New York, USA, Oct. 25, 2021 (GLOBE NEWSWIRE) -- The global liquid packaging market is anticipated to generate a revenue of $501.2 billion at a CAGR of 4.6% during the forecast period, 2021-2028, increasing from $352.5 billion in 2020.
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The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Impact Analysis of COVID-19 on the Liquid Packaging Market
The coronavirus pandemic has impacted the global liquid packaging market in a positive way. This is mainly because of the rising demand and necessity of hygienic and safe packaging. In order to prevent the chance of infected by the novel virus, most of the end-use industries demand for single-use plastic for packaging. Apart from this, during the pandemic companies have used robotic packaging technology to avoid contact. These are the factors enhancing the growth of the market during the forecast period.
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Dynamics of the Global Liquid Packaging Market
Drivers: The demand of online food products and services has been increased in recent years because of rapid urbanization and changing lifestyle. Most of the urban population depends on readymade or packaged food because of lack of time to prepare food on their own. Packaging material plays a crucial role in online food delivery platform as durable and high-quality packaging ensures the safety of the product inside. In case of liquid products, good packaging material helps in reducing the chances of spill and leaks during the transition. These are the main factors behind the growth of the market during the forecast period.
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Restraint: Extensively used plastic packaging are bio-degradable which may impact the environment negatively once disposed. This factor is expected to restrain the growth of the market during the forecast period.
Opportunity: There are many new innovations in the liquid packaging market such as use of sugarcane as a substitute to polyethylene from crude oil, mushrooms instead of Styrofoam. Such innovations are creating many opportunities in the market.
Key Segment Highlights
The report has divided the market into different segments based on material, technology, packaging format, end-use industry, and regional analysis.
Material: Plastics Sub-Segment Expected to be the Most Lucrative
Durability, lightweight, security, and safety are some of the benefits of plastic packaging. Plastic is used extensively as a packaging material in various industries such as pharmaceuticals, food & beverages, and medicines. These are the main factors behind the growth of the market segments.
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Technology: Aseptic Sub-Segment Expected to be the Most Profitable
The aseptic liquid packaging sub-category is predicted to generate the maximum revenue of $248.3 billion by the end of 2028, surging from $169.4 billion in 2020. The inside contents are sterilized separately before the packaging is done. Portable and lightweight are the main features the technology is gaining massive popularity.
Packaging Format: Rigid Sub-Segment Estimated to be the Most Beneficial
The rigid sub-segment of the liquid packaging market is expected to generate a revenue of $321.2 billion by the end of 2028, increasing from $231.7 billion in 2020. Rigid packaging has many beneficial traits such as superior strength and its ineffectiveness on the flavor or quality of the inside product. Another feature include the rigid packaging material can be molded into any shape and fitted around the product perfectly. These are the major factors behind the growth of the market segment.
End-User: Food & Beverages Sub-Segment Expected to be the Most Profitable
The food & beverage sub-segment of the liquid packaging market is expected to dominate the market by garnering a revenue of $178.3 billion by 2028, surging from $118.9 billion in 2020. The main reason behind the growth of this segment is that it never diminishes the quality of the food, reduces the wastage of food and eliminate the need of preservatives in the food to be delivered.
Regional Outlook: Asia-Pacific Expected to Dominate the Liquid Packaging Market
The Asia-Pacific liquid packaging market recorded a revenue of $119.3 billion in 2020 and is further predicted to grow with a CAGR of 5.2% during the forecast period, (2021-2028). The main attributors of this growth are mainly changing lifestyle of the urban population. Busy, routine-led lifestyle has increased the demand of readymade meals and online delivery. The ecommerce readymade meals platforms use protective and liquid-proof packaging for safe delivery of the food products. This is the main factor enhancing the growth of the regional market during the forecast period.
Key Players & Strategies
1. Amcor plc
2. Berry Global, Inc.
3. Constantia Flexibles
4. Gerresheimer AG
5. Goglio S.p.A.
6. Mondi plc
7. ProAmpac
8. Sealed Air Corporation
9. Smurfit Kappa Group
10. Tetra Pak International S.A.
For instance, in July 2019, Berry Global Group, Inc., a Fortune 500 plastic packaging manufacturing company completed the acquisition of RPC Group Plc (RPC), a leading plastic packaging supplier company based in UK. The acquisition is expected to enhance the portfolio of Berry Global Group by providing the opportunity to make use of RPC’s efficiency in product development, innovative material science, and industrial technologies and create value for their global customers.
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here To Get Absolute Top Companies Development Strategies Summary Report
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