Consumer Packaging Market growth is attributed to Increase in Demand from End-User Industries

According to Precision Business Insights (PBI) latest report the global consumer packaging market is expected to be worth USD 576.8 Billion in 2022, growing at a 6.3% CAGR from 2022 to 2028. Global Consumer Packaging Market segmented into the following types: By Material Type (Plastic, Paperboard & Paper-based Product, Aluminum Foil, Others), By Product (Pouch & Sachets, Bags, Wrapping Films, Laminates, Liners, Stick Packs, Others), By Layers (3-5 Layers, 5-7 Layers, >7 Layers) End Users (Food & Beverage, Cosmetics & Personal Care, Healthcare, Electrical & Electronics, Pharmaceuticals, Pet Food, Agriculture & Allied Industry, Others) and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa) Forecast to 2028. Key players' profiles in the Consumer Packaging market report Evergreen Packaging, General Packaging Products, Fusion Packaging Solutions, Exopack Holding, Huhtamaki OYJ, Mondi Group, Polyoak Packaging Group, Owens-Illinois, Air Packaging Technologies, Tetra Pak, Crown Holdings, Rexam, Amcor, and Blue Ridge Paper Products. Packaging protects items during transit, increases their useful life, and even conveys critical information about the product's composition and purpose. Well-designed packaging facilitates transportation and stocking while decreasing waste throughout the supply chain. Sales in the FMCG packaging market are expected to stay high throughout the forecast period due to the rise of industries such as electronic, pharmaceutical, food & beverage, and personal care in emerging nations.

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Plastic Segment Expected to Dominate the Consumer Packaging Market:
Based on material type the global consumer packaging market is segmented into Plastic, Paperboard & Paper-based Product, Aluminum Foil, and Others. The plastics segment holds highest market share due to rise in number of end user industries including food & beverages, pharmaceuticals, and personal & household care. Moreover, the rising penetration of organized as well as e-retail across the world is fueling the growth of the global consumer packaging market. Moreover, plastic offers both flexible & rigid, transparent, and lightweight forms of packaging on account of which the key application sectors primarily prefer it over its counterparts, such as metal or glass. Furthermore, engineered plastic can survive in extreme environments and does not degrade in extreme temperatures, thus preserving the integrity of products, such as food & beverages, and cosmetics.

North America Leads Consumer Packaging Market:
North America expected to witness significant growth in the market owing to increase in the demand for food and beverage packaging industry. The US is the major consumer of packed food which will aid in the market growth. US is getting rapid transition due to rise in food outlets, healthy lifestyle has moved consumers to packaging food. Asia pacific accounts highest market share of the global consumer market in forecasting period due to rising urbanisation, grow in population, and increase in disposable income which will anticipate the growth of the global consumer packaging market in chain, Japan, and India.

Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Global Consumer Packaging market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In January 2022 - Amcor announced the addition of new, more sustainable high-shield laminates to its pharmaceutical packaging portfolio. The new low carbon, recycle-ready packaging options deliver on two fronts, providing the high barrier and performance requirements needed for the industry while supporting pharmaceutical companies' recyclability agendas.

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The Consumer Packaging Market Detailed Segmentation:
Based on the material type, the market is segmented into the following:
• Plastic
• Paperboard & Paper-based Product
• Aluminum Foil
• Others

Based on the product type, the market is segmented into the following:
• Pouch & Sachets
• Bags
• Wrapping Films
• Laminates
• Liners
• Stick Packs
• Others

Based on the layer, the market is segmented into the following:
• 3-5 Layers
• 5-7 Layers
• >7 Layers

Based on the end-user, the market is segmented into the following:
• Food & Beverage
• Cosmetics & Personal Care
• Healthcare
• Electrical & Electronics
• Pharmaceuticals
• Pet Food
• Agriculture & Allied Industry
• Others

Based on Geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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This release was published on openPR.