Packaging set to surge from Covid
The global packaging market size during the Covid-19 pandemic is projected to surge from US$909bn to US$1trn by next year, according to Covid-19 Impact on Packaging Market – Global Forecast to 2021, a new report from Research and Markets.
The drivers behind this growth include the increased demand for fast-moving consumer goods and pharmaceutical packaging, and rising ecommerce sales due to lockdowns.
The report said plastic is projected to lead the market during the forecast period. Because demand for many end-use industries is growing, the use of plastic packaging will see a significant rise during the Covid-19 crisis.
The Asia-Pacific region, which includes Australia and New Zealand, is projected to be the largest packaging market, at least through next year. The growth in the region is fuelled by the easy availability of packaging raw materials such as plastic, fibre, and glass, and the presence of manufacturing facilities of most of the packaging companies. The market sizes estimated in the study were validated through primary interviews conducted with various industry experts globally.