi population share has risen to approximately 41.6% in 2022 from nearly 38.3% in 2019. This increase in the expatriate population has led to higher consumption of ready-to-eat foods, including microwaveable meals, pre-packaged salads, snacks, and sandwiches, thereby driving the need for plastic packaging.

Furthermore, the booming pharmaceutical sector is also contributing to the growth of the Plastic Packaging Market in Saudi Arabia, as the country is attracting interest from major pharmaceutical companies such as Novartis, Pfizer, Sanofi, Merck, and others. Consequently, the expansion of pharmaceutical manufacturers across the country is expected to increase the demand for plastic packaging solutions, ensuring the safety, reliability, and efficacy of pharmaceutical products during the forecast period, further states the research report, “Saudi Arabia Plastic Packaging Market Analysis, 2024.”

Saudi Arabia Plastic Packaging Market Segmentation Analysis

Food & Beverage Sector to Hold Prominent Share of the Market

Based on end users, the market is further bifurcated into Food & Beverage, Healthcare & Pharmaceutical, Cosmetics & Personal Care, Chemicals, and Others. Off them, Food & Beverage is dominating the market owing to government initiatives and a surging number of food factories. The initiatives of the Saudi government, notably Vision 2030 and the National Industrial Strategy are pivotal in fostering & backing the expansion of the food & beverage sector. These strategic endeavors are geared towards diversifying the economy and augmenting self-sufficiency in food production, consequently driving the demand for plastic packaging solutions within the sector.

Moreover, there is a notable increase in the expansion of food factories across the country, driven by heightened consumer preferences for convenience, economic diversification efforts, and increased foreign direct investment. Consequently, the growing number of food processing facilities is expected to generate increased demand for plastic packaging solutions aimed at preserving the quality & extending the shelf life of various food & beverage items.

Saudi Arabia Plastic Packaging Market Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Napco National, Arabian Plastics Industrial Company, ASPCO, Zamil Group, Takween Advanced Industries, Al Othman Holding, Asia Plastic & Packaging, Saudi Plastic Factory, PPC, 3 P Gulf Group, and others, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the Saudi Arabia Plastic Packaging Market?
3. What key factors would propel and impede the industry across the country?
4. How has the industry been evolving in terms of geography and product adoption?
5. How has the competition been shaping across Saudi Arabia?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?