GLOBAL FMCG PACKAGING MARKET TRENDS | INDUSTRY SHARE, SIZE, GROWTH & FORECAST 2031
- March 24, 2023
- No Comment
The global FMCG packaging market was worth around USD 691.5 billion in 2021 and is estimated to grow to about USD 955.6 billion by 2028, with a compound annual growth rate (CAGR) of approximately 4.68 percent over the forecast period. The report analyzes the FMCG packaging market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the FMCG packaging market.
Consumer packaged goods (CPG) or fast-moving consumer goods (FMCG) refer to a group of high-demand merchandise that are sold quickly and for a comparatively low price. Processed foods, beverages, vegetables, toiletries, fruits, and other consumables are among these things. To protect the product from contamination and the growth of microbes, FMCG items are packaged using a variety of materials such as plastic, glass, metal, and paperboard. This, in turn, aids manufacturers in preserving product quality, extending shelf life, and allowing businesses to sell their brand through personalized packaging.
Click Here to access The Full market Report : https://www.zionmarketresearch.com/report/fmcg-packaging-market
The onset of COVID-19 pandemic rapidly changed consumers’ preferences that include increased shopping through digital channels, inclination towards hygienic packaging, and pocket-friendly product cost has drastically changed the packaging sector’s scenario. Manufacturers faced major challenges to reduce the cost of packaging without altering the quality, and increase the packaging options concerning materials & sizes to make the final product more cost-effective. However, the sectors faced a few hurdles due to supply chain disturbances and restricted logistics. Still with the increase in demand from the food & beverage and pharmaceutical sectors the global FMCG packaging market is expected to recover fast during the forecast period.
● In January 2022, PFF Group has created IMPACT-T, a recyclable food packaging solution that uses less plastic than PET packaging and allows for greater utilization of post-consumer recycled (PCR) material, hence reducing resource use.
● In February 2022, Berry Global purchased circular polymers from ExxonMobil. The circular polymers will be used by Berry Global to make food-grade packaging containers.
Major Market Players are :
• Amcor plc
• Albéa Group
• AptarGroup Inc
• Ball Corporation
• Consol Glass (Pty) Ltd
• Berry Global Inc
• Crown Holdings Inc
• Graham Packaging Company
• DS Smith PLC
• Sealed Air Corporation
• Tetra Pak International S.A.
• Toyo Seikan Group Holdings Ltd
• Sonoco Products Company
FMCG Packaging Market: Growth Drivers
Increasing demand for nutritional foods among consumers may drive the growth of the market.
With customer demand for healthy meals on the rise, FMCG packaging businesses are reinventing their packaging to protect the nutritional content of the items they package. In May 2020, fresh-cut vegetable packaging included a revolutionary technology that emits an anti-pathogenic substance within the container to defend against germs, fungus, and viruses. Also, the transportation of packaged products and consumables can have negative consequences and reduce the nutritional value of the bundled contents. As customers want more knowledge about the origins of food goods, hyperlocal supply chains are becoming more prevalent.
Big merchants are beefing up their packaging to entice customers, thanks to the growing rise of private brands. According to a Daymon poll, more than half of customers are loyal to a company because of its private-label products. Furthermore, 85 percent of customers said they trust a private brand equally as much as a national brand, and 81 percent said they buy an individual brand product on every shopping trip, according to the research. These factors are projected to make a substantial impact on the growth of the market.
The global FMCG Packaging market is divided into the following categories:
Global FMCG Packaging Market: By Type Segment Analysis
● Flexible Plastic
● Rigid Plastic
Global FMCG Packaging Market: By Application Segment Analysis
● Food & Beverages
● Pharmaceutical Industry
● Personal Care Industry
FMCG Packaging Market: Regional Landscape
Asia Pacific likely to dominate the global market in coming period
Asia Pacific is expected to lead the global FMCG packaging market over the forecast period. This is due to a rapid expansion of the food & beverage and pharmaceutical industries in India and China. The rise of the FMCG packaging market in India is being aided by rising investments in the food processing, personal care, and pharmaceuticals industries. The government has been in contact with industry professionals to maximize the packaging sector’s opportunities in India. For instance, the Packaging Industry Association of India (PIAI) draughts regulations and guidelines to govern the packaging industry in India. The market in North America on another side is projected to witness strong growth during the forecast period.
The ubiquity of convenience and discount stores throughout the area, as well as a strong development rate in the food and beverage sector aimed toward time-pressed customers, are contributing to the expansion of FMCG packaging in North America. Dairy goods, such as milk, cheese, and yogurt, have seen high demand in the United States in recent years. According to USDA ERS and a survey by the US Department of Agriculture, per capita, cheese consumption climbed up to 45 pounds by 2019. USDA Foreign Agricultural Service reported that per capita dairy product consumption has grown by 5 percent in the last couple of years.
Read more at: https://www.zionmarketresearch.com/news/global-fmcg-packaging-market
About Us :
Zion Market Research is an obligated company. We create futuristic, cutting edge, informative reports ranging from industry reports, company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database.