The global composite packaging marketis expected grow at a CAGR of close to 5% during the forecast period, according to Technavio’s latest report.
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Technavio publishes a new market research report on the global composite packaging market from 2016-2020. (Graphic: Business Wire)
In this report, Technavio covers the market outlook and growth prospects of the globalcomposite packagingmarketfor 2016-2020. The market is further categorized into four end-user segments, including food and beverage industry, industrial goods industry, healthcare industry, and others, of which the food and beverage industry segment dominated the market with 69% of the overall market share in 2015.
“In 2015, the global paperboard packaging market was the largest contributor to the global packaging market, accounting for more than 30% of the market share. Paperboard composite cans are experiencing modest sales globally,” says Sharan Raj, a lead packaging research expert from Technavio.
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Technavio’s research study segments the global composite packaging market into the following regions:
The global composite packaging market is spread across the Americas, APAC, and EMEA. In 2015, the Americas led the market, but APAC will witness the highest growth during the forecast period. This is mainly because packaging manufacturers are shifting their manufacturing facilities to countries such as India and China to reduce their operational costs.
Composite packaging market in Americas
The composite packaging market in the Americas is expected to reach USD 3.18 billion by 2020, growing at a CAGR of 3.45%.
The composite packaging market in the Americas is expected to witness moderate growth during the forecast period. A major part of the demand is expected to come from the US. In the composite, can category, the US accounted for 69%-71% of the volume in 2015. For the same year, it was also one of the leading countries in the other paperboard segments because many paperboard packaging manufacturers are based in the US.
“The market is expected to grow at a moderate rate in the US during the forecast period. Canada accounted for 18% of the market by volume in 2015. Large multinational vendors dominate the market in Canada. The pharmaceuticals sector is expected to grow at a rate of more than 6% during the forecast period in the US,” says Sharan.
Composite packaging market in APAC
The market in APAC was valued at USD 1.94 billion in 2015 and is expected to reach USD 2.61 billion by 2020, growing at a CAGR of 6.14%.
The market in APAC is growing at a high rate, posting a growth above the global market average. This is because of the surging demand for various retail products, increased purchasing power, and the growth of developing economies such as China and India. There is high market growth in other countries such as Indonesia, Vietnam, and Thailand, which further boost the demand from various sectors and thus composite packaging.
The retail industry is one of fastest growing industry in APAC. Its growth is further boosted by the growing e-commerce sector. The e-commerce retail market was more than USD 800 billion in 2015, with an increase of more than 35% compared to 2014. In 2015, the retail e-commerce market in APAC was more than 50% of the global retail e-commerce market.
Composite packaging market in EMEA
The market in EMEA was valued at USD 1.72 billion in 2015 and is expected to grow at a CAGR of 5.24%.
In EMEA, Western Europe, the UAE, South Africa, and Iran are some of the major contributors to the market. The food and beverages industry is the major end-users of the packaging market in EMEA whereas the healthcare industrywill witness highest growth rate. There is high demand for flexible food packaging products in Western Europe and Saudi Arabia.
In the MEA, the demand for various consumer goods such as household products and foods and beverages has been increasing in recent years, thereby acting as a major driver of the market in the region. This will increase the demand for food packaging in the region, thereby increasing the consumption of composite cans. Some of the countries that will contribute to the high demand are the UAE, South Africa, Iran, Israel.
The top vendors in the global composite packaging market highlighted in the report are:
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Last updated on: 29/11/2016
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