PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1324372
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1324372
According to Stratistics MRC, the Global Consumer Packaging Market is accounted for $634.7 million in 2023 and is expected to reach $1,109.2 million by 2030 growing at a CAGR of 8.3% during the forecast period. The process of packaging commodities for consumer consumption is known as consumer packaging. Electronic equipment, home appliances, food and beverage products, and grocery items are among the products that fall under this category. The packaging that the product arrives to consumers in is known as consumer packaging. From the manufacturer to the retailer to the consumer, this packaging travels the entire supply chain.
According to the CBI - Ministry of Foreign Affairs (EU), Europe is forecast to be the largest global importer of processed fruits and vegetables, accounting for approximately 40% of the global supply. Around 30% of the European processed fruit and vegetable trade comes from developing countries.
E-commerce packaging is growing more significant within the packaging sector as online purchasing is expanding quickly. Leading firms are putting an increasing amount of emphasis on sustainability and minimising the use of plastic in their packaging strategy. Instead of relying on disinformation and fear mongering on social media, companies, retailers, and packaging makers must concentrate on creating and adopting eco-friendly packaging that is founded on scientific data and facts.
Regulations from the government are also upsetting the metal packaging sector. The industry must comply with stringent environmental, health, and safety requirements. These rules must be followed by the business, which raises costs. Additionally, it is difficult for metal packaging companies to expand their businesses due to a lack of cutting-edge technologies. The companies' inability to connect with their customers is also being hampered by a lack of marketing, distribution, and branding.
All conventional plastic materials and their corresponding applications can now be replaced by bioplastic alternatives. They are increasingly being employed in a variety of industries, including packaging, catering items, consumer electronics, automotive, agricultural, toys, textiles, and other fields. The use of bioplastics has increased across all market categories as a result of customers' and businesses' growing need for sustainable products as a result of increased environmental consciousness.
Modern technologies, sophisticated electronics, sensors, tags, and IoT are not included in conventional packaging products. In order to track, monitor, regulate, and manage products in real time, smart packaging makes use of cutting-edge tools, systems, and equipment like sensors, RFIDs, and IoT. The freshness and original quality of the items are maintained by using cutting-edge packaging materials for extended shelf life.
The design and distribution of consumer electronics packaging was significantly impacted by the COVID-19 epidemic, as well as the consumer electronics sector. Due to social segregation policies and lockdowns, more people are buying online, which has resulted in a rise in the demand for packaging that is both protected and aesthetically beautiful. As a result of consumers turning away from conventional stores, one effect of the epidemic has been a growth in the use of e-commerce platforms. Moreover, more interactive elements like augmented reality (AR), QR codes, and other interactive features that let clients access digital content about the product have become popular.
The plastics segment is estimated to have a lucrative growth, due to rise in number of end user industries including food & beverages, pharmaceuticals, and personal & household care. Additionally, the expansion of organised and online retail across the globe is boosting the demand for consumer packaging. Additionally, plastic provides flexible and rigid, transparent, and lightweight forms of packaging, which is why the main application sectors favour it over alternatives like metal or glass.
The food & beverage segment is anticipated to witness the fastest CAGR growth during the forecast period. Every company that processes, packages, and distributes uncooked food falls under the umbrella of the food and beverage sector. This applies to alcoholic and non-alcoholic beverages as well as packaged and fresh cooked foods. The growing population and rising standard of living have increased demand for consumer goods.
Asia Pacific is projected to hold the largest market share during the forecast period owing to the region's growing population and increased consumer disposable income. The consumer packaging market is anticipated to be driven throughout the projected period by the increased consumption of a variety of consumer goods in this area and the growing need for more durable and sophisticated packaging products in the emerging regions.
Europe is projected to have the highest CAGR over the forecast period, owing to industrialization, increasing disposable income, growing e-retail sale, rising internet penetration, growing manufacturing activities, and rising consumption level. The amazing expansion of consumer packaging is being driven by a number of causes, including technological advancements, concerns about sustainability, and alluring economics.
Some of the key players profiled in the Consumer Packaging Market include: Huhtamaki Group, International Paper Company, Amcor Limited, Constantia Flexibles Group GmbH, Tetra Pak Inc., Aptar Group Inc, CCL Industries, Gerresheimer AG, Silgan Holding Inc, Albia SA, International player, Mondi, Smurfit Kappa Group Plc, DS Smith, Ball Corporation, Stora Enso and Berry Global.
In January 2023, Stora Enso acquired the Netherland-based company De Jong Packaging Group, one of the largest corrugated packaging producers in the Benelux countries. The acquisition is a value of approximately EUR 1,020 million.
In April 2022, Sealed Air introduced Prismiq, a digital packaging brand with a portfolio of digital printing, design services, and smart packaging solutions.