Global Packaging Market 2019-2023
About this market
The global food delivery and takeaway market is growing at a significant pace, driven by a rise in urbanization, busy and hectic lifestyle of consumers, a surge in mobile phone penetration, an increase in the adoption of m-commerce. It is also more convenient and cheaper because of better deals/discounts. Furthermore, many restaurants have become accessible owing to the availability of online services, and restaurants provide food offered through online services at competitive prices. Therefore, with the growth of global food delivery and takeaway market, the simultaneous growth of the global packaging market is anticipated. Technavio’s analysts have predicted that the packaging market will register a CAGR of nearly 6% by 2023.
Rise in need of innovative packaging
Proper packaging helps in attracting consumers through its visual appeal, highlighting the brand. 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 the demand for multi-packs and single-serve, and miniaturized packaging for various products. Moreover, eco-friendly packaging is widely used for the packaging of meat, poultry, and seafood products. The advancements in packaging technologies and a rise in the demand for products sold in innovative packaging are expected to boost market growth during the forecast period.
Environmental concerns related to the use of plastic packaging
Environmental concerns associated with the use of plastic packaging is a significant challenge in the global packaging market. Although various types of packaging are extremely efficient in protecting goods, the demand for those may fall in the future due to the use of plastic packaging. Disposable packaging used for food is one of the significant sources of non-recyclable solid waste globally. Most foodservice establishments prefer plastic disposables as they are cheaper and retain food temperature for a longer period. However, there are several concerns over the disposal of various polymers used in disposable plastic products. Most of the disposables used for food delivery are made of polystyrene or polypropylene, which do not decompose easily. Therefore, the use of plastic packaging will negatively impact the growth of the global packaging market.
For the detailed list of factors that will drive and challenge the growth of the packaging market during 2019-2023, view our report.
The market appears to be moderately fragmented. The presence of several companies, including Amcor Ltd. and Ball Corp. makes the competitive environment quite intense. Factors such as the growth of food delivery and takeaway market and the rise in need for innovative packaging will provide considerable growth opportunities to the cookie’s manufacturers. Bemis Co. Inc., Berry Global Inc., and DS Smith Plc. are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Packaging Market 2019-2023
Technavio recognizes the following companies as the key players in the global packaging market: Amcor Ltd., Ball Corp., Bemis Co. Inc., Berry Global Inc., and DS Smith Plc.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the emergence of tamper-proof packaging.”
According to the report, one of the major drivers in this market is the increase in demand for digitally printed packaging.
Further, the report states that one of the major factors hindering the growth of this market is the high manufacturing cost for packaging.
Bemis Co. Inc.
Berry Global Inc.
DS Smith Plc
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