According to the latest market research study released by Technavio, the global composite packaging market is expected to grow at a CAGR of close to 5% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global composite packaging market based on end-users:
Global composite packaging market share by end-users 2015 (by CAGR)
|
Food and beverage industry |
4.74% |
|
Other industries (personal care and household packaging) |
4.55% |
|
Healthcare industry |
3.83% |
|
Industrial goods industry |
3.34% |
Source: Technavio
The top three revenue contributing end-user segments are discussed below:
Global composite packaging market in food and beverage industry
The food and beverage industry occupied around 69% of the total market share in 2015, and will be the fastest-growing segment of the composite packaging market, posting a CAGR of over 5% by 2020. One of the major drivers in the market is the increased demand for snacks and confectionery products. The high demand for these products can be attributed to the growing population, rise in purchasing power, and increased fitness awareness among people. The food product manufacturers are opting for composite packaging primarily for dairy products, dry fruits, bakery and confectionery food items, protein powders, powdered infant formula, spices and table salts, instant beverages, powdered beverages, and soups and sauces.
“The increased demand for convenience, environment-friendly and more durable packaging are compelling the vendors of the composite packaging market to develop innovative packaging solutions. The vendors are also continuously introducing packaging materials that can prevent the contamination of food products,” says Sharan Raj, a lead analyst at Technavio for research on packaging.
The beverage industry is experiencing high demand owing to the change in population’s drinking preferences. The growth in urbanization and the per capita income of people has also increased the affordability of packaged food and drinks, which was affordable only for the high-income population. The demand for packaged food will be maximum from APAC as it consists of around 61% of the world’s population, which will boost the market for composite packaging globally during the forecast period.
Global composite packaging market in healthcare industry
The demand for composite packaging in the healthcare industry will experience modest growth, posting a CAGR of more than 4% during the forecast period. In the healthcare industry, composite cans are used in the packaging of pharmaceutical products such as tablets and capsules. The introduction of new drugs and devices in the market has led to the increase in the demand for packaging in the healthcare industry. The implementation of regulations like packaging drugs in unit-dose formats with barcodes to reduce dispensing errors has also increased the demand for paperboard packaging including composite cans. The high growth rate of composite packaging in the healthcare industry is because of the rapidly growing pharmaceutical industry. The global pharmaceutical packaging market was more than $60 billion in 2015, and is expected to post a CAGR of around 6% during forecast period. Moreover, the constant rise in easy self-medication procedures and OTC drugs will drive the composite packaging market.
Global composite packaging market in industrial goods industry
In the industrial goods industry, composite cans are used for the packaging of paints, sealants, powdered chemicals, lubricants, oil, grease, adhesives, oil and agro-chemicals products. The packaging solutions used in the chemical industry must fulfill the requirements for packaging and transporting chemicals. Vendors are investing in packaging liners to meet the regulatory needs. The robust growth of the chemical industry because of the rising demand from developing economies and the increased adoption of paperboard packaging are contributing to the use of composite cans in the chemical industry. In terms of consumption, the major contributors to the industrial chemical packaging market are North America and Europe. The developing countries such as China and India are also growing at a faster rate, and will post a high demand due to the rapid urbanization and the increasing spending power of the individuals in these countries. The major end-users of chemicals and fertilizers will be from Africa, APAC, and the Middle East, as the consumption rate of chemicals and fertilizers in these regions is expected to grow at a CAGR of 4% during the forecast period.
The top leading vendors operating in the global composite packaging market are:
- Amcor
- DS Smith
- Mondi
- Smurfit Kappa
- Sonoco
Other prominent vendors in the market include Crown Holdings, Najmi Industries, Sealed Air, SOTA Packaging, and Universal Packaging Corporation.
A more detailed analysis is available in the Technavio report titled, ‘Global Composite Packaging Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Thermoformed Packaging Market 2016-2020
- Global Antimicrobial Packaging Market 2016-2020
- Global Food and Beverage Packaging Machinery Market 2016-2020
- Global Pharmaceutical Packaging Equipment Market 2016-2020
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