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Packaging Market: Segmented: by End user vertical (Food & Beverages, Healthcare, Beauty & Personal Care, Electronic, and Household); By Material Type (Glass, Metal, Polypropylene, aluminum, Plastic, Wood, and Paper); and Region -Analysis of Market Size, Share & Trends for 2016 - 2019 and Forecasts to 2030
Packaging Market to surpass USD 388.9 Billion by 2030, which is valued at 212.4 billion in 2019 at a compound annual growth rate of 5.70%
Packaging helps in the prevention of product from any alteration in the state and further prevents it from any kind of physical, biological changes or chemical contamination. Due to this, the shelf life of the product increases. The packaging is done to prevent the good from environmental or physical damage of good while transporting. For food packaging, it provides knowledge about the ingredients, their nutrient content, and guidelines to preserve food quality and freshness. The need for good food and longer shelf life stimulated the market for food packaging. The packaging material contains information on how the product is used, recycling, and disposal procedure. The packaging is of different types depending upon the material used. The most common type of packing material is plastic. however, there are several other packing materials like aluminum, paper, board, glass, polymer, etc.
According to the report, in line with the growth of numerous end-users of Packaging throughout the world, the demand is expected to rise. The growing demography demands for a convenient product that provides a longer shelf life. thus, Packaging materials become relatively important. Among these factors, demand for convenient product packaging and advancement in emerging technology also drives the global demand for Packaging.
Global Packaging Market is segmented by material type into Glass, Metal, Polypropylene, aluminum, Plastic, Wood, and Paper. Due to higher convenience and greater decomposition property of paper, this segment held the largest share in 2019. The demand for this material is projected to be further increased by stringent government regulations and restrictions on plastic packaging. Paper is processed or painted and laminated or sprayed with the finishing polish, resins, lacquers, and waxes. Polypropylene on the other hand holds a significant share owing to its resistance towards humidity, gaseous and odor permeability and a greater water vapor barrier to make it fit for packaging. Polypropylene also has a high melting point, making it especially suitable for food packaging items used in microwaves or dishwashing.
Global Packaging market is segmented by End-user vertical into Food & Beverages, Healthcare, Beauty & Personal Care, Electronic, and Household. Food and drink packaging mainly aim to minimize food loss and improve the food product's shelf life. To promote sustainability, multinational companies plan to use creative packaging products made of degradable and recyclable materials. Owing to lack of time, customers want comfort food solutions. The demands of food safety, cleanliness, and increasing knowledge of health drive the food and beverage packaging industry. However, the emergence of COVID-19 has created a worldwide demand for the packaging industry in the health care sector owing to a surge in the needs of medical equipment such as syringes, gloves, vials, etc.
Enhanced characteristics
Packaging excels in their fine clarity, temperature tolerance, strength, and barrier properties. They are also available in a wide variety concerning thickness and surface characteristics, presenting several options for their offers to the customer.
Demand for packaged product
The growing demography demands for convenient good that provides a longer shelf life, thus Packaging materials becomes relatively important. Among these factors, rising sales of E-commerce and advancement in emerging technology also drive the global demand for Packaging.
Quality issues
Newly designed, rigid packaging demand in the packaging industry and standard and quality issues for Packaging are key factors restricting the growth of the Packaging market. The industry’s high Barrier Growth is limited by poor quality sealing.
Government regulations
Strict government policies and regulations on the packaging raw material are anticipated to restrict the market’s growth. Plastic, for instance, is banned in certain parts of the world especially in Asian countries. Growth is also likely to be threatened by growing environmental concerns and rising global warming.
In terms of value and volume, Asia Pacific was the largest market accounting for XX% of the total market volume share in 2019
Asia Pacific led the global market for the packaging industry with XX% of the overall demand in 2019. With fast industrialization and urbanization, India and China have been the leading consumer to an improved standard of living and rising health awareness and thus increasing demand for packed goods. In countries such as China and India, the presence of airborne diseases combined with growing consumer disposable incomes are expected to fuel growth. North America also holds a significant share due to growing knowledge and the accessibility of alternatives such as eco-friendly packaging in the USA. These solutions are affordable and manufactured using recycled materials and eco-friendly practices. This trend is expected to drive regional development even further.
Global pandemic COVID-19 has become a global stress, not just for human lives, but also to industries across different industry verticals. The COVID-19 disease has infected several million people globally, with United States accounting for the highest share of infected cases. With an increasing number of active cases daily, the duration of the pandemic is still difficult to predict. Many industries have faced tremendous losses and are still living in the uncertainty of the future. Yet some industries have bloomed in such times of crisis. One of those industries is the packaging industry. As the number of cases rises there has been a surging demand for medical equipment like PPE kits, gloves, vials, etc which further demands packaging materials. Moreover, restrictions on plastics is temporarily been lifted by the government during the time of crisis as plastic packaging is easily available and can fulfill the rising demand during the time of the pandemic. Moreover, certain industries that were on the verge of shutting down are also boosted up due to the rise in demand for packaging material worldwide. Demand from the E-commerce industry has also boosted owing to the government’s travel restriction leading to a trend of people ordering goods online following the social distancing norms.
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