COVID-19 Impact on Packaging Market by Material Type, Application And Region - Global Forecast to 2021
NEW YORK, May 11, 2020 /PRNewswire/ -- The global packaging market size during the COVID-19 pandemic is projected to grow from USD 909.2 billion in 2019 to USD 1,012.6 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 5.5% as the most likely outcome during the forecast period, with the best-case scenario reflecting 9.2% growth and the worst-case scenario at 2.2% growth. The major drivers for the packaging industry include the increased demand for FMCG and pharmaceutical packaging, rising e-commerce sales due to lockdown.
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Based on application, healthcare is one of the fastest-growing segments amidst this pandemic
During the COVID-19 pandemic, states and local municipalities are practicing extreme caution to avoid the spread of the coronavirus. Healthcare products, such as syringes, vials, and cartridges, are required on a large scale amidst this pandemic to fulfill the increasing global demand.
The plastic packaging segment is projected to lead the market during the forecast period.
Based on material type, plastic is projected to lead the packaging market during the forecast period.Plastic is described to be very necessary, and several measures are being taken to either temporarily roll back single-use plastic bag bans or stop the implementation of state-wide ban laws.
Since the demand from many end-use industries is growing, the use of plastic packaging will also see a significant rise during this crisis.
APAC is projected to be the largest packaging market during the forecast period.
The growth in APAC is fueled by the easy availability of packaging raw materials such as plastic, fiber, and glass and the presence of manufacturing facilities of most of the packaging companies.
The market sizes estimated in this study were validated through primary interviews conducted with various industry experts globally.
The report profiles several leading players in the packaging market that include companies, such as Amcor (Australia), Ball Corporation (US), Bizongo (India), International Paper (US), Tetra Pak (Switzerland), Berry Global Inc. (US), DS Smith Plc (UK), Mondi Group (Austria), Macfarlane Group Plc (UK) and Smurfit Kappa (Ireland). They have adopted short, mid, and long term growth strategies such as donations, increased production, partnerships, and others to serve their customers efficiently and increase their future market shares.
RESEARCH COVERAGE
The objective of this study is to define, describe, and forecast the impact of COVID-19 on the packaging market based on various segmentations and strategically analyze these market segments with respect to individual growth trends, growth prospects, and contribution to the overall growth. In this report, the packaging industry has been segmented based on application, material type, and region.
Primary Research
In the primary research process, various primary sources from both the supply sides and demand sides were interviewed to obtain qualitative and quantitative information for this report.The primary sources from the supply side included industry experts, such as marketing directors, consultants, managers, and related key executives from major companies and organizations operating in the market.
The primary sources from the demand side included lab technicians, technologists, and sales/purchase managers from end-use industries.
Breakdown of Primary Interviews
KEY BENEFITS OF BUYING THE REPORT
The report is expected to help companies in the packaging market in the following ways:
1. This report comprehensively segments the impact of COVID-19 on the packaging market. It provides the closest approximations for the sizes of different segments and sub-segments of the market across different verticals and regions.
2. This report is expected to help stakeholders in obtaining an improved understanding of their competitors and gain insights about their businesses during this period. The competitive landscape section includes detailed information about strategies, such as donations, increased production, partnerships, which were undertaken by various key players to enhance their position in the packaging market during this crisis period.
Read the full report: https://www.reportlinker.com/p05892825/?utm_source=PRN
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