Market Trends of North America Packaging Tapes Industry
Growing Demand from the Food and Beverage Industry
- The food and beverage industry uses a wide range of packaging tapes depending upon direct and indirect contact with food. FDA-approved food-grade packaging tapes are used in food processing, production, and shipping.
- In North America, the demand for packaged and preserved food is upscaling as consumers across the region aim for fast ways to cook food. This emergence of e-shopping has dramatically fueled the demand for packaged foods in the United States. Moreover, a high preference for fast foods and ready-to-eat meals is further likely to increase the demand for packaging tapes used in the food and beverage industry.
- Primary food and beverage packaging manufacturers operating across the globe follow the American FDA 177.2600 standards. Moreover, multinational players engaged in exporting food products must comply with regulations set by the European Union (V.O.) 1935/2004 or the Chinese GB 4806 and GB 9685. Food and beverage products manufactured for global consumption must have preferred packaging approved by the Hygienic Design Standards of the EHEDG (European Hygienic Engineering and Design Group).
- According to the US Census Bureau, the annual sales of retail food and beverage stores in the United States amounted to USD 985.3 billion in 2023 and registered growth when compared to USD 961.5 billion in 2022.
- Similarly, according to Farm Credit Canada (agricultural term lender), the food and beverage sales figures for the initial half of 2023 remained stable, indicating an 8.4% growth in food manufacturing and a 7.3% increase in beverage manufacturing when compared to the corresponding period in 2022.
- At the turn of 2023, Mexico's agri-food merchandise trade balance recorded a surplus of USD 955 million, as reported by SADER (The Secretariat of Agriculture and Rural Development). From January to February 2023, the volume of agricultural and agri-industrial exports reached USD 8.3 billion, increasing by 5.16% Y-o-Y. By July 2023, the volume reached USD 31.4 billion.
- Overall, the growing food and beverage market in North America is expected to drive the packaging tapes market during the forecast period.
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United States to Dominate the Market
- The United States packaging tapes industry has been experiencing a positive demand across various industries such as food, retail, consumer goods, and pharmaceuticals.
- Tamper-proof and personalized company-logo packaging tapes are in high demand. Pharmaceutical, e-commerce, and textile companies are increasingly using tamper-proof packaging, which helps reduce counterfeit goods and ensure the authenticity of the products.
- In 2023, the United States retail food and beverage sales totaled nearly USD 985 billion a year, a steady increase from the previous year and more than double the amount of two decades ago.
- According to data by NCTO (National Council of Textile Organization), the country's textile and apparel shipments accounted for USD 64.8 billion in 2023. The United States leads the world in textile R&D. The country's textile complex creates next-generation textile materials like conductive fabric, antistatic textiles, electronic textiles that monitor heart rate and vital signs, antimicrobial fibers, and life-saving body armor.
- The exorbitant growth of e-commerce platforms that support sales and distribution of different types of products manufactured by the textile industry has primarily propelled the demand for textile-related products, thereby augmenting the market's growth.
- Furthermore, packaging tapes are integral to the retail industry, serving to protect products during transit, seal and secure cartons, enhance branding through printed messages, aid in inventory management, provide security measures with tamper-evident options, facilitate online retail packaging, and contribute to point-of-sale displays.
- For instance, according to the US Census Bureau, the total retail sales in the United States were valued at USD 7,242.56 in 2023 and registered growth when compared to USD 7,095.03 billion in 2022.
- Due to all such factors, the market for packaging tapes in the region is expected to register steady growth during the forecast period.
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