Article provided courtesy of MarketLine
Between 2014 and 2018, the global containers and packaging market experienced healthy growth with a compound annual growth rate (CAGR) of 4.5%, according to research. As the economies in emerging countries improve, an increase in consumerism will encourage further growth within this market.
In 2019, the report, “Containers & Packaging Global Industry Guide 2014-2023,” was published, highlighting data on market value, volume, segmentation and market share of the industry. With data covering containers and packaging made of plastic, paper, card, metal and glass, the report revealed the total revenues of the industry equated to $2,248,808 in 2018.
Rigid plastic dominates globally
The report’s research is segmented into rigid plastic, flexible plastic, glass, metal and paper. In 2018, rigid plastic was the most lucrative segment, equating to almost half of the overall market’s value. According to the report, this was primarily driven by low production costs as well as high demand for the category. Flexible plastic followed close behind as the second most lucrative segment.
China is a key market driver
The report identifies that the Asia-Pacific (APAC) region accounts for the highest percentage of market value, followed by Europe and the United States. China, in particular, dominates the APAC region, as a prominent culture of on-the-go foods and snacking, along with increased consumerism, has caused surges in packaging demands.
Despite stable growth over the last five years, research suggests this has shown signs of slowing in regions with high recycling trends and waste reduction measures, such as Scandinavia. Although increased consumerism will certainly be a market driver, this will be capped by the measures taken by the EU and many other regions to cut down on excessive packaging and waste.
Plastic, in particular, tends to have perceived sustainability issues due to its single-use nature and issues surrounding the use of oil in plastic production. Suppliers are continuously diversifying their products to meet changing consumer pressures, with bioplastics becoming a popular choice.
As the market struggles with undifferentiated products and increasing saturation, a niche way of entering the market is through eco-friendly ethos.
About this research
This report is part of MarketLine’s Global Industry Guide series, which includes comprehensive category data and analysis across all major industry sectors. It includes key data points, charts, Five Force analyses and leading companies profiles on a global, regional and country basis. This report also includes the case study “Sustainability: Implications of the Biggest Trend in the Containers and Packaging Market.”
MarketLine sorts through data to deliver accurate, up-to-date information on companies, industries and countries across the world. Presenting information in easy-to-digest formats, MarketLine’s dedicated research professionals aggregate, analyze and cross-check facts in line with its strict research methodology, ensuring a constant stream of new and accurate information is added to MarketLine every day. For more information or to purchase the full Containers & Packaging Guide, visit www.marketline.com.