Packaging Materials Market to Hit $1.3 Trillion by 2024
According to a new research report by Global Market Insights Inc. (gminsights.com) the packaging materials market size is expanding at over 3 percent CAGR and will cross USD $1.3 trillion by 2024. Developments in the Asia Pacific food & beverage sector will be a major reason behind the market growth.
The Asia Pacific region includes a large number of emerging economies such as China, India, South Korea, etc. These countries have been witnessing increased consumption of food & beverage products which will, in turn, drive packaging materials market demand. In 2016, the Asia Pacific food & beverage industry registered a turnover of exceeding USD $3 trillion and is likely to witness a high growth rate. The three most important food segments that are driving the Asia Pacific food market are grain mill products, meat products, and oils and fats. These developments will boost demand for flexible & rigid plastics, glass, metal, and paper packaging materials demand throughout the forecast span.
Consumption of beverages in Asia Pacific has also been on the rise in the last two decades. The region is the largest beverage market in the world accounting for more than 40 percent of the worldwide consumption. Among all beverage products, alcoholic drinks were an important segment in the region with beer being the major product. Beer consumption in Asia Pacific is the highest in the world, while China is the largest market among all countries in the world. Annual consumption has been on the rise in some Asia Pacific countries such as Vietnam, India and South Korea. The consumption of non-alcoholic beverages such as sugar sweetened drinks, health drinks and fruit juices are also on the rise in Asia Pacific, owing to increasing income levels and changing consumption trends. These factors will drive demand for beverage packaging materials such as rigid plastic, metal and glass, and will augment the packaging materials market growth through the forecast period.