The major factors contributing to the growth of the — packaging market include the increasing acceptance of digital printing across various brands around the world. Digital print on the packing of the goods not only enhances the product appeal but also provides relevant product information such as ingredients used in the products, date of manufacturing, and price of the product. Additionally, the growing technological advancement and product innovation will bring innumerable growth opportunities in the market, thus promoting the manufacturers towards the adoption of attractive packaging for unique brand recognition. The rising accessibility of third-party logistics service companies in the packaging industry will provide a thrust to the accelerating demand of the market in the next six years.
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The continuous growth in the end use-sectors of packaging, such as retail, food, consumer goods, and pharmaceuticals sector, will lead to a surge in the demand of the market. The rapid urbanization, along with the changing diet patterns, and the drastically increasing population rate, are some other factors that are responsible for the growth of the packaging market size. With the increasing economic growth and growing personal disposable income, the consumers have started looking for ready-to-eat packed food products. In addition to this, numerous food & beverage manufacturers are emphasizing on expanding their product offerings with the reusable packaging materials and are heavily investing in R&D activities in biodegradable packaging. The combination of these factors will positively influence the growth of the market. As per the packaging market research report, the growing penetration of the Internet and smartphones at the global level is resulting in the expansion of the e-commerce market, which in turn, is propelling the growth of the market. On the other edge, the increasing number of stringent government policies on the volatile organic compound (VOC) emissions are likely to restrain the growth of the packaging market.
On the basis of material, the packaging market is segmented into paper & paperboard, rigid plastics, flexible, metal, glass, and others. The paper & paperboard segment is poised to expand over the next six years. This is attributed to the fundamental shift in the consumer’s preference for paper and paperboard packaging, including folding, protective mailers, corrugated board, or cardboard and lose fills, driven by the growing environmental concerns.
Based on function, the packaging market is segmented into cushioning, blocking & bracing, void-fill, insulation, wrapping, and others. The cushioning segment exhibits substantial growth potential and is projected to gain traction over the forecast period. The cushion packaging segment is experiencing strong demand due to the growing preference of this packaging in shipment and road transportation to avoid physical damage of products. The usage of the cushioning material decreases the impact of sudden shock during the immobilization of the containers.
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On the basis of application, the packaging market is segmented into food, beverage, healthcare, cosmetics, industrial, consumer goods, and others. The food and beverage segment is expected to emerge as the maximum revenue generating segment from 2020 to 2027. This is due to the growing preference of the consumer for ready-to-eat packed food products around the world. Furthermore, the rising penetration of smartphones and online food delivery will surge the demand of the segment in the market.
On the basis of the region, the Asia-pacific region is anticipated to dominate the packaging market during the forecast period. The key drivers contributing to the growth of the packaging market include the increasing penetration of smartphones and the Internet across the Asian countries, along with the expansion in the pharmaceutical industry in emerging economies such as China and India. Moreover, the increasing manufacturing activities to capture the accelerating demand of various products is further encouraging the end-users to opt for packaging solutions to avoid any damage to the products before reaching the target consumers.
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