March 18, 2022 06:14 ET | Source: ReportLinker ReportLinker

New York, March 18, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06246257/?utm_source=GNW Sustainable packaging pioneers were able to adapt to these new criteria, including Garçon Wines, which has seen an unprecedented demand for its contactless supply of climate and letterbox-friendly flat wine bottles. Also, due to COVID-19, European Union applied a significant tax to single-use containers. There has also been legislation introduced in the US to go down the same path. With COVID-19 still a significant concern, safety perception will drive consumer habits making it imperative for those single-serve products to be packaged in an environmentally-friendly, recyclable, compostable, or biodegradable packaging. Key Highlights The global packaging business has experienced consistent growth over the last decade due to substrate choice changes, expansion of new markets, and changing ownership dynamics. Sustainability and environmental issues may continue to be emphasized, particularly in developed regions, and various innovations catering to paper and plastic packaging are witnessing in the market. Consumption of non-recyclable plastic packaging is on the rise. This may result in a greater need for more easily recyclable and sustainable packaging materials, such as paper and board, recycled PET (rPET), and bioplastics, as well as a decrease in secondary packaging. Traditional packaging may continue to be replaced by flexible packaging. High-barrier films and stand-up retort pouches may challenge rigid pack formats like metal tins and glass jars for a wide range of food products. Microwavable ready meals, more portable packaging, packaging for on-the-go consumption, and convenience features such as easy-open and reseal components may all respond to consumer desire for convenience in food. According to data from a Harris Poll commissioned by the Flexible Packaging Association, 83% of all brand owners use flexible packaging in some form. Polyethene is mainly used for plastic film packaging. It’s a semi-crystalline, lightweight thermoplastic resin with strong chemical resistance, low moisture absorption, and sound insulating qualities. According to the Flexible Packaging Association, flexible packaging is mainly used for food, which accounts for more than 60% of the total market. Because it could incorporate new solutions for the many packaging issues it faced, the flexible packaging industry is experiencing robust growth. In addition, the Indian food and grocery market is the world’s sixth-largest, according to IBEF, with retail accounting for 70% of sales. The Indian food processing industry, which contributes to 32% of the country’s overall food market and ranks fifth in production, consumption, export, and expected growth, is one of the country’s most important industries. ? Many companies focus on product innovations to hold a significant position in the studied market. For instance, in February 2021, Constantia Flexibles announced its new product, Perpetua, a recyclable, high-barrier, polymeric mono-material packaging solution for pharmaceutical products. According to the company, the solution has a wide range of pharmaceutical packaging applications and is now available worldwide. Key Market Trends Paper & Paperboard Packaging Products to Witness the Highest Growth Paper packaging products, such as paper bags, pouches, and cartons, are the fastest-growing sustainable packaging materials.? The increasing trend of online retail and environmental regulations on non-biodegradable and non-recyclable packaging solutions is progressively creating a massive demand for eco-friendly paper packaging solutions.? In February 2021, Coca-Cola tested its first test run on paper bottles from an extra-strong paper shell containing a thin plastic liner. It ran its first test with 2,000 bottles to see how it held up. The company’s goal is to create a 100% recyclable, plastic-free bottle capable of preventing gas escaping from carbonated drinks. Moreover, companies such as Smarties have rolled out recyclable paper packaging for confectionery products worldwide in the confectionaries category. This would represent a transition of 90% of the Smarties range, as 10% was previously already packed in recyclable paper packaging. Further, Nestlé’s major step toward its ambition is to make all of its packaging paper-based and recyclable or reusable by 2025 and reduce the usage of virgin plastics by one-third in the same period. Companies in the paper packaging market are increasing their focus on sustainable packaging solutions that meet consumer demands. For instance, Huhtamäki Oyj, a Finland-based food packaging specialist, developed the Huhtamäki blue loop, a novel platform where partners can collaborate to brainstorm sustainable paper packaging. The introduction of such innovative platforms is leading to market expansion. Moreover, various vendors are adapting and innovating new packaging with paper packaging material to reduce the environmental impact of packaging and launch various recycling initiatives. For instance, in February 2021, TetraPak announced a new initiative in Jeddah in partnership with the District Model Center of Muhammadiyah in Jeddah. It will collect used carton packages and recycles them to support sustainable consumption practices. Asia Pacific to Remain the Biggest Market The Chinese packaging sector is heavily influenced by variables such as rising per capita income, changing social atmosphere, and demographics. As a result of this shift, new packaging materials, processes, and forms are required. Over the projection period, the rise of e-commerce behemoths like Alibaba is expected to fuel the packaging market. For example, Chinese shoppers received approximately 1.9 billion shipments during Alibaba’s Double 11 shopping event, which lasted ten days. Packaging is India’s fifth-largest industry and one of the country’s fastest-growing sectors. Over the last few years, the packaging industry has been a key driver of technology and innovation in the country, contributing value to various manufacturing sectors, including agriculture and the fast-moving consumer goods (FMCG) segments. According to the Indian Institute of Packaging (IIP), packaging consumption in India has surged by 200 percent in the last decade, from 4.3 kilograms per person per annum (pppa) in FY10 to 8.6 kg pppa in FY20. Despite the sharp increase over the last decade, there remains tremendous space for growth in this industry compared to other developed regions throughout the world. Japan is a major user of paper-based products in various industries, including newspaper, packaging, printing and communication, sanitary products, and other miscellaneous uses. Due to consumer awareness about sustainable packaging, worries about deforestation, and raw material availability, there has been a recent movement in the packaging sector to utilize paper. Competitive Landscape The significant factors governing this force are a sustainable competitive advantage through innovation, levels of market penetration, barriers to exit, levels of advertising expense power of competitive strategy, and firm concentration ratio. The players in this market possess a competitive advantage through innovation, and the specification of the packaging material is different, mostly in plastic packaging, leaving a high possibility of product differentiation. September 2021 - Constantia Flexibles achieved up to 80% recycled content in a PE film using EcoLam laminates’ waste in an industrial recycling trial of EcoLam laminates. Further examinations showed that the type of adhesive and the type of printing inks used have a significant influence on the quality of recyclable material. Further investigation is underway to determine whether printed laminates can also be reused in food applications with suitable adhesives and inks. August 2021 - Huhtamaki signed an agreement to acquire Elif, a leading supplier of flexible packaging, for EUR 421 million. With this acquisition, Hutamaki hopes to strengthen its position as a leading flexible packaging company in emerging markets and strengthen its existing flexible packaging business in the consumer goods category while advancing its sustainability goals. Additional Benefits: The market estimate (ME) sheet in Excel format 3 months of analyst support Read the full report: https://www.reportlinker.com/p06246257/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________