The global FMCG packaging market is projected to record a CAGR of 4.3% from 2022 to 2032.
Growing demand from e-commerce industry has been regarded as a vital factor that is expected to support growth prospects of FMCG packaging market in the forthcoming years.
E-commerce sector is one of the major contributors in increasing revenue growth of FMCG packaging market. This sector’s growth is attributed towards rising demand for protective packaging for delivering small-sized products coupled with the convenient packaging options.
The demand for packaging in recent years is being recognized across the emerging markets with developed markets retaining their market share with a modest growth. However, demand from emerging markets is expected to record a double-digit growth in the next five to six years.
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Packaging in the FMCG sector accounts for a large share in the material cost involved in developing a finished product. Thus companies at a global level are developing innovative packaging solutions to minimize the operational cost.
The FMCG packaging market is highly fragmented when analysed from the supply side perspective with less number of companies having a substantial share in the total market. This leads to less entry barriers for new entrants in this market. However, skilled labour, equipment and machinery are identified as barriers for a sustainable growth in the near future.
Favourable economic conditions and demographics in Asia-Pacific has been driving the region’s FMCG packaging market during the forecast period. Multinational companies are planning to eye on Asia-Pacific for business expansion and to attain a competitive edge in the global market. Key players and manufacturers in Asia-Pacific FMCG packaging market are taking immense efforts by customizing and launching their existing products to cater to new consumer demands.
FMCG packaging goods include durable and non-durable goods such as cosmetics, toiletries, detergents, batteries, plastic goods, paper products, etc. Packaging is vital to the FMCG market as it is an essential element for proper positioning of the product.
Packaging allows effective communication between consumers and brand owners through graphics, colours, images, product information and logos. This serves as an important medium for communication and a tool for companies to distinguish product appearance from that of their rivals. In the fast-moving consumer goods (FMCG) sector, packaging plays a key role in affecting consumer choice and thus an important factor in point-of-purchase decisions. Nowadays, the marketing environment has become competitive and complex.
Nestlé S.A., Procter & Gamble Company and PepsiCo Inc. are among the leading FMCG companies across the globe. Other prominent players of the FMCG packaging market include Kimberly-Clark, Altria Group, Kraft Foods, Mondel International Inc., Philip Morris International Inc., Unilever Group, Amcor Limited and Tetra Pak International.
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