Cluster Packaging Market Overview
The cluster packaging industry, estimated to be worth $5.71 billion in 2022, is expected to expand steadily between 2022 and 2032. According to a report published by Future Market Insights, the market is expected to grow at a CAGR of 5% to reach US$ 9.3 billion.
Packaging industry has significantly grown in the past few years primarily driven by growth in the FMCG sector. Moreover, food products, health supplements, and electronic components are some of the industries that have seen improvements regarding demand over the last few years and are more easily available due to an efficient packaging solution.
Cluster packaging is suitable to carry products in bulk at a time and is also very handy for consumers. Demand for cluster packs is expected to be driven by increasing adoption of packaging technology across developing geographies across the globe.
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Cluster Packaging Market- Market Segmentation
The global cluster packaging market can be segmented on the basis of material type, product type, packaging style, number of tier type, end-use and by region. On the basis of material type cluster packaging market can be segmented into paper & paperboard, plastic, and others.
Further paper & paperboard can be categorized into corrugated paper, Kraft paper, poly coated paper, folding box board and others. On the basis of product type cluster packaging market can be segmented into bottles & jars, cans, containers, boxes, cups, and others.
On the basis of packaging style cluster packaging market can be segmented into neck-through style, over the top style, handle based style, cluster sleeve style, cluster side style and others. On the basis of number of tiers, cluster packaging market can be segmented into single tier cluster packaging and multiple tier cluster packaging.
On the basis of end use cluster packaging market can be segmented into food, beverages, pharmaceuticals & healthcare, personal care and cosmetics industry, industrial goods and others. On the basis of region, cluster packaging market can be segmented into North America, Latin America, Europe, Asia-Pacific and the Middle East & Africa.
Cluster Packaging Market – Market Dynamics
Growth in demand for cluster packaging is expected to grow steadily for several reasons. One of them is increasing demand for flexible packaging which is driving the growth of the cluster packaging market.
Another important factor contributing towards the growth of cluster packaging market are, expanded use of bulk products, higher value packaging that offer better performance and are more cost effective than smaller packaging with shorter term service capability. In addition the reusability feature of the pack is also contributing to the growth of cluster packaging market. Growing awareness of environmental issues is also a growth strategy that key players of cluster packaging market are adopting.
Many regulatory bodies such as the European Food Safety Authority and U.S. FDA have implemented various regulations for the use of safe and eco-friendly products, mostly in the food industry. Also, the high initial cost of cluster packaging material is considered as another restraining factor towards the growth of cluster packaging market.
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Cluster Packaging Market- Regional Outlook
Geographically, the cluster packaging market can be segmented into North America, Latin America, Europe, Asia-Pacific (APAC) and the Middle East & Africa (MEA). The growth of global Cluster packaging market is expected to witness a healthy CAGR over the forecast period of 2016-2024.
Moreover, Asia-Pacific is expected to witness a high growth in the cluster packaging market due to the rising consumption of food and beverage products. Further North America is expected to witness an above average growth due to the higher adoption of cluster packaging in beer and wine industries.
Cluster Packaging Market- Major Players
Some of the key players of the global cluster packaging market are Westrock, Wipak, Mondi Group, PET Power, Smurfit Kappa Group PLC, Gerresheimer AG, and Klöckner Pentaplast GmbH & Co. KG., Graham Packaging, Berry Plastic Group Inc., Alpha Packaging, Constar International, Dunmore, Yantai City Fushan District Long Tai Plastic Co., Linyi City Qingwen Plastic Products Factory, Laizhou Meiao Industry And Trade Co., Ltd., Yixing City Xingfei Bulk Bag Co., Ltd., Shanghai Wellzone Packaging Co., Limited.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies.
The research report provides analysis and information according to market segments such as geography, material type, product type, packaging style, number of tier type and end use.
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The Report covers exhaust Analysis on
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends /Issues/Challenges
- Competition & Companies involved
- Technology
Regional Analysis includes
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
The report is a compilation of first-hand information, qualitative, and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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