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Home Care Packaging Market 2024-2033 - Size, Trends, Growth & Competitive Outlook
Home Care Packaging Market
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According to The Business Research Company's, The home care packaging market size has grown rapidly in recent years. It will grow from $112.25 billion in 2023 to $123.64 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to increased convenience packaging, increased importance of sustainability, increased branding and shelf appeal, demand for child-resistant packaging, increased aging population.
The home care packaging market size is expected to see rapid growth in the next few years. It will grow to $181.27 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to increasing health and safety concerns, e-commerce expansion, aging-in-place trend, increasing demand for personalization, increasing regulatory changes. Major trends in the forecast period include smart packaging, convenience and portability, tamper-evident seals, customization and personalization, visual appeal and branding.
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Market Drivers and Trends:
Increasing health awareness is contributing to the growth of the home care packaging market. People's health awareness has improved due to the COVID-19 epidemic, which has led to greater usage of disinfectants globally in public buildings, transportation, hospitals, nursing homes, wastewater treatment facilities, and even common families to reduce the virus load. As a result, there has been a surge in demand for home care packaging products such as detergents, surface cleaners, air fresheners, and other such items. For instance, Amazon has experienced 30% year-over-year sales growth in the household cleaning products market. Therefore, increasing health awareness is expected to propel the growth of the home care packaging market going forward.
Collaborations and partnerships have emerged as a key trend in the home care packaging market. Major companies operating in the home care packaging sector are focused on strategic collaborations and partnerships to expand their reach and meet consumer demand. For instance, in December 2021, Sonoco, a US-based packaging company acquired Ball Metalpack, a US-based company that produces aerosol cans, closures, and other packaging components for $1.35 billion in cash. This acquisition will boost Sonoco's consumer packaging division. Additionally, in August 2023, Amcor plc, an Australia-based packaging company, acquired Phoenix Flexibles Pvt. Ltd. for an undisclosed amount. The acquisition is expected to help Amcor plc expand its capacity in the high-growth Indian market, particularly in the food, home care, and personal care applications. Phoenix Flexibles Pvt. Ltd. is an India-based packaging company that offers flexible packaging solutions with a focus on sustainable packaging.
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Major Key Players of the Market:
Amcor plc, Sonoco Products Company, Ball Corporation, Resources Planning Consultants Group, Winpak Ltd., AptarGroup Inc., Silgan Holdings Inc., DS Smith plc, Canpack SA, ProAmpac LLC, Mondi plc, Tetra Laval International SA, Constantia Flexibles Group GmbH, Essel Propack Ltd., International Paper Company, WestRock Company, Smurfit Kappa Group plc, Oji Holdings Corporation, Packaging Corporation of America, Huhtamaki Oyj, Gerresheimer AG, Berry Global Group Inc., Libo Cosmetics Co. Ltd., Alpenplastik Lehner Alwin GmbH, Chinese cosmetic packaging company, Sealed Air Corporation, Coveris Holdings SA, Graphic Packaging International LLC, Tekni-Plex Inc., Uflex Ltd.
Home Care Packaging Market 2024 Key Insights:
• The home care packaging market size is expected to see rapid growth in the next few years. It will grow to $181.27 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%.
• Rising Health Awareness Drives Home Care Packaging Market Growth
• Collaborations And Partnerships Drive Expansion And Innovation In The Home Care Packaging Market
• Asia-Pacific was the largest region in the home care packaging market in 2023
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