Major drivers for the packaging industry include the increased demand for fast-moving consumer goods (FMCG) and pharmaceutical packaging, and rising e-commerce sales due to lockdowns.
Based on material type, plastic is projected to lead the packaging market during the forecast period. Plastic is described to be very necessary, and several measures are being taken to either temporarily roll back single-use plastic-bag bans or stop the implementation of state-wide ban laws. Since the demand from many end-use industries is growing, use of plastic packaging will also see a significant rise during this crisis, the study says.
The report profiles several leading players in the packaging market that include 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). They have adopted short-, mid-, and long-term growth strategies such as donations, increased production, partnerships, and others to serve their customers efficiently and increase their future market shares.
More info: COVID-19 Impact on Packaging Market - Global Forecast to 2021