Consumer Packaging Market: Overview
Packaging for the consumer goods industry plays a key role in making the product aesthetically appealing for the potential buyer and delivering products to the consumer in a sufficiently sophisticated, safe, convenient, and appropriate manner. Serving a large number of industries that produce tangible goods to be sold to large number of consumers, the packaging industry forms the cornerstone of any consumer goods business. The consumer packaging market has witnessed a significant rise in research and development activities aimed at the development of innovative packaging materials and product designs.
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However, vast pressures exerted by the volatile prices of chief raw materials and the need to cut down on the original material used in packaging for economic and environmental reasons are having a negative impact on packaging companies. Transparency Market Research predicts that the market will exhibit growth at a moderate pace in the next few years, with efforts diverted towards innovation in product design and strategic expansion across emerging economies expected to remain the key factors distinguishing successful ventures from the ones struggling to grow.
Consumer Packaging Market: Trends and Opportunities
One of the most prominent trends in the global consumer packaging market of present times is the increased attention given to the reduction of the amount of material used in producing the packaging product by packaging manufacturers. Ways of reducing the amount of environmentally harmful polymers used in packaging is, especially, one of the most researched areas in the consumer packaging market presently.
Focus on the development of new varieties of packaging materials capable of preventing contamination of foods and beverages packed, materials with a higher quotient of reusability or biodegradability, and designs that make the product more convenient to use are also some of the market’s key trends in present times.
Consumer Packaging Market: Geographical and Competitive Dynamics
In terms of geography, the global consumer packaging market is driven by emerging economies across regions such as Asia Pacific and Middle East and Africa. The strengthening economies across these regions and the resultant rise in consumption of a variety of consumer goods is expected to drive the need for more reliable and sophisticated packaging products in these regions in the next few years.
Some of the key companies operating in the highly competitive global consumer packaging market are Polyoak Packaging Group, Owens-Illinois, Air Packaging Technologies, Tetra Pak, Becton, Dickinson & Company, Crown Holdings, Rexam, Amcor, Blue Ridge Paper Products, Clondalkin Group Holdings, Evergreen Packaging, General Packaging Products, Fusion Packaging Solutions, Exopack Holding, Huhtamaki OYJ, Mondi Group, Klockner Pentaplast Group, Polytainers, Pechiney Plastic Packaging, Sonoco Products, Reynolds Group Holding, Tetra Laval international, Toyo Seikan Group Holdings, and SF Holdings Group.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
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The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
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