24-Jun-2021 | Zion Market Research
The global packaging materials market accounted for USD 965.4 Billion in 2020 and is expected to reach USD 1169.03 Billion by 2028, growing at a CAGR of more than 2.51% from 2021 to 2028.
Major companies in the packaging materials market are Amcor, WestRock, Sealed Air, Reynolds Group, Ball Corporation, Crown Holdings, Stora Enso, Bemis, International Paper Company, Mondi, amongst others. These players are set to bolster the development of the global packaging materials market.
Increase in Food and Beverage Consumption To Spur Growth of the Market
The packaging materials market is expected to witness significant growth during the forecast period because of the increasing demand for food and beverage, including frozen meat products, canned seafood, and ready-to-eat products. Packaged food will drive the market significantly during the forecasted years. Packaging is used extensively for cereals, wheat, pulses, and other unprocessed food items. There has been an increase in alcohol consumption, and manufacturers prefer to use metal bottles and cans highly for safety purposes. The appearance of the package is what consumers get attracted to and from a business perspective, it provides unique identification of the product and distribution chain. The most used materials in the food industry are metals, plastics, and glasses.
Global Packaging Materials Market
With many local players entering the market coupled with major players, the global packaging materials market is displaying a highly competitive business landscape with companies trying to adopt complex methods for packaging as per the product requirements, and the innovations in the materials and their properties, finds a new research report by Zion Market Research (ZMR). Amcor, WestRock, Sealed Air, Reynolds Group, Ball Corporation, Crown Holdings, among others, are critical players in the packaging materials market. They are focusing on business expansion to grow their footprints in other regions. mergers and acquisitions among the key players and local players have helped grow their development and improve the market position significantly.
Increase in Trade Exports In The Region Support North American Dominance
Regionally, North America has been leading the worldwide packaging materials market and is anticipated to continue on the dominant position in the years to come, states the packaging industry market study. This is majorly attributed to the rise in trade exports of consumer goods and cosmetics. The area has been dominated by International and other trade exports, which require significant packaging, coupled with primary, secondary, or tertiary packaging level. Other factors like rising population and industrialization are other considerable factors supporting this regional packaging materials market.
Browse the full “Packaging Materials Market By Material Types (Plastic, Paper And Cardboard, Wax, Metal, Glass, Textiles, Wood, Leather, And Others), By Product (Bags And Pouches, Bottles And Cans, Containers And Jars, Boxes And Crates, Lids, Drums, And Others), By Application (Food, Beverages, Cosmetics, Electronics, Healthcare, Chemicals, Households, And Others): Global Industry Perspective, Comprehensive Analysis, And Forecast, 2020 – 2028.” Report at https://www.zionmarketresearch.com/report/packaging-materials-market
The Global Packaging Materials Market is segmented as follows:
By Material Types
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