A report just published entitled Global Packaging Market 2017-2021 forecasts market growth at a CAGR of 5.76% over the coming years. The detailed report based on in-depth market analysis covers the market landscape and its growth prospects. It also includes a discussion of the key vendors operating in this market. To calculate the market size, the report considered the revenue generated from the sales of packaging.
Packaging is closely linked to the third-party logistics (3PL) market, as packaging is an important aspect of the logistics supply chain. Packaging is a technology that refers to the process of enclosing or wrapping of products for various purposes, such as storage, distribution, safety, and adding aesthetic value and protection from the external environment for sales.
An analyst from the research team commented: “The latest trend gaining momentum in the market is focus on sustainable packaging solutions. Consumer product manufacturers prefer various types of eco-friendly packaging designs and materials for supporting sustainable business operations. For instance, paper can be recycled up to seven times, thereby giving corrugated packaging vendors an advantage over other types of packaging product vendors. Thus, packaging vendors are focusing on the production of the packaging solutions, such as corrugated boxes, which are 100% recyclable.”
The report explores a number of key questions, for example, the major drivers for this market. One key driver is growth of the global e-commerce market, including online retail shopping, which has witnessed a substantial growth during the period 2014-2017, and is further expected to witness a high growth rate during the forecast period, which boosted the demand for packaging products for the safe shipment of products.
Further, the report suggests that one of the major factors hindering the growth of this market is volatility in raw material prices. Various types of raw materials used in the packaging industry are plastic, wood, glass, and corrugated paper. The cost of the raw material is one of the vital factors in determining the end-products cost. Any such increase in the price of raw materials increases the manufacturing cost of the packaging as well as reduces the profit margin of the vendors.
The issue of packaging waste, recycling and compliance doesn’t appear to be addressed in the report. One sure fact is, with a projected increase in packaging, this issue is not going away any time soon.
Details of the report and how to buy it can be found at: https://www.researchandmarkets.com/research/968v2b/global_packaging