Multiple Segments of the Global Packaging Market to Witness Significant Growth Through 2020, Says Technavio
By Business Wire News
By Business Wire News
Technavio research analysts are forecasting positive growth for many segments of the global packaging market over the next four years as several markets including cosmetic packaging, insulated packaging, and vacuum packaging will witness an increase in revenues.
Technavio research analysts predict the global cosmetic packaging market to grow at a CAGR of around 5% between 2016 and 2020. Due to the high demand for packaging solutions, the cost of raw material is predicted to increase substantially during this period to directly impact packaging cost and profit margins of vendors. In terms of material types, the plastic packaging segment has dominated the cosmetic packaging market with a significant share and this trend will continue over the next four years.
It is estimated that the global insulated packaging market will grow steadily at a CAGR of around 6% by 2020. A comprehensive analysis calculated by the analysts at Technavio shows the boxes and containers segment held the highest market share during 2015. An increase in the demand for pharmaceutical products and vaccines that require a stable temperature condition, will further increase the demand for insulated packaging during the forecast period.
The global vacuum packaging market will likely grow at a CAGR of around 4% until 2019. Since vacuum packaging restricts the growth of bacteria, its augmented demand from the food industry will result in significant growth. Moreover, its ability to enhance the shelf life of food products without adding additives and preservatives will encourage its further adoption during this period.
“This market will grow fastest in APAC. Increasing demand for vacuum packaging solutions in Japan and Australia is the primary growth driver of this market. The major applications of such packaging products in these countries include fresh meat, poultry, fish, processed foods, ready-to-eat meals, fruits, and vegetables. China, New Zealand, and India represent key emerging markets for vacuum packaging solutions,” said Soumya Mutsuddi, one of Technavio’s lead analysts for transportation and logistics research.
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The global packaging market is highly competitive because of the high growth potential in the market and the presence of many small and large vendors. The high level of vendor competition in this market is anticipated to result in product innovation, attractive packaging, better services, and pricing. Apart from packaging, the key advantage for vendors is anticipated to arise out of value-added services and customer support.
Some of the key vendors for the packaging market include Albea Group, Silgan Holding, and Gerresheimer for cosmetic packaging; Amcor, Deutsche Post DHL, and Huhtamaki for insulated packaging; and Amcor, Bemis, and Berry Plastics for vacuum packaging.
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Technaviois a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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