The global single-use packaging market (henceforth referred to as the market studied) was valued at USD 36. 76 billion in 2021 and is expected to reach USD 50. 98 billion by 2027, registering a CAGR of approximately 5.
New York, June 10, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Single-use Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06249273/?utm_source=GNW
74% during the period of 2022-2027 (henceforth, referred to as the forecast period).
The changing consumer buying behavior due to the recent COVID-19 outbreak and the growing adoption of flexible, cheap, and easy-to-use packaging are major factors driving the investment in the single-use packaging market. In the present world, most end-user industry organizations adopt designs upon which modern life seems to depend, like single-use paper or plastic beverage cups, lids, straws, and bottles.
The advantages of plastic bags over their alternatives are still massive. During the recent COVID-19 outbreak, single used packaging’s advantages without the availability of suitable substitutes cannot be denied. For instance, single-use plastic is extensively used to keep food contaminant-free, produce masks, gloves, and other protective equipment, and even manufacture syringes and other key healthcare equipments.
Furthermore, producing one disposable cup has a lower environmental impact than producing one reusable cup or bottle. And producing a Styrofoam or paper cup requires much less energy input than reusable alternatives such as plastic, glass, or ceramic.
Governments across all the nations have responded to public concerns regarding packaging waste, especially plastic packaging waste. They are implementing regulations to both minimize environmental waste and improve waste management processes. This would negatively impact the market’s growth.
The COVID-19 pandemic provided significant relief to the single-use packaging vendors. Although many countries were slowly banning these packaging and promoting reusable packaging, the pandemic changed the consumer and government’s behavior toward it. Due to the COVID-19 outbreak, the demand for sanitizers, soap, disinfecting wipes, and sprays increased exponentially. The majority of these products are packaged with single-use plastic. The orders were so huge globally that the manufacturers and packaging companies in the field even expanded their facilities, which most governments also supported.
Key Market Trends
Miniaturization of Packaging Materials to Boost the Adoption of Single-use Packaging
Miniaturization in packaging is mostly done for lower material consumption, reduction in costs, and to reduce transportation costs; moreover, it also helps in waste reduction.
The packaging industry is being reshaped by changing lifestyles. Consumers are expecting more convenient, timely, and portable solutions, in addition to the snackification of mealtimes (’grazing’ on snacks throughout the day). As a result, the need for smaller amounts to be consumed numerous times per day will necessitate multiple packaging packs, increasing packaging material consumption.
In mature markets, consumers are also leading busy lives, necessitating the need for more handy, timely, and portable solutions, such as smaller packets that they can carry with them and open. Even at home, the trend for grazing has accelerated the transition to smaller groups.
The small pack trend appeals to a health-conscious and calorie-conscious public: customers want ready-to-eat food with reasonable portions. Small, flexible snack packs and single-serve quantities of breakfast cereal are examples of products that satisfy the need.
Changing demographics, which have resulted in smaller average home sizes, have highlighted the need for packaging solutions that fulfill the demands for convenience and reduce food waste.
COVID-19 changed many things, including putting a stop to many people’s on-the-go lifestyles. To assist and alleviate the health crisis, people were forced to travel and work limitations, which had a direct impact by increasing the craving for comfort foods.
Asia Pacific Expected to Hold a Significant Market Share
China has one of the world’s largest economies and is a major manufacturing center. China’s GDP increased by 8.1% in 2021, despite a reduction in consumption due to Covid-19-related restrictions and a catastrophic power deficit in the second half of the year. The strong manufacturing in electronics, pharma, cosmetics, and food and beverage presents a huge opportunity for the packaging industry in the country.
China has a huge cosmetic market, with very high local consumption as well as exports. According to CIRS Group, exports of beauty products and wash suppliers were 445,794 tons in the first half of 2021, up 1.6% from the previous year. Imports totaled CNY 133.0654 billion, up 2.6% from the same period the previous year. According to China Customs, the value of beauty items exported from China in 2020 was USD 4.24 billion, up from USD 2.77 billion the previous year. China exported over one million metric tons of personal care and cosmetic items worldwide in the same year.
Japan is also a major manufacturing hub in Asia, with high-quality products and best manufacturing practices. Japan is a leader in the world when it comes to manufacturing. Apart from its impeccable electronics and huge automobile sector Japan also is a global producer of cosmetics and one of the biggest consumers for single-use plastic packaging materials.
India is one of the most populous countries in the world and ranks 2nd only after China. According to IMF, the current population of the country is approximately 1391.99 million in 2021 and is expected to reach 1455.82 million by 2026. This large mass of the country also makes the country a heavy consumer of all sorts of products. Therefore, India presents a huge market for the packaging industry as well.
South Korea boasts a thriving cosmetics industry, with China being the top destination for skincare products shipped from the country in 2021, according to the Korea International Trade Association. The value of skincare cosmetics exported from South Korea to China was around USD 2.84 billion. It was followed by Hong Kong and the United States, which exported skincare worth USD 391.4 million and USD 340.5 million, respectively.
The single-use packaging market comprises several global and regional players vying for attention in a contested market space. This market is characterized by low product differentiation, growing levels of product penetration, and high levels of competition. Generally, the products are offered in bulk.
December 2021 - Amcor announced the opening of its greenfield packaging facility in Tuas, Singapore. The dedicated healthcare packaging facility is expected to address present and future market requirements, as demand for healthcare packaging is rapidly increasing across the region.
November 2021 - Ardagh Group SA agreed to acquire Consol Holdings Proprietary Limited, one of the leading producers of glass packaging on the African continent, for an equity value of ZAR 10.1 billion (USD 635 million).
November-2021 -Transcontinental Inc. acquired H.S. Crocker Co., Inc., a manufacturer of die-cut lids for the food industry and labels for the pharmaceutical industry. This acquisition is expected to support Transcontinental to expand its packaging competencies in the lidding and labels markets.
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