USD 1,208.24 million
Report ID:
SQMIG15G2066 |
Region:
Global |
Published Date: November, 2024
Pages:
157
|Tables:
72
|Figures:
64
Global Micro Packaging Market size was valued at USD 5.4 billion in 2022 and is poised to grow from USD 6.4 billion in 2023 to USD 21.1 billion by 2031, growing at a CAGR of 16.1% during the forecast period (2024-2031).
The micro-packaging process involves the incorporation of nanomaterials, including films and nano-coatings, to achieve high-barrier solutions within the packaging space. Therefore, micro-packaging is a relatively new concept and presents profitable growth opportunities in virtually all verticals affecting the packaging industry. The micro-packaging industry should benefit from technological advances, particularly in the sector the healthcare sector, due to the growing popularity of efficient and advanced packaging solutions.
Micro packaging demand is rising, and one of the reasons for that as it provides transportation of products free from contamination. With a rise in awareness and popularity, the demand for micro packaging has led to new growth opportunities by creating new lucrative micro packaging.
As permeability being one of the most critical aspects of packaging, the concept of micro-packaging is gaining popularity across industries. The use of micro-packaging materials enhances the protective barrier function as these materials are fully permeable water vapour, atmospheric gases or other natural substances present in the packaged products. These factors are expected to increase the adoption of micro packaging materials, especially in the food and pharmaceutical industries during the projected period.
Major drivers for the micro packaging market include the increasing demand for FMCG and pharmaceutical products and rise in e-commerce sales due to lockdown has led to growth of packaging market. Also, due to the technological advancement the micro packaging, innovations in raw material in many of the new package shapes the market has driven.
US Micro Packaging Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1,208.24 million
Largest Segment
Pharmaceutical Industry
Fastest Growth
Pharmaceutical Industry
Growth Rate
5.8% CAGR
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Global Micro Packaging Market is segmented by Material, Packaging Type, Application and region. Based on Material, the market is segmented into Plastic, Metal, Others. Based on Packaging Type, the market is segmented into Paper and Board, Corrugated Boxes, Boxes & Cartons (Rigid, Folding, Trays), Flexible Paper (Paper Bags, Shipping Sacks, Sachets/Pouches, Stand-Up Pouches, Blister and Strip Packs), Glass, Liquid Cartons (Brick Liquid Carton, Gable Top Liquid Carton, Shaped Liquid Carton), Films, Bottles, Cans, Others. Based on application, the market is segmented into Food & Beverage, Pharmaceutical, Personal Care & Cosmetics, Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Micro Packaging Market Analysis by Type
On the basis of Type, the Global Micro Packaging Market is segmented into paper & paperboard, glass, metal, plastic, corrugated boxes, flexible paper, and others. The plastic segment dominated the micro packaging market in terms of material in 2018 and is anticipated to hold onto the top spot over the course of the forecast period. From a manufacturing perspective, the creation of micro packaging made of plastic contributes to scale economies. However, due to growing environmental concerns over time, major industry players now favour sustainable materials to produce micro packaging solutions. Such trends are anticipated to manifest during the projection period, resulting in the expansion of the packaging segments made of paper.
Micro Packaging Market Analysis by End User
Based on End-Use the micro packaging market is segmented into Food & Beverage Industry, Pharmaceutical Industry, Personal Care & Cosmetic Industry, Others. As Leading businesses in the worldwide food and beverage sector are increasingly using environmentally friendly packaging techniques. Micro packaging is being used by them to maintain the shelf life of their products and keep them fresh throughout transportation. Food and beverage goods can be packaged using micro packaging in a variety of containers, including paper bags, pouches/sachets, glass and liquid cartons, strip packs, and more. These elements are raising the need for micro packaging, which is promoting market expansion.
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Asia Pacific 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.
China, Japan, Germany, France, and the US are expected to witness high consumption for packaging products between 2020 and 2021 due to increasing demand for healthcare products such as syringes, vials, and cartridges.
The involvement of dominant market players who appeal to a wide client base fuel the national micro packaging sector. The pharmaceutical industry's continued growth is expected to propel the area to significant growth in emerging economies including South Korea, Thailand, and Malaysia.
Because of the significant R&D efforts made by major corporations and the technologically advanced healthcare industry, the North America and Western Europe regions are anticipated to lead the worldwide micro-packaging market. Over time, it is anticipated that the creation of micro packaging will be more prevalent in Japan and Eastern Europe.
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Micro Packaging Market Driver
Micro Packaging Market Restraint
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The Global Micro Packaging Market is in between of consolidated and fragmented market. And moving towards the fragmented market as the key players are now focusing to move towards nano packaging. Also, various new innovations in technologies, new merger and acquisition and partnerships led to a competitive market. Ley players in the market are Amcor (Australia), Ball Corporation (US), Bizongo (India), International Paper (US), Tetra Pak (Switzerland), Berry Global Inc. (US), DS Smith Plc (UK), Mondi Group (Austria), Macfarlane Group Plc (UK) and Smurfit Kappa (Ireland) operating in the packaging market have adopted short, mid, and long-term growth strategies such as donations, increased production, partnerships, and others to serve their customers efficiently and improve their future market shares. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.
Micro Packaging Market Top Player's Company Profiles
Micro Packaging Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Micro Packaging Market Analysis, in terms of material the plastic segment dominated the micro packaging market. Also, As the demand for personalization has increased, packing methods have changed in many ways in recent years. The global micro packaging business has advanced technologically as a result of innovation in raw materials used in numerous innovative package formats. Depending on the clearance for food contact, the micro packaging solution can be switched back and forth between polymers. Numerous food sectors have taken notice of this technique due to its ability to be customized and the superior gas barrier qualities.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 5.4 billion |
Market size value in 2031 | USD 21.1 billion |
Growth Rate | 16.1% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Micro Packaging Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Micro Packaging Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Micro Packaging Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Micro Packaging Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG15G2066
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