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Packaging Materials Market Study for 2020 to 2024 providing information on Key Players, Growth Drivers and Industry challenges

Author : Ravi Chawat | Published Date : 2020-09-24 

With consumer preferences undergoing a major transformation in the recent times, packaging materials market has registered itself as one of the fastest and strongest expanding business verticals. Technological developments and introduction to novel packaging materials have persistently set the stage for the overall packaging industry to witness commendable product demand from numerous end-use sectors.

More so, reduced use of plastics as packaging materials, owing to its growing environmental issues worldwide, has offered various industry players tremendous opportunities to invest in or develop new materials that abandon the use of plastic and promote sustainable packaging.

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A report by Global Market Insights, Inc., predicts that the packaging materials market size is expected to reach a valuation of USD 1.3 trillion by the end of 2024 subject to their expansive use across various business domains, including the likes of cosmetics, food and beverages, chemicals, pharmaceuticals, and vivid household products.

Food sector and its connection with flexible packaging materials

Over the years, the food and beverages sector has positioned itself as one of the top notch verticals for the packaging materials industry. As per numerous reports, the sector accounted for an enormous stake of the overall market share over the past few years and is estimated to grow further at a prodigious pace in the ensuing years. This growth can aptly be attributed to the increased consumption of ready-to-eat meals, dairy products, frozen raw meat products, and canned sea-food.

Speaking on these lines, a report by OECD- Food and Agriculture Organization Agriculture Outlook 2018, the per capita consumption of dairy products in developed countries is expected to rise from 22.2 kgs in 2015-2017 to 23.1 kgs by 2027, while that across the developing nations would increase from 10.6 kgs to 13.5 kg in the same time frame. These statistics provide a glimpse into the impending scenario, which would push the demand for flexible plastics, adding to the packaging materials market expansion.

Elaborating further on flexible plastics, it is pivotal to mention the reference of Sappi Limited – in 2018, the company unveiled the Sappi Seal in packaging materials industry. Apparently, the newly introduced innovation has been designed to act as an alternative for hot set laminates that are made from plastic with products constituting of high ration of renewable raw materials. These solutions have been currently gaining immense traction as a standard flexible packaging material in the food industry and other sectors. The aforementioned instance authenticates that the global packaging materials industry is observing a plethora of technological advancements addressing various safety and sustainability concerns.

Sustainable and ‘green’ packaging trends to drive profitability landscape of the overall market

Lending their support to the anti-plastics movement, various companies have been shying away from the use of plastics as packaging material on the grounds of the material’s increased environmental imbalance. In this regard, it is worthy to mention that Persona Nutrition, a vitamins and supplements provider- has made a drastic shift from plastic to biodegradable vitamin packs, while maintain the same safety standard as the previous packs.

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Besides, a source claims that the company has been raising assurance for the new packaging material that could seamlessly feed into its packaging material while still possessing similar features to that of current tear-off pouches that have held a major prominence amongst the consumers.

Yet other company, Samsung Electronics, in 2019, announced that it was shifting interest from plastic material to using eco-friendly materials for packaging. A source close to the company claimed that it would replace the plastic packaging currently being used for accessories and products with materials that pair up well with the environment.

Irrefutably, these evolving packaging trends, though at a nascent stage, are certain to take the industry by storm sooner, courtesy the robust competitive landscape of the packaging materials market.

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About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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