According to Custom Market Insights (CMI), the Global FMCG Packaging Market Market size was estimated at USD 746.75 Million in 2021 and is expected to hit around USD 1109.25 Million by 2030, poised to grow at a compound annual growth rate (CAGR) of 5.8% from 2022 to 2030.
Fast-moving consumer goods packaging, widely known as consumer packaged goods (CPG), are products that are sold quickly and at a relatively low cost. For instance, non-durable household products, including packaged foods, soaps, daily essential personal care products, and many others. FMCG has a high margin and high volume of sales, owing to which the market is growing rapidly.
Browse the full “Fast Moving Consumer Goods Packaging Market Size, Trends and Insights By Product Type (Flexible Plastic, Rigid Plastic Paper, Paperboard), By Application (Food and Beverages, Cosmetics, Pharmaceutical, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/fast-moving-consumer-goods-packaging-market/
Market Dynamics.
Drivers
Growing demand for FMCG products
The growing population across the globe, increase in the number of working women, rise in disposable income among people, and exponential growth of the e-commerce sector have widened the FMCG packaging market. In addition, growing consumer demand for well-packed, medium-sized products has enhanced the performance of packaging products. This is projected to propel the growth of the fast-moving consumer goods packaging market in the upcoming years. Moreover, technological advancement and growing consumer expectations for well-packed, protective packaging of FMCG products have been expected to drive the market during the outlook period. These factors are enhancing the overall growth of the FMCG Packaging Market.
Restraints
Government norms on plastic ban
However, the stringent government norms and regulation on the plastic ban is expected to hamper the overall market growth. On the other hand, manufacturers are switching to alternative substitutes for FMCG packaging products due to government programs for sustainable and plastic-free environments.
Opportunities
Robust demand for food & beverages and bakery products
In addition, the growing demand for nutritious and organic food has also driven the packaging market, where several manufacturers have developed innovative packaging tools for maintaining the taste and aesthetic looks of packed food.
These factors are enhancing the overall growth of f FMCG packaging market.
Moreover, the increase in the demand for bakery products among people has given way to a flexible FMCG packaging market.
Challenges.
High production technology
Over the forecast period, compliance with the government ban on plastic packaging material and high production technology for maintaining sustainable and recyclable plastic packaging material is expected to act as one of the challenging factors for the FMCG packaging market.
Report Highlights.
Depending upon the product types, the FMCG packaging market is segmented into flexible plastic, rigid plastic, paper, and paperboard.
The rigid plastic segment dominated the market in 2021 and is expected to grow over the forecast period with a total share of 24.56%. Rigid plastic provides extended shelf life, due to which it has gained popularity in the food and beverages industry, where it is used to wrap up bottles, jars, containers, and many others. This is anticipated to increase the demand for plastic packaging in the industrial sector.
Furthermore, rigid plastic packaging is mostly suitable for FMCG products, including food, medicine, electronics, toys, personal care items, and office stuff, among others.
Based on end use, the market is segmented into food & beverages, cosmetics, and pharmaceutical. It is expected that the global food & beverages application segment to hold a dominant position and account for 33.76% of the total market share.
The factors such as a rapid shift in lifestyle, the busy schedule of people, and growing trends of ready-to-eat packed food have escalated the demand for various types of FMCG packaging products where it is extensively used as protecting, and covering material while carrying out the food during the transportation.
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Regional Snapshots.
Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific is the dominant region in the FMCG packaging market with a total market share of 43.76%. This region is also anticipated to maintain its dominance throughout the forecast period. Countries such as China, Japan, India, and others have significantly contributed to the growth of the FMCG packaging market in the region.
Key factors for the growing pharmaceutical, cosmetics, and personal care products, medical sector, food and beverages, and other end-use industry has surged the demand for plastic packaging. Furthermore, the healthcare sector is one of the booming sectors in India.
For instance, according to a report published by NITI Aayog in the year March 2021, India’s healthcare industry has been growing at a Compound Annual Growth Rate (CAGR) of around 22% since 2016. At this rate, it is expected to reach USD 372 billion in 2022. These factors together increase the usage of plastic packaging in the growing healthcare industry for the packaging of various healthcare products such as various surgical containers, medical bottles, saline bottles, syringes, and many others.
Key Players
- Amcor
- Ball Corporation
- Crown Holdings
- Tetra Pak
- Sonoco
- Toyo Seikan Group
- All American Containers
- Huhtamak
- Ardagh Group
- Bomarko
- Consol Glass
- ITC
- Kuehne Nagel
- WestRock Company
- Novelis
- Stanpac
- Steripack
- UFLEX
Key Findings:
- The rigid plastic segment dominated the market in 2021 and is expected to grow over the forecast period with a total market share of 24.56%.
- Global food & beverages application segment to hold a dominant position during 2022 -2031 and accounted for 33.76% of the total market share during the forecast period.
- Asia-Pacific is the dominant region in the bio-butanol market, with a total market share of 43.67% during the forecast period.
Table of Contents: https://www.custommarketinsights.com/report/fast-moving-consumer-goods-packaging-market/#table-of-contents
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