How Big is The FMCG Packaging Market?
IMARC Group, a leading market research company, has recently releases report titled “FMCG Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 ” The global FMCG packaging market size reached US$ 716.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 943.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.41% during 2023-2028.
What is FMCG Packaging?
Fast-moving consumer goods (FMCG) packaging is designed to enclose and protect products that are sold quickly and at a relatively low cost. It includes items like food, beverages, toiletries, and health and hygiene products. It acts as a barrier against external elements, reduces waste, and enhances the shelf life of perishable products. It provides vital details about the ingredients used, usage instructions, and expiration dates of the products. It plays a crucial role in brand awareness as it is the initial point of interaction between the consumer and the product. It can reduce overall costs for manufacturers and consumers by offering bulk packaging options.
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What are the growth prospects and trends in the FMCG Packaging industry?
At present, the escalating demand for FMCG food products, as they are convenient and easy to carry, represents one of the key factors driving the need for more innovative and efficient packaging solutions. Additionally, the rising reliance on online shopping platforms is necessitating more durable and lightweight packaging to withstand the rigors of shipping and handling, especially for international orders. Besides this, the growing concerns about the environment are encouraging manufacturers to opt for sustainable packaging options, leading to innovation in eco-friendly materials and designs. Moreover, the increasing technological advancements, such as smart packaging, which includes quick response (QR) codes and radio-frequency identification (RFID) tags, are making packaging more interactive and informative and enhancing the consumer experience. In addition, the rising implementation of stringent regulations concerning product safety and labeling requires companies to invest in high-quality, compliant packaging to accurately describe the product. Furthermore, the growing preferences for premium and aesthetically pleasing packaging among consumers are prompting FMCG companies to invest in high-quality and visually appealing packaging designs. Apart from this, the increasing personalization and customization of packaging are appealing to buyers who seek unique experiences or want to gift personalized items. Additionally, there is a rising demand for multi-purpose packaging like resealable packages, built-in dispensers, or packages that can be repurposed or recycled for other uses.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Packaging Type:
- Flexible Packaging
- Rigid Packaging
Breakup by Material:
- Paper
- Plastic
- Metal
- Glass
- Others
Breakup by End Use Industry:
- Food and Beverages
- Cosmetic and Personal Care
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
- Albéa Group
- Amcor plc
- AptarGroup Inc.
- Ball Corporation
- Berry Global Inc.
- Consol Glass (Pty) Ltd
- Crown Holdings Inc.
- DS Smith PLC, Graham Packaging Company
- Sealed Air Corporation
- Sonoco Products Company
- Tetra Pak International S.A.
- Toyo Seikan Group Holdings Ltd.
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