The packaging market is expected to have an annual growth rate of 3.42% in 2021 and is expected to grow at a CAGR of 4% between 2020 and 2025, according to a new report by research company Technavio.
The study shows APAC is the largest market for packaging. The rapidly expanding end-user industries such as e-commerce, fast-moving consumer goods (FMCG), and personal care will facilitate the packaging market growth in APAC over the forecast period. The global packaging market is fragmented in nature due to the presence of several global and regional players, and the growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their products.
APAC will provide maximum growth opportunities in the global packaging market during the forecast period. According to our research report, the region currently holds 41% of the global market share and is expected to dominate the market through 2025. In addition, countries such as the US, China, UK, India, and Canada are expected to emerge as prominent markets for packaging during the forecast period.