LONDON--(BUSINESS WIRE)--According to Technavio Research Report "Packaging Market by type (board, rigid plastic, flexible, metal, and glass), by end-user (food, beverage, healthcare, personal care, others) and geographical regions (APAC, North America, Europe, MEA, and South America) is witnessed to grow USD 278.59 billion, at a CAGR of 6% from 2019 to 2023”.
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Global Packaging Market: Rise in adoption of reusable packaging
Reusable packaging is manufactured with durable materials and can be used more than once. A rise in the need for sustainable packaging and reducing the use of plastic packaging has also led to an increase in the demand for reusable packaging. Some of the biggest global brands are focusing on introducing reusable packaging to phase out single-use plastics. In January 2019, under the Loop scheme, Unilever, Nestle, Procter & Gamble, and PepsiCo, among other companies announced their plans to offer their products through a subscription delivery service, with all the packaging being reusable. Such initiatives undertaken by various end-users will eventually lead to the rise in demand for reusable packaging during the forecast period.
“The rising awareness among brand owners and marketing experts regarding the importance of packaging to attract consumer attention is leading to the introduction of innovative packaging. There is a rise in demand for multi-packs and single-serve, and miniaturized packaging for various products, especially in the food packaging industry. Eco-friendly packaging is also being adopted as it is safe for consumers and the environment. Thus, the advancements in packaging technologies and a rise in the demand for products sold in innovative/flexible packaging are factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Few Major Players for the Packaging Market are:
- Amcor Ltd.
- Ball Corp.
- Bemis Co. Inc.
- Berry Global Inc.
- DS Smith Plc
Segmentation analysis – Packaging Market
This market research report segments the global packaging market by type (board, rigid plastic, flexible, metal, and glass), by end-user (food, beverage, healthcare, personal care, others) and geographical regions (APAC, North America, Europe, MEA, and South America).
The APAC region led the market in 2018, followed by North America, Europe, MEA, and South America, respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market and register the highest incremental growth due to the rapidly expanding end-user industries.
Increasing demand for digitally printed packaging
Digital printing is likely to gain traction in the global packaging market owing to the demand for rapid turnaround. Also, there is a rise in the need for brilliant graphics to make the packaging stand out on the shelf and grab consumer attention. Brand owners seek to bring on innovation and value creation for their products by providing sophisticated decorative coatings and special visual and tactile effects to the folding cartons in which their products are packaged. Moreover, there is a rise in the demand for personalized packaging. All these factors have helped in increasing the need for digitally printed packaging as the use of this printing technology offers a highly reflective metallic effect and unlimited design possibilities. This will drive the growth of the packaging industry during the forecast period.
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