Dublin, May 12, 2023 (GLOBE NEWSWIRE) -- The "Packaging Solutions Market by Material, Packaging Type, End-user Industry: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to the report the packaging solutions market size was valued at $1 trillion in 2021, and is estimated to reach $1559 billion by 2031, growing at a CAGR of 4.3% from 2022 to 2031.
Key Market Players
- Crown Holdings, Inc.
- Mondi Group
- Smurfit Kappa Group PLC
- DS Smith Plc
- WestRock Company
- Amcor PLC
- Sealed Air Corporation
- Ball Corporation
- Silgan Holdings Inc.
- International Paper Company
Packaging solutions involve packaging mediums that are made to cover, hold and protect the products from various industries, in order to keep the products safe during handling, storage, and transportation.
In addition, the packaging medium also holds essential information about the contents of the package, and others. Industries such as pharmaceuticals, food & beverages, consumer goods, cosmetic & personal care products industry are the primary users of packaging solutions.
Key factors driving the growth of the packaging solutions market include rising demands for packaging in food & beverages and cosmetics & personal care products industries, growth in trade and E-commerce, and necessity of packaging in different industry. The demand for packaging by the food & beverage industry is rapidly expanding.
This is attributed to the increase in urbanization and rise in younger population which is excessively dependent on packaged food as a result of their busy and contemporary lifestyles. Thus, companies are expanding their production capacities, to cater to the increasing demand for food and beverages.
For instance, in March 2022, Nestle, one of the biggest producers of packaged foods and beverages, announced a $675 million investment to construct a new beverage facility in Glendale, Arizona, U.S. This factory is projected to produce high-quality packaged beverages to fulfill increase in consumer demand for its packaged products.
Furthermore, 27.3% of India's population is aged between 15 and 29 years. Considering young people consume a significant amount of food and beverages, a large young population is expected to benefit the market for food and beverage packaging. For instance, in September 2021, PepsiCo which is a packaged food & soft drink company, commissioned its greenfield food plant in Mathura city of Uttar Pradesh state in India. The plant is built at a cost of $110 Million.
The market for packaging solutions is dominated by numerous major companies that are continuously developing existing packaging solutions.
For instance, in April 2022, Mondi Group, which is a leading producer of packaging and paper products introduced a new packaging solution for the food industry by launching two new recyclable packaging products, a paper-based tray and a semi-rigid plastic tray at Anuga FoodTec in Cologne, Germany.
Further, in August 2021, DS Smitch Plc, a UK based packaging and containers manufacturing company introduced ePack, which is specifically developed for the e-commerce industry and ePack, offer 100% eco-friendly packaging to support e-retailers and boost growth in sectors like apparel and online groceries. Thus, such developments in the industry, that generate more sales are expected to provide lucrative growth opportunities for the packaging solutions market.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging lawn mowers market trends and dynamics.
- In-depth market global packaging solutions market analysis is conducted by constructing market estimations for key market segments between 2021 and 2031.
- Extensive analysis of packaging solutions market is conducted by following key product positioning and monitoring of top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- Packaging solutions market forecast analysis from 2022 to 2031 is included in the report.
- The key players within packaging solutions market are profiled in this report and their strategies are analysed thoroughly, which help understand the competitive outlook of packaging solutions industry.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 327 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $1013.8 billion |
| Forecasted Market Value (USD) by 2031 | $1559 billion |
| Compound Annual Growth Rate | 4.4% |
| Regions Covered | Global |
Key Market Segments
By Material
- Paper and Paperboard
- Plastic
- Type
- Rigid
- Flexible
- Metal
- Glass
- Others
By Packaging type
- New
- Recycled
By End-user industry
- Food and beverage
- Healthcare
- Personal care
- Industrial
- Other consumer goods
For more information about this report visit https://www.researchandmarkets.com/r/sleqqz
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