The global micro packaging market size is expected to witness an elevated growth owing to rising advancements in the food & beverage industry and rapid development and popularity for sustainable manufacturing. This information is provided by Fortune Business Insights™, in its report, titled, “Micro Packaging Market, 2022-2029.” Also, rising issues towards health related issues coupled with increasing demand for the micro-packaging sector.
COVID-19 Impact: Government Rules Regarding Lockdowns to Hamper Growth
The COVID-19 pandemic has a critical and negative impact on the market during the primary stage of the outbreak. Commotion in parts of the export trade routes from China, large scale production disruptions are expected to follow. Owing to exponential lockdown measures, the manufacturing section of the market is expected to drop. Also, disruptions in the supply chains and volatility in the raw material pricing will further decrease the growth of the market. However, as the pandemic passes on, the pace of the market is expected to propel due to increasing awareness of the added benefits.
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On the basis of material, the market can be divided into paper & paperboard, glass, metal, plastic copolymers, and others.
By application, the market can be broken down into vials, cartons, films, boxes, blister packs, sachets, pouches, and others,
In terms of end-use, the market can be fragmented into food & beverage industry, personal care & cosmetic industry, pharmaceutical industry, and others,
In terms of region, the market can be categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The report covers a holistic study of the market in terms of drivers, restraints, trends, and opportunities along with future acquisitions that can instill huge investment gains. A step-by-step breakdown of the regional analysis is offered in the study. The economic impacts of COVID-19 have been presented in order to aid our readers and business owners towards understanding navigating the market in an effective manner. The top players in the sector are also identified and their accompanying strategies are noted.
Drivers & Restraints
Expanding Food & Beverages Sector to Bolster Growth
Factors such as increasing technological advancements such as development of new biochemical compounds and rising functionality will increase the footprint of the market during the forecast period. Added benefits such as improved bio-availability and antimicrobial effects will fuel the micro packaging market share. Increasing technological innovations and rising demand for customization based packaging will further boost the growth of the market.
However, high initial investment in terms of manufacturing will limit the growth of the market during the forecast period.
Europe to Lead Market due to Increasing Rate of Research & Development Activities
Europe is expected to hold the largest market share due to a shifting trend towards research and development activities along with increased focus towards smart packaging solutions. Also, stringent environmental regulations have led to organizations moving towards micro packaging. These factors are expected to fuel the growth of the market during the forecast period.
North America is expected to contribute a substantial market share due to rising demand for medicine from the expanding pharma sector along with rising consumer demand for healthcare, food & beverages, household products, cosmetics and toiletries. Factors such as rapidly expanding retail sector and increased focused of dominate players towards micro packaging will further boost the micro packaging market growth.
The rise of the market in the Middle East & Africa will hold a subsequent share due to increasing food industry and rising private investments towards developing a flexible and fully compostable packaging solutions.
Prominent Players to Launch Varied Assortment of Products to Strengthen Business Position
The dominant players in the market are constantly striving for recouping a large market share in order to foster their global position. Such strategies include mergers & acquisition, collaborations, and launching novel product launches. Other players opt for improving their supply chains and investing heavily in research and development activities for capturing a larger consumer base. For example, in August 2019, scientists from the Department of Process Engineering, Stellenbosch University at South Africa, aimed to form Acetylated hemicellulose films that are suitable for fatty foods packaging that are formed using nano-cellulose reinforcement and polycaprolactone coating.
December 2019: At the Department of Food & Nutrition at Korea, BioNanocomposite Research Center, scientists experimented with a synthesis of Fe304/SiO2/PAMAM dendrimer/AgNP hybrid nanoparticles for preparing carrageenan-based functional nanocomposite films. These films had the ability to exhibit high UV-barrier property and clear antibacterial activity against all forms of pathogenic bacteria.
List of Key Players Present in the Market
Honeywell International Inc.
Beijing ChamGo Nano-tech Co. Ltd.
Bemis Manufacturing Company
Graham Packaging Company
CKS Packaging Inc.
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