Global Market for Lamination Adhesives in Flexible Packaging to See Strong Growth through 2027
Increasing spending on packaged foods across developed and developing regions is expected to propel market growth.
The global lamination adhesives for flexible packaging market is projected to surpass $2.6 billion by the end of 2027, growing at a CAGR of 6.6% during the forecast period (2020-2027), according to a study by Coherent Market Insights. Regionally, Asia-Pacific dominated the global lamination adhesives for flexible packaging market in 2019, reporting 37% of the market share in terms of revenue; North America and Europe followed, respectively.
Increasing spending on packaged foods across developed and developing regions is expected to propel market growth. According to the U.S. Department of Agriculture Economic Research Service, U.S. consumers, businesses, and government entities spent $1.7 trillion on food and beverages in grocery stores and other retailers and on away-from-home meals and snacks in 2018. Thus, growing spending by consumers on packaged food is projected to augment market growth of lamination adhesives for flexible packaging.