Packaging Market Recorded a 3.42% YOY Growth Rate in 2021, Driven by Growth of Food Delivery & Takeaway Market -17000+ Technavio Reports – QNT Press Release

NEW YORK, Aug. 4, 2022 /PRNewswire/ — The Packaging Market by End-user (food, beverage, healthcare, personal care, and others), Type (board, rigid plastic, flexible, metal, and glass), and Geography (APAC, North America, EuropeMEA, and South America) – Forecast and Analysis 2021-2025″ report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years. The packaging market share is expected to increase by USD 170.61 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 3.59%. Also, the market recorded a 3.42% YOY growth rate in 2021.

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Packaging Market – Key Market Dynamics
  • Market Driver – The key factor driving the packaging market growth is the growth of the food delivery and takeaway market. The global food delivery and takeaway market is growing at a significant pace, driven by a rise in urbanization, the busy and hectic lifestyle of consumers, a surge in mobile phone penetration, and an increase in the adoption of m-commerce. There is a significant rise in online food ordering, owing to an increase in online platforms. Currently, as most people around the globe are habituated to the use of the Internet and mobile applications, many people prefer to order food through mobile applications and online portals. It is also more convenient and cheaper because of better deals/discounts. Many restaurants have become accessible owing to the availability of online services, and restaurants provide food offered through online services at competitive prices. The major players in the global online food delivery market include Delivery Hero , Domino’s, Just Eat, and Foodler. Therefore, with the growth of the global food delivery and takeaway market, the simultaneous growth of the global packaging market is anticipated.
  • Market Challenges – High manufacturing cost for packaging is one of the key challenges hindering the packaging market growth. One of the major raw materials used in the manufacturing of packaging is paper pulp. It is widely used for producing corrugated boxes, cardboard boxes, folding cartons, and paper bags, among other packaging. There have been continuous fluctuations in the prices of paper pulp . For instance, the Producer Price Index for pulp, paper, and allied products rose from 169.7 in March 2017 to 217.1 in June 2018Furthermore, there has been an increase in the price of paper owing to a surge in the cost of transportation. Rising fuel prices in many countries have been adding to the burden of transportation costs for paper. Similarly, changes in prices of other raw materials like plastic also affect the overall cost of market players. Raw material suppliers are forced to pass on these costs to end-users by raising the prices. The resultant increase in prices negatively affects market growth.

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Packaging Market – Segmentation Analysis

The packaging market report is segmented by End-user (food, beverage, healthcare, personal care, and others), Type (board, rigid plastic, flexible, metal, and glass), and Geography (APAC, North America, EuropeMEA, and South America).

  • Revenue Generating Segment – The packaging market share growth by food will be significant for the revenue generating segment. The potential growth in packaged food sales is generating the demand for packaging globally.
  • Regional Highlights – 41% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for the packaging markets in APAC. Market growth in this region will be faster than the growth of the market in regions.

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Packaging Market – Vendor Analysis

The packaging market is fragmented and the vendors are adopting organic and inorganic growth strategies to compete in the market.

    • Amcor Plc
    • Ball Corp.
    • Berry Global Group Inc.
    • CCL Industries Inc.
    • DS Smith Plc
    • DuPont de Nemours Inc.
    • Mondi Group
    • Smurfit Kappa Group Plc
    • Sonoco Products Co.
    • WestRock Co.
  • To gain access to more vendor profiles with their key offerings available with Technavio, Click Here

The competitive scenario provided in the Packaging Market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc. Don’t wait, Make…

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