NEW YORK, Nov. 26, 2022 /PRNewswire/ — Technavio categorizes the global packaging market as a part of the metal and glass containers marketthe parent market. The metal and glass containers market covers combined revenue generated by manufacturers/providers of metal, glass, and plastic containers and paper packaging. The global packaging market size is estimated to increase by USD 223.96 billion from 2022 to 2027. The market’s growth momentum will accelerate at a CAGR of 3.92%.
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To help companies evaluate and develop growth strategies, the report outlines –
- Key purchase criteria
- Adoption rates
- Adoption lifecycle
- Drivers of price sensitivity
Vendor Landscape – The global packaging market comprises some well-established players that are involved in the design and production of packaging solutions for various applications across a wide range of industries. These vendors are making significant investments in R&D to push better products into the market and customer exp base.
Some big players are expected to implement some new strategies to gain competitive advantages during the forecast period. Mergers, acquisitions, and strategic partnerships are some of the ways the vendors in this market are taking to strengthen their position.
- Ardagh Metal Packaging SA: The company offers packaging services such as beverage cans.
- Ball Corp.: The company offers packaging services such as Alumi-Tek bottle, Crowler Can, and Widget Inside.
- Berry Global Group Inc.: The company offers packaging services for applicators, bottles, and vials.
- CCL Industries Inc.: The company offers packaging services such as high barrier films, easy opening films, and high speed films.
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By geography, the global packaging market is segmented into APAC, North America, Europethe Middle East and Africaand South America. The report provides actionable insights and an accurate estimation of the contribution of all regions to the growth of the global packaging market.
- APAC held a 41% share of the global packaging market in 2022. The market in the region is estimated to grow at the fastest pace during the forecast period. The region is emerging as the major manufacturing hub for various industries. The stimulating e-commerce industry, the rising trend of online shopping , and the rise in population have increased the demand for various goods through online channels. All these factors are increasing the demand for packaging solutions in the region.
By end-user, the global packaging market is segmented into food, beverage, healthcare, personal care, and others.
- The market share growth of the food segment will be higher than the other segments during the forecast period. The segment is mainly driven by the increasing global demand for canned and packaged food products. Changes in lifestyles and food habits due to the influence of western culture are some of the other factors influencing segment growth.
- Impactful Driver – The growth of food delivery and takeaway services is driving the growth of the market. Rapid urbanization coupled with the busy lifestyles of consumers has led to a surge in the demand for convenient and on-the-go foods. There is also a significant rise in the demand for food delivery and takeaway services with the increasing adoption of smartphones and the growing m-commerce industry. The increase in online food ordering has resulted in a surge in the number of players that offer food delivery services. The growth of food delivery and takeaway services has subsequently increased the demand for packaging solutions in the food industry. All these factors contribute to the growth of the market.
- Key Trend – Innovative market strategies adopted by vendors is the key trend in the market. Vendors in the market are adopting various growth strategies to remain competitive and gain an edge over their rivals. One of the key strategies adopted by vendors is the continuous development of new products. Similarly, some vendors are focusing on strengthening by consumer base by expanding their operations in new markets. Many such strategies adopted by vendors are positively influencing the growth of the market.
- Major Challenge – Environmental concerns over the use of plastic packaging are the major challenges hindering market growth. Most end-users in the market prefer plastic disposable packaging as they are cheaper and help maintain a specific temperature for a longer period. Most of the disposable plastic packaging used by end-users are made of polystyrene or polypropylene, which do not decompose easily. This is leading to the accumulation of a large amount of solid waste. Hence, many governments are undertaking various initiatives to this issue by imposing restrictions on the usage of plastic. Such measures are reducing the usage of plastic packaging, which is expected to affect the growth of the global packaging market.
What are the key data covered in this packaging market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the packaging market between 2023 and 2027
- Precise estimation of the size of the packaging market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the packaging market industry across APAC, North America, Europe, Middle East and Africaand South America
- Thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of packaging market vendors
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Packaging Market Scope