As per the estimates of the World Packaging Organization, the packaging industry records a yearly turnover of approximately US$500 bn. The packaging industry is impacted by the introduction of new materials, economic health, and consumer trends. Starting from pharmaceuticals to food and beverages to furniture to electronics as well as a myriad of consumer and industrial durables, packaging plays a crucial role in the value chain of several industries. The packaging industry is having a gradual shift towards smaller sized packaging and this has in turn brought about slow but visible changes in the procurement, raw materials, and the associated processes utilized by the key companies operating in the whole packaging value chain.
The increasing investments in construction and housing, rising globalization, retail chain developments, and the flourishing cosmetics and healthcare sectors have fuelled the packaging industry. In addition, factors such as sustainability initiatives, technical advancements, and the increasing disposable income in emerging regions such as India, China, Russia, and Brazil have raised the consumption of a wide range of products and has resulted in augmenting the demand for packaging to pack these goods. The prime players operating in the industry include International Paper Company, Tetra Laval, Reynolds Group, Amroc, Crown Holdings, and others
The information has been compiled by carrying on in-depth market evaluation after gathering lucrative information from leading industry experts. The growth prospects and competitive landscape of the packaging industry also form a part of this analysis.