23-Jun-2022 | Zion Market Research
The global FMCG packaging market was worth around USD 691.5 billion in 2021 and is estimated to grow to about USD 955.6 billion by 2028, with a compound annual growth rate (CAGR) of approximately 4.68 percent over the forecast period
Fast-moving consumer goods are packaged goods that are meant to be sold quickly and at a relatively lesser price. Some examples of FMCG products are beverages, OTC drugs, toiletries, packaged food, dry goods, and other such items.
Packaging design for any product is important because the outer covering acts as the first point of distinction between brands. The packaging design itself acts as a marketing tool and a better-packaged product has proven to attract more customers in the initial phase. Some of the operational benefits of excellent packaging design are assisting in maintaining the shape of the packaged goods, improved shelf-life, protection from physical damage throughout its lifecycle, and maintaining the nutritional quality of the product.
Covid-19 had an overall neutral impact on the global FMCG packaging market. The main challenge at the onset of Covid-19 was facing the transportation restrictions laid down by various countries, and issues in the supply of raw materials. However, the demand for the packaging materials did not reduce as the demand from end-consumers for FMCG products was the same as before. The market took an upward turn once the restrictions were eased and transportation of final goods or raw materials became easier.
There is a significant rise in the food and beverage industry with the global demand increasing exponentially in the last few years owing to changing consumer preferences. This has forced the industry players to look for advanced technologies to match the growing demand and offer better quality packaging to stay ahead in the game. The adoption of newer technologies in the food and beverage industry which is one of the largest consumers of packaging products is expected to propel the global FMCG packaging market growth during the projection period. The rise is also coupled with more demand for healthy food items and manufacturers are now focusing on designing packaging solutions that do not hamper the nutritious value of the packaged goods. One such example is the use of packaging solutions where anti-pathogenic agents are released inside the container to prevent any bacterial or fungal growth thus protecting the nutritional factor. Modern techniques used in seafood packaging to improve the shelf-life of packaged seafood products are anticipated to aid the global market growth.
The scenario of plastic packaging recycling is expected to limit the global market growth while the growing adoption of intelligent packaging is estimated to boost the global market during the forecast period. However, low penetration of the market in rural areas and low shelf life are the major challenges for global market expansion.
The global FMCG packaging market is segmented based on type, application, and region. The type segment of the market is sub-categorized into paperboard, metal, rigid plastic, and flexible plastic. The application of FMCG packaging is bifurcated into the pharmaceutical industry, food & beverages, personal care industry, and others.
Asia-Pacific is expected to dominate the global FMCG packaging market owing to the exponentially rising population in regions like China and India. The change in customer preference inclining toward packaged food and the rising number of options present for over-the-counter medicines is expected to aid the regional market growth during the forecast period. The governments in these regions have come up with multiple initiatives to attract foreign manufacturers to set up manufacturing units in this region owing to the presence of low-cost and skilled labor. A surge in the e-commerce sector in Asia-Pacific is another contributing factor to regional growth.
North America is expected to register a high CAGR because of technological advancements led by leading market players in providing advanced packaging solutions. The stable economy of the region is also expected to aid the regional growth.
Key players functioning in the global FMCG packaging market include Amcor plc, Albéa Group, AptarGroup Inc., Ball Corporation, Consol Glass (Pty) Ltd, Berry Global Inc., Crown Holdings Inc., Graham Packaging Company, DS Smith PLC, Sealed Air Corporation, Tetra Pak International S.A., Toyo Seikan Group Holdings Ltd., and Sonoco Products Company.
Browse the full “FMCG Packaging Market By Type (Paperboard, Flexible Plastic, Rigid Plastic, Metal), By Application (Food & Beverages, Pharmaceutical Industry, Personal Care Industry, Other), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/fmcg-packaging-market
Global FMCG packaging market is segmented as follows:
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