Global Packaging Market Forecast to Reach $1,652.28 billion by 2027

 The "COVID-19 Impact on Packaging - Global Market Outlook (2019-2027)" report has been added to ResearchAndMarkets.com's offering.

The Global Packaging market accounted for $926.43 billion in 2019 and is expected to reach $1,652.28 billion by 2027 growing at a CAGR of 7.5% during the forecast period. While the factors like rising e-commerce sales and growing demand for FMCG and pharmaceutical packaging are propelling the market growth, the non-availability of raw materials is hampering market growth.

There are both advantages and disadvantages in the packaging industry due to COVID-19. But the packaging sectors around the world have more significant benefits than other industries that are affected by the Coronavirus pandemic. As many countries are under shut down due to this deadly virus, a stock of necessary supplies such as medicines, dairy products, food, sanitizers, face masks, disinfectants, and many more has been in high demand. All these products require packing, and their production has been higher than ever before.

Based on material type, the plastics/polymers segment is estimated to experience lucrative growth due to the necessity to feed and help to manage waste. The COVID-19 crisis has shown that, since the demand from many end-use industries is growing mainly in the food & beverage segment, the use of plastic packaging will also see a significant rise during this crisis. By geography, the Asia Pacific is going to experience strong growth during the forecast period due to the easy accessibility of packaging raw materials such as fiber, plastic, and glass and the occurrence of manufacturing facilities of most of the packaging companies.

Some of the key players profiled in the report include Amcor Plc, Constantia Flexibles Group GmbH, Cosmo Films Ltd, Essel Propack Ltd, Jindal Poly Films Ltd, Oji India Packaging Pvt. Ltd, Tetra Laval International SA, TPCL Packaging Ltd, UFlex Ltd, and Uma Group.