Home Care Packaging Market Worth $ 172.17 Billion Per
New York, September 16, 2021 (GLOBE NEWSWIRE) – Home care packaging market overview: According to a comprehensive research report from Market Research Future (MRFR), “Home Care Packaging Market by product (dishes, insecticides, laundry care, toiletries, polishes, air care products and others), by material (plastic, paper, metal and glass), by type of packaging (bottles , cans, cartons, jars, sachets and others) and by Region – Global forecasts until 2028 » The market size is expected to reach USD 172.17 billion by 2028, registering a CAGR of 8.5% during the forecast period (2021 – 2028)., The market was valued at USD 98.45 billion in 2021 .
Prominent players featured in the Home Healthcare Packaging Industry Report include –
- Amcor Limited (Australia)
- Mondi (South Africa)
- Bemis Company Inc. (United States)
- Rexam plc (United Kingdom)
- RPC Group (United Kingdom)
- Winpak Ltée (Canada)
- AptarGroup Inc. (United States)
- Sonoco Product Company (United States)
- Silgan Holdings (United States)
- Tetra Laval (Switzerland).
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Supply chain disruptions, economic situations, fluctuations in the share of demand, as well as the long-term and immediate effect of the COVID-19 pandemic have had a negative effect on the growth of the market for home care packaging. The pandemic slowed economic activity and plunged the economy into a deep recession. With roots in China, supply chains around the world are facing unprecedented shutdown and disruption. Besides the initial setback, the industry is expected to return to normal during the forecast period and continue to grow well beyond that as well.
The global homecare packaging market is both fragmented and competitive for the presence of different key international and domestic players. These players have integrated innovative strategies to stay at the forefront and also meet growing customer demand, including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches, etc.
Browse the in-depth market research report (185 pages) on the Home Care Packaging Industry
Attractive Features of Plastic to Drive Market Growth
The alluring characteristics of plastic such as durability, strength and flexibility that make it ideal for packaging may drive the market growth during the forecast period. The wide use of plastic in all types of packaging creates plastic as a material. The durability, strength and flexibility of the material make it perfect for packaging various powder, cream and liquid products in industry. Compared to other materials, plastic is very flexible, so it can be molded into any shape. In addition, there has been a gradual shift in customer preference towards using flexible plastic packaging over their rigid counterparts for their durability and convenience. Flexible plastic packaging materials are 80% lighter than rigid plastic materials while being cheaper.
Use of advanced technologies to provide solid opportunities
The use of advanced technologies such as radio frequency identification (RFID), near field communication (NFC) and artificial intelligence (AI) to improve smart packaging services like counterfeiting prevention, Providing accurate information regarding inventory tracking and the ability for consumers to track goods using smartphones provides strong opportunities for the market during the forecast period.
Besides, the increasing adoption of such packages in developed economies will also boost the market growth. It is likely to witness an increase in demand in developing countries in the near future due to the growing awareness of home care services.
High fragmentation to act as a market restriction
The strong fragmentation of the home care products market may act as a drag on the market during the forecast period.
Environmental concerns to act as a market challenge
Environmental concerns related to the use of plastics may hamper the market value of home care packaging during the forecast period.
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The global home care packaging market has been segmented on the basis of packaging type, material and product.
By product, toiletries will dominate the market during the forecast period at a high CAGR for the growing hygiene problem among all classes of people across the globe.
By material, the plastic segment will dominate the market during the forecast period for wide application of plastic in all major types of packaging.
By packaging type, the bottles segment will spearhead the market during the forecast period for the convenience of the flexibility to handle all forms of home care, transportation and storage products.
APAC leads the home care packaging market
The APAC region will dominate the home care packaging market during the forecast period. Increasing population, new needs for home care products, changing lifestyles, growing developing markets like China and India due to strong growth in retail sales, the Higher percentage of consumer goods sales growth and increase in consumer spending are contributing to the growth of the global home care packaging market in the region. In addition, the rapidly growing packaging industry in the region, increasing urbanization, improving living standards, increasing disposable income of consumers and several government initiatives such as organizing campaigns Awareness of the health issues related to lack of cleanliness is also adding to the market growth in the region.
North America to See Healthy Growth in Home Care Packaging Market
North America will experience healthy market growth during the forecast period at a significant CAGR. Strong health awareness, presence of large packaging companies, high standard of living, high disposable income, and willingness to pay more for premium cleaning products add to the global packaging market share of home care in the area.
Market segmentation covered by research:
Home Care Packaging Market Report By Product (Tableware, Insecticides, Linen Care, Toiletries, Polishes, Air Care, and Others), By Material (Plastic, Paper, Metal & Glass), by packaging type (bottles, cans, cartons, jars, pouches) and others) and by region – Global forecast to 2028
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