According to the latest market study released by Technavio,
the global packaging market is expected to grow at a CAGR of almost 6%
during the predicted period.
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Technavio has published a new report on the global packaging market from 2017-2021. (Graphic: Business Wire)
This research report titled ‘Global
Packaging Market 2017-2021’ provides an in-depth analysis of the
market in terms of revenue and emerging market trends. This market
research report also includes up to date analysis and forecasts for
various market segments and all geographical regions.
The global packaging market is expected to witness a high growth rate
during the forecast period. This high growth rate is due to the global
change in demographics, such as increasing urbanization, growing number
of the small households, rising middle-class population, and increasing
aging population. The changes in the demographics have changed the
consumer buying behavior and taste and preference of the consumers,
thereby leading to an increase in the demand for packaged products.
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Technavio’s analysts categorize the global packaging market into five
major segments by packaging type:
-
Board
-
Rigid plastic
-
Flexible
-
Metal
-
Glass
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The top three segments of the global packaging market are discussed
below:
Global board packaging market
The global board packaging
market is expected to witness a substantial growth rate during the
forecast period. The high growth rate of paperboard is owing to its easy
recyclability and availability. For instance, in the US, the paper and
paperboard have a recycling rate of more than 60%, which makes it a
preferred material over other packaging materials.
According to Sharan Raj, a lead packaging
research analyst from Technavio, “The global board packaging market
is expected to gain huge share in APAC, owing to the growing population,
increase in demand for alcoholic beverages, and the growth of
pharmaceutical companies. The growth in the adoption of bag-in-box
packaging solution, manufactured using corrugated paper or paperboard,
for packaging lubricants and beer will further fuel the demand for board
packaging material.”
Global rigid plastic packaging market
Rigid plastic packaging includes a wide range of products, such as
squeezable plastic tubes, cosmetic containers, HDPE and PET bottles, and
household-care products like paints and adhesives. The global rigid
plastic packaging market is expected to witness the highest growth rate
during the forecast period because of the growing consumer preference
for low cost, lightweight, non-breakable, and easily moldable packaging
solutions.
“The reduction in crude oil prices has further reduced the price of
polymer resins, which in turn, has reduced the raw material prices for
rigid plastic solutions and increased the profitability of vendors. In
2016, PET bottles, a product of rigid packaging solution, held the
largest share in the packaging of beverages,” says Sharan.
Global flexible packaging market
The global flexible packaging market is expected to witness a
considerable growth rate during the forecast period. Flexible packaging
is widely used in applications in the pharmaceutical, food and beverage,
and retail industries. Thus, the growth of these industries is
increasing the demand for flexible packaging solutions.
The easy molding ability of flexible plastic makes it a preferred
material for the customization of the packaging of products as per the
customer specifications. The growth in the pouch packaging market by
food and lubricant packaging due to the low cost and lightweight is
driving the demand for flexible packaging solutions.
The top vendors highlighted by Technavio’s research analysts in this
report are:
-
Amcor
-
Ball
-
Bemis Company
-
Berry Global
-
DS Smith
-
International Paper
-
Mondi
-
Owens-Illinois
-
Sealed Air
-
Smurfit Kappa
-
Sonoco
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