Increased Demand from E-commerce Predicted to Drive the Global Packaging Market Through 2020, Says Technavio
By Business Wire News
According to the latest research study released by Technavio, the global packaging market is expected to reach USD 4.26 billion by 2020.
This research report titled ‘Global Packaging Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various product segments, including broad packaging, rigid packaging, metal packaging, flexible packaging, and glass packaging.
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“Online retailers use different types of corrugated boxes according to the product transported. These corrugated boxes ensure the safety of the products transported in them. In addition, effective packaging is becoming one of the key business requirements in the e-commerce marketplace, thus fueling the growth of the market,” said Bharath Kanniappan, one of Technavio’s lead analysts for packaging.
Additional Insights: Top 20 Companies in Global Packaging Market
Global packaging market by material 2015 (USD billions)
• Broad packaging
• Rigid packaging
• Metal packaging
• Flexible packaging
• Glass packaging
Source: Technavio research
Global rigid plastic packaging market
The global rigid plastic packaging market was valued at USD 168.8 billion in 2015. Rigid plastic packaging products are gaining preference over glass bottles, jars, containers, and metal containers because of the various properties possessed by rigid plastics, such as their lightweight nature, comparatively lower costs, and the availability of these products in various designs. Therefore, manufacturers prefer plastic to other alternatives for packaging. The reduced oil price from more than USD 100 per barrel in January 2014 to below USD 40 per barrel in April 2016 has helped this market. The crude oil price is expected to remain low until 2018, which will make the raw material price lower.
The food and beverage industry is the major end-user of rigid plastic packaging, accounting for 70% of rigid plastic packaging demand in 2015. One of the major drivers of the global rigid plastic packaging market is the increasing volume of beverage products such as carbonated soft drinks (CSD) and packaged water consumption, predominantly in PET bottles. However, the market has reached maturity in developed countries in this industry.
Global metal packaging market
The global metal packaging market was valued at USD 107.2 billion in 2015. Metal packaging covers a wide spectrum of end-use. Metals cans are used in the food and beverage industry, and aerosol cans are used for packaging cosmetics and household care products. Metal packaging products are often used for food and beverage packaging applications as they can keep the food or beverage fresh and help it retain the nutritional value for a longer period. The food and beverage industry accounted for more than 50% of the volume sales for metal packaging in 2015. The demand for metal packaging is expected to be driven by the industry during the forecast period as a result of the expected increase in the demand for frozen and canned food products.
Global glass packaging market
The global glass packaging market was valued at USD 56.25 billion in 2015. The demand for glass packaging remains strong in different end-user sectors such as luxury goods, craft beer, wine, and pickled food. Weight and handling are the biggest challenges for glass in terms of retaining its share. It has retained its demand in the pickled food sector as a result of high barrier attributes, which helps in long shelf-life and preserving flavors for a longer duration. In the alcoholic beverage sector, it remains a popular means of packaging substrate because of its premium appeal, sophisticated image and consumer perception. However, the market for glass packaging has reached a saturation point in some of the sub-segments of the beverage sector with the ongoing substitution from glass to other packaging substrates such as cans and bag-in-box in beer and wines. Although vendors have made progress in reducing the weight of glass material in packaging products, it is still considered the heaviest packaging material.
Browse related reports:
- Flexible Packaging Market in Europe 2016-2020
- Global Rigid Packaging Market 2016-2020
- Global Dairy Packaging Market 2016-2020
- Global Milk Packaging Market 2016-2020
- Global Bottled Water Packaging Market 2016-2020
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