Smithers Pira is forecasting Mexico to have the highest percentage of plastic packaging growth in North America. The gain on average is expected to be 3.1% every year until 2017. The increased demand for plastics in Mexico is driven mainly by the food and beverage markets. The health and beauty and chemical industries are also seeing growth in plastic packaging.
It is anticipated Mexico’s flexible packaging market will grow at an average of 8.7% a year, reaching a value of $3.13 billion in 2018. According to Smithers Pira, flexible plastic packaging is expected to continue to gain popularity, experiencing the highest growth rate across all the packaging segments.
More consumer packaged goods companies are investing in Mexico due to the country’s growing middle class and to take advantage of low-cost labor. Mexican manufacturers are the second largest importers of U.S. packaging and processing machinery, according to the U.S. Census Bureau’s Quarterly Import/Export Statistics for Sept. 2013.
“Mexico’s middle class is expanding,” said Enrique Guzman, director of the Latin America office of PMMI, the Association for Packaging and Processing Technologies. “And its economy is forecast to grow at 3.4% this year, making it the fastest-growing among the largest economies in North and South America,” according to show organizers. Expo Pack México is part of the Pack Expo family of trade shows.
Source: Plastics Today
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