Composite packaging refers to packaging materials made from more than one material to suit the needs of a wide range of products. Products requiring higher safety and prolonged storage use composite packaging market.
The global composite packaging market is expected to expand at a CAGR of around 4.82% over the forecast period of 2017-2023 due to the advantages associated with it such as increased durability, elasticity, visual appeal, lower space footprint, and longer shelf life, asserts Market Research Future (MRFR) in an extensive study.
Convenience is the key selling proposition of composite packaging. Composite packaging finds application in areas where a single material is not able to fulfill all the functional requirements of packaging. Some composite packaging are shelf-stable and provide heightened product protection. In addition, composite packaging delivers the required packaging performance. The pharmaceutical industry is a key end user of the global composite packaging market.
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Increasing disposable income across the globe, especially in the merging economies has resulted in an uptick in the demand for goods such as cosmetics, pharmaceuticals and others which require packaging. Additionally, increase in affordability of consumers has raised the demand for on-the-go packaged food items which also acts a s a plus for the growth of the market. High volume and increasing turnover of the food & beverage, beauty & health, and and household goods presents significant growth opportunities to the global composite packaging market. Furthermore, increase in online shopping has reflected favorably on the growth of the global composite packaging market. Online shopping results in shipment of various goods which require sturdy packaging solutions to save them from damage.
Other driving factors include overall growth of the packaging industry which has become highly sophisticated and has attracted the interest of several investors. Ongoing R&D activities to make composite packaging more eco-friendly is likely to broaden the growth prospects of the global composite packaging market. Burgeoning retail industry is also a boon for the growth of the global composite packaging market.
Plastic content is generally high in composite packaging size which is are mostly made up of non-renewable resources. This might act as a restraining factor to the growth of the global composite packaging market. However, hydrocarbons for plastics that are sourced from renewable sources might alleviate this problem.
The global composite packaging market has been segmented based on material, and end user.
By material, the global composite packaging market has been segmented into plastic, paper, cardboard, and others.
By end user, the global composite packaging market has been segmented into food & beverage, industrial goods, consumer goods, healthcare, and others. The food & beverage segment is anticipated to be exhibit the highest growth rate of 5.23% CAGR over the forecast period. Rise in demand for dairy products, dry fruits, snacks, soft drinks and other confectionery products can be credited for the growth of the segment. Rise in disposable income, change in lifestyle, and consumer affinity towards packaged food products are other factors contributing to the growth of the food & beverage segment.
By region, the global composite packaging market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
APAC accounts for the foremost share of the global composite packaging market. Elevating levels of disposable income in the region has induced high demand for packaged food, pharmaceuticals, and cosmetics in the region which reflects positively on the growth of the global composite packaging market.
North America and Europe follow APAC closely in the global composite packaging market. Europe market is driven by development in packaging standards, innovation in the field of packaging designs, and rigorous R&D activities which has resulted in the introduction of eco-friendly materials.
Sealed Air Corporation (U.S.), Mondi Plc. (Vienna, Europe), Amcor Limited ( Australia), Universal Packaging Ltd (New Zealand), Sota Packaging Pty Ltd. (Australia), Smurfit Kappa Group (Dublin, U.S.), Sonoco Products Company (U.S.), DS Smith Plc. (U.K), Najmi Industries (India), and Crown Holdings (U.S.) are the notable players operating in the global composite packaging market.
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