Global Packaging Resins to grow at CARG of nearly 8% Due to Rising Demand for Processed Foods

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Technavio analysts forecast the global packaging resins market to grow at a CAGR of nearly 8%during the forecast period, according to their latest market research report.

Surging demand for bioplastics is one of the major trends being witnessed in the global packaging resins market 2018-2022. Bioplastics are biodegradable products that are derived from various natural and renewable sources such as potatoes, vegetable oil, rice, pea starch, tapioca, cornstarch, sugar cane, wheat, grains, and cellulose from wood. Bioplastics are preferred over conventional plastics as they are eco-friendly in nature. Also, several national governments worldwide support the use of bioplastics for the packaging industry.

According to Technavio analysts, one of the key factors contributing to the growth of the global packaging resins market is the rising demand for processed foods:

Global packaging resins market: Rising demand for processed foods

The growth of the global packaging resins market can be attributed to factors such as changes in consumer behavior patterns and the growth of the processed food industry. The requirement for lightweight packaging has gone up and has exerted a positive influence on the growth of the market owing to the increase in demand for convenience foods and fast food. The packaging of a product plays a significant role in the demand for the product and the life cycle of a product.

According to a senior analyst at Technavio for research on specialty chemicals, “Processed foods require easy and flexible packaging material, which is convenient for the customer and ensures product safety. As consumers look for convenient, easy-to-use, and lightweight packaging, innovative paperboard packaging solutions are being developed by packaging manufacturers to tap into the growing organized retail and processed food markets.”

Global packaging resins market: Segmentation analysis

The global packaging resins market research report provides market segmentation by end-user (food and beverages, consumer goods, and healthcare), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

The food and beverages segment held the largest market share in 2017, accounting for nearly 63% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.

APAC led the market in 2017 with a market share of nearly 41%. This region is expected to dominate the market through 2022.