Packaging Market size is set to grow by USD 268.37 billion from 2024-2028: Technavio
25 May 2024: The global packaging market size is estimated to grow by USD 268.37 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.29% during the forecast period.
The global food delivery and takeaway market is booming due to urbanization, busy lifestyles and widespread mobile phone use. Increased online platforms drive online food ordering, preferred for convenience and discounts. Many restaurants offer competitive prices through online services, supported by efficient supply chains. Dark kitchens, producing food for delivery, further fuel market growth. Key players like Delivery Hero and Uber Eats dominate, with Australia’s market seeing significant growth. Packaging products like containers and cups are essential for delivered food, indicating anticipated growth in the packaging market.
Recycling rigid plastic products, like containers and bottles, demands hefty investments due to high procurement costs, energy expenses, and the intricacies of collecting and sorting waste. Small and medium-scale manufacturers find it more cost-effective to produce new plastic items rather than recycle.
Cleaning used plastic requires significant water usage and additional processes like crushing and melting, consuming more energy and labor. Consequently, recycling proves pricier than making new products from raw materials. Many plastic packaging units aren’t equipped for recycling, leading to extra costs and time. These challenges hinder global packaging market growth.
In the diverse landscape of packaging options catering to various industries such as food, beverages, personal care, and retail, the emphasis on quality, presentation, and eco-friendliness is paramount. Food packaging, in particular, occupies a significant niche within this market. From high-barrier films to stand-up retort pouches, the range of options is extensive. Materials such as paper, glass, and metal offer versatility and durability, meeting the demands of different products and consumer preferences. Printing technologies, including flexography and digital, contribute to enhancing branding and visual appeal.
In the realm of beauty and personal care, trends like slimline collections and fiber-based egg cartons showcase innovation in both design and sustainability. Emerging technologies such as advanced film technology and lightweight foam plastics address evolving consumer needs while minimizing environmental impact.
Overall, the packaging market continues to evolve, driven by a combination of consumer preferences, technological advancements, and regulatory mandates, with food packaging playing a central role in this dynamic landscape.
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