MarketsandMarkets05.04.20
The global packaging market size during this pandemic is projected to grow from $909.2 billion in 2019 to $1,012.6 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 5.5% as the most likely outcome during the forecast period, with the best-case scenario reflecting 9.2% growth and the worst-case scenario at 2.2% growth.
Based on type, the plastic packaging segment is projected to lead the market during the forecast period. Plastic is described to be very necessary to feed and help our nation as well to manage waste. The COVID-19 crisis has shown that, since the demand from many end-use industries is growing mainly in the food & beverage segment, the use of plastic packaging will also see a significant rise during this crisis.
Based on application, the world has awakened to the potential risks of COVID-19; and there has been a massive effort to add capacity to the healthcare system rapidly. Healthcare products, such as syringes, vials, and cartridges, are required on a large scale amidst this pandemic to fulfill the increasing global demand.
APAC is projected to be the largest packaging market during the forecast period, fueled by the easy availability of packaging raw materials such as plastic, fiber, and glass and the presence of manufacturing facilities of most of the packaging companies. North America is expected to suffer the most during the pandemic, with non-operational plants and factories and the rising number of cases each day. The severity of the disease would lead to a low growth rate for 2019-21 for the packaging market.