Pune, India, August 2022, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Packaging Market.
Global Packaging Market
Packaging is an outer layer that can be produced from plastics, paper, glass, and metal in the form of a carton or tray generally made of plastic or cardboard. It is primarily used for the protection of products from damage. It is majorly used in food, beverages, consumer goods, cosmetics, and various industries. Currently, different companies rely on innovative packaging and advertising to draw the attention of buyers. A consumer chooses a portable, compact, convenient, and eco-friendly product. Packaging material plays an important role in dictating the style of the product and increasing its demand and making it attractive.
The global packaging market is projected to register significant growth during the forecast period, 2022–2030. In 2021, the global market was valued at USD 9,29,530.8 million in 2021. This size is expected to grow at a 5.10% CAGR during the forecast period.
Additionally, changing consumer taste & preferences and increasing demand from several end-use industries, such as food, beverages, medical, cosmetics, personal care, and others, will spur market growth. The global packaging market has been segmented based on materials, end use, application, and region.
The growth of market vendors depends on the market conditions, government support, and industry development. Thus, they must focus on improving their products and expanding their market presence. Mondi, Berry Global Group, Inc., Coveris, Amcor, and Sealed Air Corporation will be the leading market share players in 2021. The leading players, as mentioned above, are dominating the market due to their enhanced product portfolios, vast industry experience, and wide reach. These players may strengthen their presence in the market through expansion and acquisitions during the forecast period.
With access to better technologies, players can develop unique and innovative products and services, rendering the competitor’s offerings obsolete. The competitive environment in the global market is likely to intensify further due to the increasing number of expansions. Furthermore, improvements in the global economic scenario and the growing packaging market in emerging economies are expected to drive market growth, making it ideal for players to launch products and increase their global market shares.
Access full report @ https://www.marketresearchfuture.com/reports/packaging-market-10902
- Flexible Packaging: Flexible packaging is any package or any part of a package whose shape can be readily changed. The development of new and varied packaging styles, as well as packaging innovation, is a major factor in the flexible packaging segment's growth. Currently, various businesses rely on creative packaging and advertising to attract customers. A consumer opts for a product that is lightweight, compact, convenient, and environmentally friendly.
- Rigid plastic packaging: Rigid plastic packaging involves use of plastic materials such as polypropylene (PP), high-density polyethylene (HDPE), and polyethylene (PET) for packaging of new bottles and containers. These materials are both durable and lightweight.
- Board packaging: Board packaging is a thick and flat piece of paper made from a network of fibers. Paper board, foil sealed bags, chipboard packaging, rigid boxes, cartons, and blister packaging are examples of board packaging solutions.
- Metal packaging: Metal packaging is used in the retail, wholesale, commercial, and industrial sectors and is made of two materials: steel and aluminum. It comes in a variety of shapes and sizes and can be used to package almost any product. Metal packaging is commonly used in the packaging of canned foods.
- Glass: Glass is used widely in the packaging of food, beverages, chemicals, pharmaceuticals, cosmetics and other materials. Some of the products include glass ampoules, glass bottles and glass lids and stoppers. Glass is made entirely of natural, renewable raw materials. Consumers who are concerned about their health and the environment prefer this type of packaging.
- Others: Others segment includes foam, film, foil, fibers, etc.
By End Use:
- Food: Packaging has an extensive application in the food industry. Many companies offer a wide selection of bags and pouches, which is suitable for packaging various food products. These packaged products are available in a range of shapes, sizes, and materials. The growing demand for ready-to-eat and on-the-go foods and drinks and increased fast food consumption boost the demand for packaged products.
- Beverages: In the beverage industry, packaging plays a crucial role. The packaging of beverages such as carbonated and non-carbonated, is a complex technological branch in the Food Processing industry.
- Healthcare: The healthcare industry is a major end-user of packaging. Packaging in the context of healthcare is non-rigid packaging structures used to package and protect various drug products such as tablets, capsules, and powders for medical use. Packaging has widespread applications in packaging liquid, powder, and gel products.
- Cosmetics: Personal care packaging refers to casing products used for personal hygiene and beautification, including skincare, fragrances, haircare, makeup, nail care, and other cosmetics. From high-end luxury cosmetics to everyday personal care products, packaging plays a major role in delivering products to the market and in their adoption.
- Consumer goods: Consumer goods segment is further classified into household, electronics, tobacco & cigarette, and other segments.
- Industrial: Industrial packaging is manufactured to protect wide range of industrial goods as well as for protection of goods. It is an important part of the various industrial production process, allowing industrial-grade goods and products to be protected while they are transported and shipped.
- Primary packaging: The packaging that protects the product the most is called primary packaging. It's also known as retail packaging or consumer packaging. The bottle or can in which the beverage is stored is the primary packaging in the beverage industry. The primary packaging also includes the labels on the bottles or cans. Primary packaging in the pharmaceutical industry refers to the blister packs that contain a specific medication.
- Secondary packaging: Secondary packaging is used for the branding and display of the product. The allergy medication is contained in a pill pack that is packaged in a small paperboard box that is displayed in the pharmacy aisle. Retailers can display and handle products more easily with secondary packaging.
- End of line packaging: End-of-line packaging is a fully integrated and flexible solution that takes control of your packaging line from the end of processing to palletizing. Product handling, product labelling, carton, tray, and bag packing, palletizing and shrink wrapping, labelling, and delivering are all part of an end-of-line packaging solution for both primary and secondary packaging.
- North America: North America is one of the key regions in the packaging market. The region has witnessed increased investments in R&D and a growing focus on incorporating innovation in packaging method. North America is one of the leading markets in the global cosmetic market.
- Europe: Europe holds a substantial share of the packaging market. The region is the home to several luxurious brands, which supports the growth of the market for packaging.
- Asia-Pacific: Asia-Pacific accounts for the largest market share in 43.92% in the global packaging market. Asia-Pacific includes China, India, and Japan, which are the leading exporters of various types of commercial goods to various parts of the world. The increasing exports from these countries lead to the growth of the packaging market.
- Middle East & Africa: The per capita disposable income among individuals in the region has been increasing at a steady rate in recent years due to the increasing exports of oil and gas in recent decades. This has led to increased purchases of skincare products, food & beverages in the region.
- South America: South America is a developing region. The per capita disposable income among individuals in the region has been growing at a steady rate in the region in recent years, indirectly driving the demand for packaging solutions in the region.