Liquid Packaging Market size is projected to reach $137.1 billion by 2027, registering a CAGR of 5.4% from 2020 to 2027

According to a new report published by Report Ocean, titled, “Liquid Packaging Market by Resin, Packaging Type, Technology, and End User: Opportunity Analysis and Industry Forecast, 2020–2027,” the North America liquid packaging market was valued at $93.1 billion in 2019, and is projected to reach $137.1 billion by 2027, registering a CAGR of 5.4% from 2020 to 2027.

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Liquid packaging consists of various packaging formats specially designed for long-term storage as well as long distance transportation of liquids and semi-liquids. Liquid packaging plays an important role in preserving the quality of the content packed, be it any food, beverage, medicinal formulations, or cosmetic product. In the case of food & beverage, which accounted for the largest market share in 2019, liquid packaging such as bottles, cartons, films, and stand-up are predominant in storing milk, oil, water, juices, and food condiments such as sauces & dips.

The North America liquid packaging market is driven by increase in applications of liquid packaging in the food & beverage packaging industry. The food & beverage industry is one of the largest industries in North America; hence, leading liquid packaging players focus on catering to their demands. New food & beverage products in the market needs attractive packaging to invite potential consumer attention. Moreover, packaging often becomes an identity of the product it is used to package. Hence, a lot of attention is given to design and ergonomics of the liquid package. According to a study, nowadays the younger generation of customers prefer to buy products that are packed in eco-friendly packages. Hence, the priority is now given to the packing material. Liquid packages such as pouches and cartons are lightweight and can be easily customized as per consumers’ needs, which further boost the market growth. The demand for liquid packaging is expected to grow in the near future, owing to its superior characteristics such as durability, cost-effectiveness, and tamper resistance. Hence, the North America liquid packaging market size is expected to witness high growth during the forecast period.

Moreover, increase in consumer preference toward packaged and fresh food is expected to augment the market growth. Macro-economic factors, such as changes in lifestyle and improvement in standards of living are expected to boost the demand for liquid packaging during the forecast period. As plastic forms the major part of a liquid package, the concerns regarding the environmental impacts of plastics applies here too. To counter, major food & beverage companies such as PepsiCo as well as leading liquid packaging companies have agreed to invest into R&D of 100% recyclable packaging materials. Such efforts have led to the development of various bio-based packaging materials, which replace a large portion of plastics. Furthermore, post-consumer resin (PCR)-based liquid packaging has gained momentum in the recent years.

The North America liquid packaging market is segmented by the resin type, packaging type, technology, and end user. Based on resin type, the market is studied into polyethylene, polypropylene, polyethylene terephthalate, and others. The others segment accounted for the largest market share in 2019, and is augmented to grow at a CAGR of 4.0%. Polyethylene is expected to grow at the fastest rate of 6.6%. Based on packaging type, the NA liquid packaging market is segmented into flexible and rigid. The rigid segment accounted for the largest revenue in 2019, and is expected to grow at a CAGR of 4.0%. The flexible liquid packaging segment is expected to grow at the highest CAGR of 7.6%. Based on technology, the NA liquid packaging market is segmented into aseptic liquid packaging, blow molding, and Form Fill Seal technology. In 2019, the aseptic liquid packaging technology accounted for the largest market share as well as the highest CAGR of 5.5%. The end users of liquid packaging are food & beverages, personal care, pharmaceutical, household care, industrial, and other industries. The food & beverages industry was the largest end user of liquid packaging in 2019, growing at a CAGR of 5.6%. The pharmaceutical end user is expected to grow at the highest CAGR of 6.9%.

The NA liquid packaging market profiles the leading players in the North America liquid packaging market, they include Amcor Limited, Berry Global, Constantia Flexibles, Goglio S.p.A., MONDI Plc, ProAmpac, Reynolds Group Holdings Ltd., Sealed Air Corporation, Sonoco Products Company, and Tetra Laval.

Key findings of the study

U.S. accounted for the largest revenue in 2019, and is projected to grow at the fastest CAGR of 6.2%.
By resin type, the polyethylene segment is anticipated to witness the moderate growth rate of 6.6%, in terms of revenue, during the forecast period.
By packaging type, the flexible segment is anticipated to witness the moderate growth rate of 7.6%, in terms of revenue, during the forecast period.
By technology, aseptic liquid packaging segment is anticipated to witness the moderate growth rate of 5.5%, in terms of revenue, during the forecast period.
By the end user, the pharmaceutical industry is anticipated to witness the moderate growth rate of 6.9%, in terms of revenue, during the forecast period.
Impact Of Covid-19 On The North America Liquid Packaging Market

Lockdown measures in countries such as Mexico and the U.S. have hampered the tourism & hotel industry, impacting the demand for liquid packaging for food & beverage products.
The pandemic also affected the manufacturing sector, thus declining the demand for liquid packaging for industrial applications.
On the other hand, the pandemic has increased local demand for food & beverages, pharmaceutical and consumer goods.
To avoid a shortage, people are stocking essential foods & beverages.
In an effort to control the spread of COVID-19 causing virus, the demand for sanitizer, hand washes, and liquid detergents has sky rocketed post March 2019.
The need for hand sanitizers has quadrupled and witnessed an increase in the overall growth of 16x from December 2019 to March 2020.
it also increased the demand for top handle and side handle containers for chemical storage such as Sodium Hypochlorite, which is a main disinfectant.
Hence, the liquid packaging market got impacted in both positive as well as negative way.

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This release was published on openPR.