NEWARK, Del, April 24, 2024 (GLOBE NEWSWIRE) -- In its latest report, Future Market Insights estimates the global consumer packaging market values to grow from US$ 655 billion in 2024 to US$ 950 billion by 2034. Global sales are anticipated to soar at 3.8% CAGR throughout the assessment period.
Flexible packaging remains a widely used format by consumers, accounting for around 2/3rd of the value share in 2024. This is due to its unique properties, such as flexibility, lightweight, versatility in design, product protection, and extended shelf life.
Multiple factors are projected to fuel the growth of the consumer packaging industry during the next decade. These include high consumption of processed and packaged food products, the booming industrial sector, the rise of online shopping, and surging demand for eco-friendly and sustainable packaging is a prominent.
Sustainability has become an essential factor in the global consumer goods packaging industry, influencing its growth. Packaging has become a powerful tool for marketing and branding sustainability goals. Increasing consciousness among consumers is creating the demand for eco-friendly packaging material.
The Association for Packaging and Processing Technologies (PMMI) stated that the adoption of product packaging to communicate sustainability increased by over 20% YoY in 2022. This sustainability trend is also making strides in the consumer goods packaging sector.
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Consumer inclination and awareness towards environment-safe packaging have led companies to develop compostable and sustainable materials. They are using recycled material to maintain the circular economy goals. This has also transitioned the focus from plastic to paper packaging.
A surge in demand for eco-friendly and sustainable packaging solutions, propelled by consumer awareness and regulatory pressures, positively impacts the consumer packaging industry. Companies and brands are using recyclable, biodegradable, and post-consumer recycled material in manufacturing.
Several manufacturers are communicating their commitment to sustainability by various means. They are using different symbols, labels, and certifications to influence the purchase decisions of consumers. The increasing focus on sustainability is anticipated to create the need for innovative materials and packaging in the market, thereby further boosting growth.
Rapid urbanization and increasing disposable income also provide momentum for the global consumer packaging industry. Changing consumer preferences and behavior and demographic and economic factors impact consumer packaging.
Changes in consumption patterns and lifestyles have increased the demand for packaged food. Convenience has become an important factor impacting the purchase decisions of consumers. Packaged products that offer the convenience of easy storage, handling, and transportation are in more demand.
Growth in the food and beverage industry is highly influencing the market demand. The rapid growth in the personal care and cosmetics industry has generated a demand for packaging products that are easy to use and visually appealing.
Surging demand for food delivery services, ready-to-eat items, and on-the-go products due to the fast-paced lifestyle is positively influencing the consumer packaging industry. Further, premium packaging for food items is gaining traction as consumers need not only convenience but also an elevated and aesthetically pleasing experience. Thus, a growing preference for premium products and visually appealing packaging will also benefit the market.
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Key Takeaways from the Global Consumer Packaging Market
- The global consumer packaging industry is estimated to be valued at US$ 655 billion in 2024.
- By packaging format, flexible packaging leads the market with a value share of around 2/3rd, while the rigid segment is anticipated to grow at a significant CAGR of 4.8%.
- Based on material, plastic is anticipated to capture half of the value share by 2034.
- By end-user, the food industry is poised to total a valuation of US$ 489 billion by 2034.
- North America is predicted to gain more than 1/5th of its value share by the end of the forecast years.
- East Asia is set to grow at 4.7% CAGR and reach a valuation of US$ 245 billion by 2034.
- Demand in the United States is predicted to surge at 2.9% CAGR through 2034.
- India will register a CAGR of 5.7% between 2024 and 2034.
“PCR (post-consumer recycled) materials are gaining immense traction in the consumer goods packaging market. More and more companies are utilizing recycled content in packaging, propelled by growing consumer awareness, regulatory pressures, and corporate sustainability initiatives.”- says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Outline of Important Trends Shaping the Global Consumer Packaging Market
Growing Trend of Minimalist Packaging
The packaging industry has witnessed the trend of minimalism in packaging solutions. Focusing on essential elements, simplistic designs, and minimal packaging contributes to waste reduction and resource conservation. This has made it a favored choice for brands committed to minimizing their carbon footprint.
Businesses across various sectors, such as cosmetics, food, beverages, and more, are incorporating minimalism into their brand identities. For example, in August 2023, Papair introduced PapairWrap, a bubble wrap crafted from 100% paper and devoid of synthetics and adhesives, highlighting a commitment to sustainable packaging at its production site in Rethem an der Aller.
In July 2022, the Reckitt power brand Vanish unveiled Vanish Multipower Tabs featuring minimalist packaging and a brand experience tailored for online shoppers. The growing popularity of this trend will positively impact market growth through 2034.
Growing Use of rPET Packaging
The European Union has implemented a regulation to incorporate a minimum of 25% recycled polyethylene terephthalate (rPET) in their products. This has created the shift towards a more circular economy in the plastic industry.
Today, manufacturers are looking to responsibly source recycled materials and invest in technologies for recycled packaging. For instance, in October 2023, Coca-Cola introduced its beverages in 20-oz bottles made from 100% recycled PET, showcasing a commitment to sustainable packaging practices. Similarly, in August 2023, ENVICCO unveiled Thailand's first bottle made from 100% recycled PET, marking a significant step towards the adoption of recycled materials in the region.
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Who is Winning?
Top players are concentrating on developing sustainable packaging solutions from eco-friendly and recycled materials to attract environmentally conscious customers. They also employ strategies like partnerships, agreements, alliances, collaborations, and acquisitions to stay ahead of the curve.
Key Companies Profiled
- Westrock Company
- International Paper Company
- Smurfit Kappa Plc
- Mondi Plc
- DS Smith
- Stora Enso Oyj
- Sealed Air Corporation
- Georgia Pacific LLC
- Oji Holdings
- Gerresheimer AG
- Silgan Holdings
- Plastipak
- Amcor Plc
- Huhtamaki Oyj
- Ball Corporation
- Crown Holdings
- Mayr-Melnhof Karton AG
- Billerud AB
- Aptar
- Sonoco Product Company
- Ardagh Packaging Group
- CCL Industries
- Avery Dennison
- 3M Company
- Coveris
- Constantia Flexibles
- Berry Global Company
- Winpak Ltd
Recent Developments:
- In September 2023, the United Kingdom-based Mondi introduced a new recyclable paper-based packaging using recyclable functional barrier paper for Veetee’s dry rice range.
- In September 2023, American packaging company WestRock and Smurfit Kappa announced the merger of Smurfit WestRock to create a global leader in sustainable packaging with unparalleled scale, quality, product, and geographic diversity.
Global Consumer Goods Packaging Industry Segmentation
By Packaging Format:
- Flexible Packaging
- Pouches
- Bags & Sacks
- Films & Wraps
- Sachets
- Stick Packs
- Cups
- Tubes
- Labels
- Clamshell
- Rigid Packaging
- Trays
- Blisters
- Tubs and Lids
- Caps & Closures
- Pump & Dispensers
- Boxes
- Cartons
- Bottles and Jars
- Cans
- Cores & Tubes
By Material:
- Plastics
- Polyethylene
- HDPE
- LDPE
- LLDPE
- Polypropylene
- PET
- PVC
- Nylon
- EVOH
- Polystyrene
- Post-Consumer Recycled (PCR)
- Bioplastics
- PLA
- Starch-based Plastics
- Bio-PET
- Bio-PE
- Others
- Polyethylene
- Paper
- Aluminium Foil
- Wood
- Metal
- Aluminium
- Tin
- Steel
By End-use:
- Food
- Bakery & Confectionaries
- Dairy Products
- Baby food
- Edible Oil
- Meat Poultry & Seafood
- Snacks
- Spices & Condiments
- Fruits and Vegetables
- Pet Food
- RTE Food
- Pulses and Cereals
- Beverage
- Alcoholic
- Beer
- Wine
- Spirits
- Other Alcoholic Beverages
- Non-Alcoholic
- Fruit Juices
- Carbonated drinks
- RTD beverages
- Bottled Water
- Tea & Coffee
- Milk Products
- Alcoholic
- Personal care & Hygiene
- Skincare
- Haircare
- Makeup
- Fragrance
- Nailcare
- Homecare & Toiletries
- Toiletries
- Laundry Care products
- Personal Hygiene
- Air Fresheners
- Pharmaceuticals
- Consumer Electronics
- Medical Devices
By Level of Packaging:
- Primary
- Secondary
- Tertiary
By Manufacturing Technology:
- Injection Molding
- Thermoforming
- Blow Molding
- Extrusion
- Other Technologies
By Distribution Channel:
- Online
- Offline
By Region:
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Western Europe
- Eastern Europe
- Middle East & Africa
Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Have a Look at Trending Research Reports on Packaging Domain:
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The FMCG packaging market is expected to expand its roots at an average CAGR of 5.8% during the forecast period. The market is anticipated to cross a value of US$ 778.7 billion by 2033.
The global intelligent packaging market will rise at 9.0% between 2023 and 2033. By the end of 2033, the global intelligent packaging industry size is set to reach US$ 56.0 billion.
The flexible plastic packaging market size is expected to rise to US$ 171.6 billion by 2033. The sales of flexible plastic packaging are expected to grow at a significant CAGR of 4.7% during the forecast period.
The global retail e-commerce packaging market size is is projected to grow at a CAGR of 5.0% between 2023 and 2033, totaling around US$ 28.7 billion by 2033.
The mobile phone accessories packaging market is set to account for a valuation of US$ 5.1 billion, with a sluggish CAGR of 3.2% by 2034.
The global compostable plastic packaging material market size is projected to grow at a CAGR of 5.2% between 2023 and 2033, totaling around US$ 3.1 billion by 2033.
The global agriculture packaging market is further poised to expand, with an expected CAGR of 5.3% from 2023 to 2033. By 2033, a valuation of US$ 11,449.1 million is projected.
The hermetic packaging market is poised to increase at a 4.2% CAGR from 2023 to 2033, acquiring a market value of US$ 5.2 billion by the end of 2033.
The global anti-counterfeit packaging market is estimated to progress at a CAGR of 4.9% from 2023 to 2033 and predicted to reach a valuation of US$ 258.9 billion by 2033.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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