The FMCG packaging industry is driven by rising industrialization in developing countries, increasing global trade, and growing disposable incomes worldwide. These factors contribute to higher demand for packaging solutions.
Wilmington, Delaware, May 22, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “FMCG Packaging Market By Packaging Type (Bag and Pouches, Bottle and Jar, Paper and Paperboard Box, Aerosol Can, Tube, Others), Material (Paper and Paperboard, Plastic, Glass, Metal, Others), and Application (Food and Beverages, Healthcare, Homecare, Personal Care, Pet Care, Others): Global Opportunity Analysis And Industry Forecast, 2024-2033″. According to the report, the FMCG packaging market was valued at $0.9 trillion in 2023, and is estimated to reach $1.4 trillion by 2033, growing at a CAGR of 4.6% from 2024 to 2033.
Prime determinants of growth
The FMCG packaging industry is driven by rising industrialization in developing countries, increasing global trade, and growing disposable incomes worldwide. These factors contribute to higher demand for packaging solutions. There’s a notable opportunity in developing sustainable packaging to meet consumer preferences for eco-friendly products. However, varying statutory guidelines related to packaging in different countries pose a challenge for companies operating across borders. Balancing compliance with regulations while maintaining efficiency is crucial for market success.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $0.9 Trillion |
| Market Size in 2033 | $1.4 Trillion |
| CAGR | 4.6% |
| No. of Pages in Report | 245 |
| Segments Covered | Packaging Type, Material, Application, and Region. |
| Drivers | Rising industrialization in developing countries
Growing global trade Increasing disposable income of people in general |
| Opportunities | Development of sustainable FMCG packaging |
| Restraints | Varying statutory guidelines related to packaging in different countries. |
The bottle and jar segment to maintain its leadership status throughout the forecast period
Based on packaging type, the bottle and jar segment held the highest market share in 2023, accounting for more than half of the global FMCG packaging market revenue, and is estimated to maintain its leadership status throughout the forecast period. Bottle and jars packaging in the FMCG sector offers excellent product protection, prolonging shelf life, and enhancing brand visibility on shelves, thereby attracting consumers’ attention effectively. On the other hand, the paper and paperboard box segment is projected to manifest the highest CAGR of 5.8% from 2024 to 2033. Paper and paperboard boxes in the FMCG sector provide eco-friendly packaging solutions, meeting the increasing demand for sustainable options. They offer versatility in design, allowing for creative branding and product differentiation while ensuring cost-effectiveness in production and distribution.
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The plastic segment to maintain its leadership status throughout the forecast period
Based on material, the plastic segment held the highest market share in 2023, accounting for nearly half of the global FMCG packaging market, and is estimated to maintain its leadership status throughout the forecast period. Plastic packaging offers lightweight, durable, and flexible solutions for a range of products, including food and beverage, healthcare, and consumer goods, with options such as bags, films, bottles, and containers. However, the paper and paperboard segment is projected to manifest the highest CAGR of 5.1% from 2024 to 2033. Paper and paperboard packaging, made from materials like corrugated cardboard and molded pulp, provides cushioning and protection for fragile or sensitive products, offering eco-friendly and recyclable alternatives for packaging needs.
The food and beverages segment to maintain its lead position during the forecast period
Based on application, the food and beverages segment accounted for the largest share in 2023, contributing to more than one-third of the global FMCG packaging market revenue, and is projected to maintain its lead position during the forecast period. The food and beverages sector is growing as the disposable income of people in general is rising across the world. However, the pet care segment is expected to portray the largest CAGR of 6.0% from 2024 to 2033. The pet care segment is growing owing to the rising number of pets in developing countries.
Asia-Pacific to maintain its dominance by 2033
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2023, accounting for nearly half of the global FMCG packaging market revenue, and is likely to dominate the market during the forecast period. Additionally, the Asia-Pacific region is expected to witness the fastest CAGR of 5.0% from 2024 to 2033. The Asia-Pacific region presents many growth opportunities to the major players in the FMCG packaging market, owing to rapid industrialization in the countries such as India and China.
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Leading Market Players: –
- Amcor plc
- Tetra Pak
- Ball Corporation
- Sealed Air Corporation
- Huhtamaki
- Berry Global Group, Inc.
- DS Smith plc
- Mondi Group
- RPC Group
- WestRock Company
The report provides a detailed analysis of these key players in the global FMCG packaging market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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Originally published at https://www.einpresswire.com/article/713712199/fmcg-packaging-market-to-reach-1-4-trillion-globally-by-2033-at-4-6-cagr-allied-market-research
