FMCG Packaging Market to Grow at 4.2% CAGR to 2024
The fast moving consumer goods (FMCG) packaging market is estimated to grow at a CAGR of about 4.2% over the forecast period 2019-2024, cites a report from Research and Markets. According to the Business Association of Stanford Entrepreneurial Students, 84% of professionals working for fast-moving consumer goods are under more pressure to quickly bring new products to the market than they were five or 10 years ago. Thus, the role of FMCG packaging has gained greater importance because the packaging is as important as the product itself.
Packaging generally makes up 7-11% of the total costs of a product for most FMCG companies. Being a cost-sensitive market, the pressure for FMCG companies to reduce packaging costs is strong and they prefer plastic packaging over other materials. This covers the entire packaging value chain from raw material to post consumption disposal and treatment.