Enjoy complimentary customisation on priority with our Enterprise License!
The packaging market is estimated to grow at a CAGR of 3.92% between 2022 and 2027. The size of the market is forecast to increase by USD 223.96 billion. The growth of the packaging market share depends on several factors, including the growth of food delivery and takeaway services, the rise in the need for innovative packaging, and the increase in demand for digitally printed packaging.
This report extensively covers market segmentation by end-user (food, beverage, healthcare, personal care, and others), type (board, rigid plastic, flexible, metal, and glass), and geography (APAC, North America, Europe, Middle East, and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, Download the Report Sample
The growth of food delivery and takeaway services is notably driving the market growth, although factors such as environmental concerns over the use of plastic packaging may impede the market growth. Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the market's key drivers, trends, and challenges. Although there has been a decrease in demand for the market during the COVID-19 pandemic, a holistic analysis of drivers will help companies refine marketing strategies to gain a competitive advantage.
The growth of food delivery and takeaway services is the key factor driving the global packaging market share. Food delivery and takeaway services are growing at a significant pace, driven by a rise in urbanization, the busy and hectic lifestyles 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 the number of online platforms that offer such services.
Currently, as most people around the globe are familiar with 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 less costly than offline ordering 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. Therefore, with the growth of food delivery and takeaway services, the global packaging market is anticipated to grow simultaneously during the forecast period.
The market strategies by vendors will fuel the global packaging market growth. The continuous development of new products by vendors is one of the main trends in the global packaging market. Product developments by some vendors will encourage other vendors to introduce innovative products to remain competitive in the global packaging market.
Amcor Plc's new AmFiber is a recyclable package for coffee, drink powders, snacks, candy, seasoning, and soups. Based on the growing demand for aluminum cans worldwide, Ball announced the expansion of its operations in South America in June 2022, with a new manufacturing plant in the city of Chilca in Peru. The operation will have a production capacity of over 1 billion beverage cans a year and will begin operation in 2023. Global vendors are strengthening their customer base by enhancing their product offerings and expanding their geographic reach. Such factors are expected to positively impact the growth of the global packaging market share during the forecast period.
Environmental concerns over the use of plastic packaging are a major challenge to the global packaging market growth. Environmental concerns associated with the use of plastic packaging are a major challenge in the global packaging market. Although various types of packaging are extremely efficient in protecting the products inside, the demand for those may fall in the future due to the use of plastic packaging. Disposable packaging used for food is one of the major sources of non-recyclable solid waste globally. Most food service establishments prefer plastic disposable packaging variants as they are less costly and retain the temperature of food for a longer period. However, there are several concerns over the disposal of various types of polymers used in disposable plastic products.
Food delivery and takeaway activities are leading to the accumulation of a large amount of solid plastic waste. Most of the disposables used for food delivery are made of polystyrene or polypropylene, which do not decompose easily. Moreover, when polystyrene degrades, it breaks down into styrene monomer, styrene dimer, and styrene trimer, all of which are carcinogenic. The governments of various countries have undertaken several initiatives to promote the use of bioplastics. Such initiatives may reduce the use of plastic packaging, thereby affecting the growth of the market in focus during the forecast period.
Our analysis of the Life Cycle of the market indicates a movement from the innovator’s stage to the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries including the US, Canada, China, India, and the UK. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027.
Global Packaging Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including :
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
Technavio categorizes the global packaging market as a part of the global metal and glass containers market within the overall global containers and packaging market. The global metal and glass containers market includes products of metal, glass, or plastic containers, including corks and caps. The global containers and packaging products market includes the combined revenue generated by manufacturers/providers of metal, glass, and plastic containers and paper packaging. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The market share growth by the food segment will be significant during the forecast period. Food packaging is expected to account for the largest share of the end-user segment in the packaging market during the forecast period. The high potential growth in the sales of packaged food products is generating the demand for packaging globally.
Get a glance at the market contribution of various segments Request a PDF Sample
The food segment showed a gradual increase in market share with USD 366.60 billion in 2017 and continued to grow by 2021. Changing lifestyles and food habits are significant factors underlying the growth of the packaged food industry across the world. Packaged food manufacturers are adopting rigid packaging solutions that appeal to consumers and are less prone to damage during transportation. The growth in demand for canned food products across the globe is another major factor influencing the growth of the food packaging segment. Canned food products have a long shelf-life, which is a major growth driver for the segment. Changing consumer patterns in terms of food habits due to the influence of Western culture has also fuelled the demand for canned food products in developing economies across the APAC. Furthermore, our report provides a brief analysis of the historical and forecast market share and their segments along with the reasons for growth from 2017 to 2027.
For more insights on the market share of various regions Request PDF Sample now!
APAC is projected to contribute 41% of market growth by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The packaging market in APAC is growing at a steady pace across the region. Developing economies such as China and India are expected to emerge as major revenue contributors to the packaging market in the region, primarily due to rapidly expanding end-user industries such as e-commerce, FMCG, and personal care. APAC also has a very high concentration of manufacturing industries, which, in turn, increases the need for packaging. Furthermore, the e-commerce industry is growing in countries such as China, India, and Japan. The growth of this business sector is attributed to the rise in population in the region, which has created an increase in the overall demand for goods through online channels.
This packaging market analysis report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. The outbreak of COVID-19 led to a decline in demand for packaging in APAC. In 2020, the COVID-19 pandemic negatively impacted the growth of the regional packaging market. Governments of various countries in the region, such as China, India, and Japan, imposed nationwide lockdowns, which led to the shutdown of manufacturing units of various end-user industries, including food and beverage and personal care. Thus, the regional demand for packaging declined. However, in 2021, due to the availability of COVID-19 vaccines and the large-scale vaccination drives carried out by the governments of countries in APAC, such as China, India, and Japan, manufacturing operations in end-user industries gradually resumed normally. Therefore, the demand for packaging will increase, which will lead to the regional packaging market's growth during the forecast period.
MENA Packaging market - The market share will grow at a CAGR of 4.73% in terms of revenue over the period 2014-2019.
North America Packaging market - The market share will grow steadily at a CAGR of around 6% by 2021.
South Africa Packaging market - the market share will grow at a CAGR of 6.68% percent over the period 2014-2019.
Our packaging market analysis report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by end-user, type, and region.
|
Packaging Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
186 |
|
Base year |
2022 |
|
Historical year |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 3.92% |
|
Market growth 2023-2027 |
USD 223.96 billion |
|
Market structure |
Fragmented |
|
YoY growth (%) |
3.72 |
|
Regional analysis |
APAC, North America, Europe, the Middle East and Africa, and South America |
|
Performing market contribution |
APAC at 41% |
|
Key consumer countries |
US, Canada, China, India, and UK |
|
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
|
Key companies profiled |
Amcor Plc, AptarGroup Inc., Ardagh Metal Packaging S.A., Ball Corp., Berry Global Group Inc., CCL Industries Inc., CKS Packaging Inc., Crown Holdings Inc., DS Smith Plc, DuPont de Nemours Inc., Genpak LLC, Gerresheimer AG, Graphic Packaging Holding Co., Mondi plc, Packaging Corp. of America, Pactiv Evergreen Inc., Sealed Air Corp., Smurfit Kappa Group, Sonoco Products Co., and WestRock Co. |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Get the report (PDF) sent to your email within minutes.
