The future of consumer packaging appears bright and dynamic, with factors like growing consumer product demand and the e-commerce boom driving its expansion. Future Market Insights forecasts global sales of consumer packaging products to reach US$ 655 billion in 2024, with a projected increase at a Compound Annual Growth Rate (CAGR) of 3.8% over the forecast period. The integration of sustainability initiatives and the surging popularity of online shopping are expected to propel the global consumer packaging market size to an impressive US$ 950 billion by 2034.
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Key Market Insights:
- Growing Importance of Sustainability: Consumer preferences are increasingly leaning towards sustainable packaging solutions, prompting companies to adopt biodegradable and recycled materials. The emphasis on eco-friendly packaging aligns with evolving consumer values and regulatory trends, driving the adoption of environmentally conscious practices across the industry.
- Dominance of Flexible Packaging: Flexible packaging products, renowned for their flexibility, lightweight nature, versatility in design, and product protection attributes, capture approximately two-thirds of the value share in 2024. The unique properties of flexible packaging cater to diverse industry requirements, contributing to its widespread adoption and market dominance.
- Rise of Eco-friendly Materials: While plastic remains the most widely used material for consumer goods packaging, eco-friendly alternatives like paper, bioplastics, and wood are gaining traction within the industry. Companies are exploring innovative materials to address sustainability concerns and meet consumer demand for environmentally responsible packaging solutions.
Market Dynamics:
- Demand Surge from Beauty and Personal Care Industry: The burgeoning demand for packaging materials from the beauty and personal care industry is driving growth in the consumer packaging sector. Brands prioritize innovative and visually appealing packaging to enhance product differentiation, influence purchase decisions, and elevate brand experiences, particularly in the competitive e-commerce landscape.
- Focus on Superior Customer Engagement: Successful packaging companies prioritize deep customer engagement, fostering enduring relationships characterized by reliability, exceptional service, and commitment to client success. Long-term partnerships contribute to brand loyalty and positive word-of-mouth referrals, driving sustained business growth and market expansion.
Key Trends:
- Technology Integration in Packaging: The integration of technology into packaging, such as QR codes, RFID tags, and sensors, enhances consumer engagement, tracks products, and improves supply chain visibility. Interactive packaging experiences and advanced tracking capabilities cater to evolving consumer preferences and industry demands for enhanced functionality and convenience.
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Key Takeaways from the Global Consumer Packaging Market
- The global consumer packaging industry is estimated to be valued at US$ 655 billion in 2024.
- By packaging format, flexible packaging leads the market with a value share of around 2/3rd, while the rigid segment is anticipated to grow at a significant CAGR of 4.8%.
- Based on material, plastic is anticipated to capture half of the value share by 2034.
- By end-user, the food industry is poised to total a valuation of US$ 489 billion by 2034.
- North America is predicted to gain more than 1/5th of its value share by the end of the forecast years.
- East Asia is set to grow at 4.7% CAGR and reach a valuation of US$ 245 billion by 2034.
- Demand in the United States is predicted to surge at 2.9% CAGR through 2034.
- India will register a CAGR of 5.7% between 2024 and 2034.
Growing Use of rPET Packaging
The European Union has implemented a regulation to incorporate a minimum of 25% recycled polyethylene terephthalate (rPET) in their products. This has created the shift towards a more circular economy in the plastic industry.
Today, manufacturers are looking to responsibly source recycled materials and invest in technologies for recycled packaging. For instance, in October 2023, Coca-Cola introduced its beverages in 20-oz bottles made from 100% recycled PET, showcasing a commitment to sustainable packaging practices. Similarly, in August 2023, ENVICCO unveiled Thailand’s first bottle made from 100% recycled PET, marking a significant step towards the adoption of recycled materials in the region.
Who is Winning?
Top players are concentrating on developing sustainable packaging solutions from eco-friendly and recycled materials to attract environmentally conscious customers. They also employ strategies like partnerships, agreements, alliances, collaborations, and acquisitions to stay ahead of the curve.
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Global Consumer Goods Packaging Industry Segmentation
By Packaging Format:
- Flexible Packaging
- Pouches
- Bags & Sacks
- Films & Wraps
- Sachets
- Stick Packs
- Cups
- Tubes
- Labels
- Clamshell
- Rigid Packaging
- Trays
- Blisters
- Tubs and Lids
- Caps & Closures
- Pump & Dispensers
- Boxes
- Cartons
- Bottles and Jars
- Cans
- Cores & Tubes
By Material:
- Plastics
- Polyethylene
-
-
- HDPE
- LDPE
- LLDPE
- Polypropylene
- PET
- PVC
- Nylon
- EVOH
- Polystyrene
- Post-Consumer Recycled (PCR)
- Bioplastics
- PLA
- Starch-based Plastics
- Bio-PET
- Bio-PE
- Others
-
- Paper
- Aluminium Foil
- Wood
- Metal
- Aluminium
- Tin
- Steel
By End-use:
- Food
- Bakery & Confectionaries
- Dairy Products
- Baby food
- Edible Oil
- Meat Poultry & Seafood
- Snacks
- Spices & Condiments
- Fruits and Vegetables
- Pet Food
- RTE Food
- Pulses and Cereals
- Beverage
- Alcoholic
-
-
- Beer
- Wine
- Spirits
- Other Alcoholic Beverages
- Non-Alcoholic
- Fruit Juices
- Carbonated drinks
- RTD beverages
- Bottled Water
- Tea & Coffee
- Milk Products
-
- Personal care & Hygiene
- Skincare
- Haircare
- Makeup
- Fragrance
- Nailcare
- Homecare & Toiletries
- Toiletries
- Laundry Care products
- Personal Hygiene
- Air Fresheners
- Pharmaceuticals
- Consumer Electronics
- Medical Devices
By Level of Packaging:
- Primary
- Secondary
- Tertiary
By Manufacturing Technology:
- Injection Molding
- Thermoforming
- Blow Molding
- Extrusion
- Other Technologies
By Distribution Channel:
- Online
- Offline
By Region:
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Western Europe
- Eastern Europe
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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