In 2020, the sudden COVID-19 has completely changed our lives. Although the raging epidemic has caused all walks of life to delay the resumption of work, causing huge losses, Internet companies have been growing against the trend very violently. More people have joined the "army" of online shopping and takeaway, and the market demand for various types of packaging has also suddenly increased. It also continues to drive the rapid expansion of the printing and packaging industry. According to relevant data, it is estimated that by 2024, the value of the global packaging market will increase from US$917 billion in 2019 to US$1.05 trillion, with an average annual compound growth rate of approximately 2.8%.
According to another new report by Grand View Research, by 2028, the global fresh food packaging market is expected to reach 181.7 billion US dollars. From 2021 to 2028, the market is expected to grow at a compound annual growth rate of 5.0%. During the forecast period, the growing demand for fresh dairy products in developing countries is expected to become the main driving force of the market.
Main insights and findings
☁ In 2020, flexible business accounted for 47.6% of total revenue. As the application industry is increasingly inclined to economical and low-cost packaging, manufacturers are actively investing in improving the production capacity of flexible packaging.
☁ The plastic materials sector will account for the largest proportion of revenue, reaching 37.2%, and the compound annual growth rate during this period is expected to be 4.7%.
☁ The dairy product sector dominated the market in 2020 and is expected to grow at a compound annual growth rate of 5.3% during the forecast period. It is expected that the higher dependence of developing countries on the daily protein demand of milk will drive the demand for dairy products and thus the market.
☁ In the Asia-Pacific region, from 2021 to 2028, the market is expected to witness the highest compound annual growth rate of 6.3%. The abundant supply of raw materials and the large output of the application industry are the reasons for the high market share and the fastest growth.
☁ Major companies are increasingly providing customized packaging solutions for end-use companies; in addition, major companies are increasingly focusing on the use of recycled materials because it provides complete sustainability.
Post time: Jan-05-2022