Consumer Packaging Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis (2017-2021) and Forecast (2022-2028)

Description

The consumer packaging market is estimated to be valued at USD 541.2 Billion in 2021 and is poised to grow at a significant CAGR of 6.3% over 2022-2028. Consumer packaging is the process of packaging of goods that are used by consumers. Goods that come under this category are electronic devices, household appliances, food and beverage products, and grocery items. 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 most of the market share in the forecasting period due to Consumers prefer plastic packaging over other items because the material is lightweight and indestructible, making it easy to handle. Moreover, due to reduced cost of production, even significant firms choose to employ plastic packaging. Moreover, players are focusing on launching new products to maintain growth in the market. For instance in April 2022 – Tetra Pak launched tethered caps on carton packages in collaboration with leading beverage producers. According to the company, the new caps, introduced by BBL in Ireland, Cido Grupa in the Baltics, LY Company Group and Lactalis Puleva in Spain, and Weihenstephan in Germany, have been designed to prevent litter and accelerate the transition to renewable materials. Increasing in demand for industries such as electronic, automotive, pharmaceutical, etc. In the developing region along with the growing consumer are also anticipated to increase the market growth of the protective packaging over the projected period.

Recent Market Developments:

In January 2022 – Huhtamaki announced that it had acquired full ownership of its Polish joint venture company Huhtamaki Smith Anderson sp. z o.o. from Smith Anderson Group Ltd (SA). The company manufactures and sells foodservice paper bags in Eastern Europe at Huhtamaki’s facility in Czeladz, Poland.

In 2018, the UK strode forward to become the world leader in sustainable packaging. With an investment of USD 80 million, the government called on innovators to develop packaging, which will reduce the impact that the harmful plastics are having on the environment.