The global stick packaging market is set to grow steadily, despite COVID-19 induced sluggishness decelerating growth, according to a recent study published by Future Market Insights. This report elaborates on the prominent drivers and success factors that are likely to drive demand during the assessment period.
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Globally, the packaging industry has experienced major developments in recent years. High demand for flexibility and durability of packaging has prompted manufacturers to incorporate novel solutions by utilizing lightweight and eco-friendly material.
Stick packaging offers a host of benefits. Besides its aesthetic appeal, stick packaging helps in maintaining compactness, are lightweight, and prove instrumental in protecting the product from external shocks. Based on these trends, the market is witnessing an impressive surge.
Key Takeaways from FMI’s Stick Packaging Market Study
- By material, BOPP plastic stick packaging to remain highly preferred. However, paper stick packing is likely to expand rapidly
- Liquid products sales such as cosmetic creams and food pastes to remain primary users of stick packaging solutions
- By end use, food industry likely to tower over the rest, owing to high demand for instant consumables
- Asia to pivot market growth, North America to enjoy substantial revenue share from 2020-2030
- Product innovations key to ensuring prominent players’ enhanced market presence
“Prominence of sustainable packaging solutions is prompting manufacturers to introduce lightweight, flexible and environmentally friendly material in their existing packaging products ambit,” observes the FMI analyst.
COVID-19 Impact Insights
The novel coronavirus pandemic has drastically impacted global manufacturing capacities, crippling distribution networks and disrupting supply chains. Government mandated shutdowns have caused a decline in production activities, reducing profit margins and stemming revenue inflow.
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Due to this shutdown, the global packaging industry has also suffered several setbacks. The stick packaging market has also borne the brunt of this deceleration. Fortunately, the ever increasing demand for foodstuffs and pharmaceutical products has prompted providers to keep their businesses operational.
Growth is further being fueled by an increasing percentage of customers relying on virtual marketing platforms to avail their supply of essential commodities. Several food and pharmaceutical companies are investing in robust stick packaging solutions for this reason. Thus, a steady growth trajectory is on the cards.
Several regions are already experiencing a resurgence as lockdown restrictions ease. This is permitting various industries to restart their operations on a full-fledged basis, bridging potential supply-demand gaps. Consequently, the need for stick packaging solutions is also escalating.
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Competitive Landscape
Presence of multiple large, medium & small enterprises renders the global stick packaging market intensely competitive. To survive this breakneck competition, the listed players employ a host of strategies.
New product launches, partnerships & expansions and mergers & acquisitions are amongst the major strategies deployed by the aforementioned vendors. In addition, capacity expansion is also considered an effective growth strategy.
Some prominent players operating in this landscape are Amcor Plc, Glenroy, PrintPack Inc., Sharp, Aranow, Naturelle Ltd., Nellson Anahem, GFR Pharma Ltd., Catalent Inc., Hearthside Food Solutions LLC, Assemblies Unlimited Inc., Lithotype and Fresco Systems USA Inc.
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