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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The plastic packaging segment is projected to lead the market during the forecast period.
Based on type, the plastic packaging segment is projected to lead the market during the forecast period. Plastic is described to be very necessary to feed and help our nation as well 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.
Due to COVID-19 Pandemic, healthcare packaging is one of the fastest-growing segments amidst this pandemic
Based on application, the world has awakened to the potential risks of COVID-19; and there has been a massive effort to add capacity to the healthcare system rapidly. Healthcare products, such as syringes, vials, and cartridges, are required on a large scale amidst this pandemic to fulfill the increasing global demand.
APAC is projected to register the highest CAGR between 2019 and 2021.
APAC is projected to be the largest packaging market during the forecast period, 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. North America is expected to suffer the most during the pandemic, with non-operational plants and factories and the rising number of cases each day. The severity of the disease would lead to a low growth rate for 2019-21 for the packaging market.
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) operating in the packaging market have adopted short, mid, and long-term growth strategies such as donations, increased production, partnerships, and others to serve their customers efficiently and improve their future market shares.
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