Global Packaging Market 2019-2023 | Rise in Adoption of Reusable Packaging to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--May 22, 2019--
The global packaging market is expected to post a CAGR close to 6% during the period 2019-2023, according to the latest market research report by Technavio.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190522005304/en/
Technavio has published a new market research report on the global packaging market from 2019-2023. (Graphic: Business Wire)
Digital printing is likely to gain traction in the global packaging market owing to the demand for rapid turnaround. Also, there is a rise in the need for brilliant graphics to make the packaging stand out on the shelf and grab consumer attention. Brand owners seek to bring on innovation and value creation for their products by providing sophisticated decorative coatings and special visual and tactile effects to the folding cartons in which their products are packaged. Moreover, there is a rise in the demand for personalized packaging. All these factors have helped in increasing the need for digitally printed packaging as the use of this printing technology offers a highly reflective metallic effect and unlimited design possibilities. This will drive the growth of the packaging industry during the forecast period.
As per Technavio, the rise in adoption of reusable packaging will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global packaging market 2019-2023 research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global packaging market: Rise in adoption of reusable packaging
Reusable packaging is manufactured with durable materials and can be used more than once. A rise in the need for sustainable packaging and reducing the use of plastic packaging has also led to an increase in the demand for reusable packaging. Some of the biggest global brands are focusing on introducing reusable packaging to phase out single-use plastics. In January 2019, under the Loop scheme, Unilever, Nestle, Procter & Gamble, and PepsiCo, among other companies announced their plans to offer their products through a subscription delivery service, with all the packaging being reusable. Such initiatives undertaken by various end-users will eventually lead to the rise in demand for reusable packaging during the forecast period.
“The rising awareness among brand owners and marketing experts regarding the importance of packaging to attract consumer attention is leading to the introduction of innovative packaging. There is a rise in demand for multi-packs and single-serve, and miniaturized packaging for various products, especially in the food packaging industry. Eco-friendly packaging is also being adopted as it is safe for consumers and the environment. Thus, the advancements in packaging technologies and a rise in the demand for products sold in innovative/flexible packaging are factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
Global packaging market: Segmentation analysis
This market research report segments the global packaging market by type (board, rigid plastic, flexible, metal, and glass), by end-user (food, beverage, healthcare, personal care, others) and geographical regions (APAC, North America, Europe, MEA, and South America).
The APAC region led the market in 2018, followed by North America, Europe, MEA, and South America, respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market and register the highest incremental growth due to the rapidly expanding end-user industries.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Five Forces Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190522005304/en/
CONTACT: Technavio Research
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
INDUSTRY KEYWORD: MANUFACTURING PACKAGING
SOURCE: Technavio Research
Copyright Business Wire 2019.
PUB: 05/22/2019 09:05 AM/DISC: 05/22/2019 09:05 AM