A new study by Mindspire Market Research throws light on a very lucrative packaging market; hence FMCG. The study provides a decisive view of the FMCG packaging market by segmenting the market based on end products, raw materials, end-user application, and regions. All the segments have been analyzed based on present and the future trends and the market is estimated from 2018 to 2024. The regional segmentation includes the historic and forecast demand for North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. This segmentation includes demand for FMCG packaging market based on all segments in all the regions and countries.
The escalating population worldwide and the rapid development of the e-commerce industry are the important factors that are predicted to push the growth of the global FMCG packaging market in the next few years. The increasing spending capacity, particularly in developing economies are projected to support the growth of the overall market in the next few years. In addition to this, the introduction of innovative and new products is projected to attract a large number of consumers, thus accelerating the overall growth of the market in the next few years. FMCG packaging market size is expected to reach up to USD 900 billion by 2025 riding on the strong demand for fresher and convenient packaging solutions which have minimum impact on the environment.
In order to enhance product visibility in the market, packaging has emerged as a unique tool to create a direct impact on consumer perception about the corresponding product. Factors such as increasing middle-class population in developing countries, changing consumer lifestyles and technological advancements to develop eco-friendly packaged products are expected to drive the demand for FMCG packaging in the near future.
Packaging in the FMCG sector accounts for a large share in the material cost involved in developing a finished product. Thus companies at a global level are developing innovative packaging solutions to minimize the operational cost. The FMCG packaging market is highly fragmented when analysed from the supply side perspective with less number of companies having a substantial share in the total market.
