New York, USA, Sept. 13, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global liquid packaging market is envisioned to garner a revenue of $501.2 billion and grow at a CAGR of 4.6% throughout the forecast period from 2021 to 2028.
As per our analysts, with the growing demand for high-quality and durable packaging from the e-commerce and food delivery services to keep the product safe and secured inside, the liquid packaging market is predicted to experience significant growth throughout the analysis timeframe. Moreover, the increasing development of innovative and sustainable packaging such as the use of mushrooms instead of Styrofoam, and many more, is expected to create massive growth opportunities during the estimated period. However, the growing concerns regarding the recyclability of plastics may impede the growth of the market over the forecast period.
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Segments of the Liquid Packaging Market
The report has divided the market into segments based on material, technology, packaging format, end-use industry, and region.
Material: Plastics Sub-Segment to be Most Productive
The plastics sub-segment is expected to generate a revenue of $197.6 billion during the forecast timeframe. This is mainly because plastics offer various benefits such as lightweight, safety, durability, and hygiene. Moreover, the increasing use of plastic packaging for foodstuffs, pharmaceuticals, and medicines is expected to foster the growth of the market sub-segment during the analysis period.
Technology: Aseptic Liquid Packaging Sub-Segment to be Most Profitable
The aseptic liquid packaging sub-segment is predicted to garner a revenue of $248.3 billion over the forecast period. This is mainly because aseptic liquid packaging ensures food safety by protecting it from harmful bacteria. In addition, the increasing use of aseptic liquid packaging in pharmaceuticals and many others, for saving energy, as there is no requirement for refrigeration to store medicines or food, is expected to uplift the growth of the liquid packaging market sub-segment over the analysis period.
Packaging Format: Rigid Sub-Segment to be Most Lucrative
The rigid sub-segment is expected to generate a revenue of $321.2 billion throughout the estimated timeframe. This is mainly due to the superior strength offered by rigid packaging because of the presence of hard plastics and other materials. Furthermore, the rising demand for rigid packaging for its impression of quality and highly protective nature is predicted to augment the growth of the market sub-segment during the forecast period.
End-Use Industry: Food & Beverage Sub-Segment to be Most Beneficial
The food & beverage sub-segment is expected to garner $178.3 billion in revenue over the analysis timeframe. The increasing demand for liquid packaging in the food & beverage industry to protect the food quality, reduce food wastage, and the need for preservatives added to food and beverages is expected to propel the growth of the market sub-segment during the estimated period.
Region: Asia-Pacific Region to Hold the Maximum Share of the Market
The Asia-Pacific region of the liquid packaging market is projected to grow at a CAGR of 5.2% throughout the forecast period. This is mainly due to the rapidly growing middle-class population in the developing nations of this region. Moreover, the busier lifestyle, rapid urbanization, and growth in the working population in this region have increased the demand for ready meals and shopping on various e-commerce platforms which are expected to drive the regional growth of the market during the analysis timeframe.
Covid-19 Impact on the Liquid Packaging Market
Though the outbreak of the Covid-19 pandemic has devastated several other industries, it has had a positive impact on the liquid packaging market. This is mainly due to the rapid increase in the demand for safe and hygienic packaging during the pandemic period. Moreover, the increased demand and consumption of single-use plastics to avoid infection and growth in the demand for protective packaging for shipping of goods and products have inclined the growth of the market during the period of the health crisis.
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Key Players of the Market
The major players of the liquid packaging market include
- Goglio S.p.A.
- ProAmpac
- Mondi plc
- Gerresheimer AG
- Sealed Air Corporation
- Constantia Flexibles
- Smurfit Kappa Group
- Berry Global, Inc.
- Tetra Pak International S.A.
- Amcor plc
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
For instance, in February 2022, Elopak, a Norwegian company producing cartons for liquids, starting with aseptic gable top cartons for milk announced its collaboration with Nippon Paper Industries, a Japanese paper manufacturing company. With this collaboration, the companies aimed to increase competitiveness and expand sales of paper packaging for accelerating a move toward a low carbon circular economy. Inquire here before buying the full report
Further, the report also summarizes other ital. aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.
More about Liquid Packaging Market:
- Top Three Factors that Play the Game in Liquid Packaging
- Liquid Packaging Market: Flourishing with Implementation of Innovative Technologies
