The global packaging market accounted for a value of USD 212.0 billion in 2019. Packaging market is projected to register growth at a CAGR of 5.5% during forecast period.
COVID-19 has impacted all the businesses over the globe. The packaging market is estimated to foresee moderate decrease in growth during 2020-2021. The packaging industry is estimated to witness decline in manufacturing as the facilities were shut down due to lockdown. However, the demand for packaging is increasing in pharmaceuticals, food and beverages industries due to rise in demands during lockdown due to corona virus outbreak.
For more details, visit: Global Packaging Market By Material (Rigid Plastics, Paper & Paperboard, Others), By Function (Wrapping, Cushioning, Others), Application (Food & Beverage, Healthcare, Others), By Region–Forecast & Opportunities to 2026
The working population is expanding across the world and these populations are demanding convenient products which increases demand for packaged food items. The packaging requires few energy and resources for packaging. The flexible packaging is available at low cost. This drives growth in flexible plastic packaging.
On the basis of packaging material, the packaging market is segmented into rigid plastics, paper & paperboard, metal, glass, flexile and others. The paper & paperboard market is estimated to register growth at highest CAGR during forecast period. The awareness among consumers is rising and they are adopting paper & paperboard packaging widely around the world. This drives growth in paper & paperboard market during forecast period.
On the basis of function, the packaging market is segmented into cushioning, void-fill, insulation, wrapping, blocking & bracing and others. The cushioning segment is estimated to hold largest market share during forecast period. The preference of cushioning segment is increasing in shipment and road transportation to reduce physical damage of the products. The cushion materials used for packaging reduce impact of sudden shock during transportation of products. This is likely to rive growth in packaging market during forecast period.
On the basis of application, the packaging market is segmented into food & beverage, industrial, cosmetics, healthcare and others. The food & beverage segment is projected to register growth at highest CAGR during forecast period. The demand for packaged food is increasing rapidly due to expansion of working population across the world. People are demanding convenient and ready-to-eat food products at large scale. This drives growth in packaging market during forecast period.
Asia-pacific region is estimated to hold largest market share during forecast period. The penetration of mobile phones is increasing around the world along with internet. People are using online platforms to order food which increases demand for food packaging in this region. Other end-users industries such as pharmaceuticals and others are also adopting packaging at large scale. This drives growth in Asia-Pacific region in packaging market during forecast period.
The key market players in packaging industry are Sealed air Corporation, Berry Plastics Groups, Coveris Holdings, ball Corporation, Crown Holdings, Amcor Ltd., Mondi, ProAmpac, Reynolds group Holdings, and Bemis Company Inc.
- What are the expected industry trends over the next three to five years?
- Which of the packaging material is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?