FMCG Packaging Market Expected to Reach $1,377 Billion by 2033

According to a new report published by Allied Market Research, titled, “FMCG Packaging Market," The FMCG Packaging Market size was valued at $886.00 billion in 2023, and is estimated to reach $1377 billion by 2033, growing at a CAGR of 4.6% from 2024 to 2033.

FMCG stands for Fast-Moving Consumer Goods, which refers to merchandise which can be offered quickly at low cost and are consumed often. These include items inclusive of food, liquids, toiletries, household goods, and personal care products. Packaging associated with FMCG performs a important function in keeping the product at good condition, attracting consumers' attention, and facilitating their transportation. FMCG packaging often need to be cost-effective, convenient, visually appealing, and environmentally friendly. It consists of diverse kinds of packaging such as bottles, cans, pouches, bins, and wrappers, designed to fulfill the unique needs and choices of consumers while making sure the integrity of the product for the duration of its lifecycle.

Commonly found forms of FMCG packaging is baggage and pouches, bottles and jars, paper and paperboard bins, aerosol cans, tubes, and others. Among those type, the bottles and jars segment held the biggest FMCG Packaging Market share in terms of revenue in 2023. Alternatively, paper and paperboard packing boxes segment is expected to dominate the FMCG packaging market forecast.

Furthermore, in 2023, the food and beverages segment dominated the global market due to the consistent demand for essential food and beverage products worldwide. Additionally, as consumer preferences continue to shift towards healthier and more convenient food options, the food and beverages segment is expected to maintain its prominent position in the market. Moreover, the pet care segment is projected to experience significant growth with a significant CAGR. This growth can be attributed to factors such as increasing pet ownership, growing awareness of pet health and well-being, and the rising demand for premium pet care products. As pet owners increasingly prioritize the health and happiness of their pets, the demand for high-quality pet care products is expected to rise steadily over the forecast period.

Furthermore, the report is also analyzed based on the application of FMCG packaging in different industry verticals, including chemical and pharmaceuticals, building and construction, oil and lubricant, agriculture and horticulture, and others. In 2023, chemical and pharmaceuticals segment held the largest market share in terms of revenue. On the other hand, food and beverages segment is anticipated to grow with a higher CAGR during the forecast period.

However, volatile organic compound (VOC) emission during the manufacturing and curing processes of plastic packaging has led to the formulation of various regulations on packaging manufacturers. Moreover, regulatory norms on FMCG packaging related to food contact application and pharmaceutical products are expected to hamper the FMCG Packaging Market growth. Conversely, increase in Research and development activities for innovation of FMCG packaging solutions are expected to provide new opportunities for the manufacturers.

In 2023, Asia-Pacific dominated the global FMCG packaging market, in terms of revenue. Moreover, the market in Asia-Pacific is anticipated to grow with the highest CAGR, owing to growth in the rising sales of FMCG products attributed to rising disposable income.

Furthermore, key players in the FMCG packaging market are adopting various development opportunities such as product launch, acquisition, geographic expansion, and others. For instance, in April 2024, GEKA has launched a novel recycled polypropylene (PP) material tailored for cosmetics packaging. This groundbreaking material, the first-ever bulk and formulation-compliant post-consumer-recycled (PCR) polypropylene (PP) suitable for primary cosmetic packaging, offers remarkable color brilliance and ensures no loss of visual effects. Additionally, it substantially reduces CO2 emissions by 75% compared to virgin materials.

However, various businesses in the FMCG packaging market are expected to witness a slow growth rate in the coming year, owing to the looming recession in major countries driven by the Ukraine-Russia war. The inflation has already led to higher prices of raw materials used in the packaging manufacturing sector.

Key companies profiled in the FMCG packaging market report include Amcor plc, Tetra Pak, Ball Corporation, Sealed Air Corporation, Huhtamaki, Berry Global Group, Inc., DS Smith plc, Mondi Group, RPC Group, and WestRock Company.

KEY FINDINGS OF THE STUDY

• The report provides an extensive analysis of the current and emerging FMCG packaging market trends and dynamics. 
• Depending on product type, the bottles and jars segment held the largest market share in terms of revenue in 2023.
• By material, the plastic segment accounted for the highest market share in 2023.
• By application, in 2023, the food and beverages segment held the largest market share in terms of revenue. On the other hand, food and beverages segment is anticipated to grow with a higher CAGR during the forecast period.
• Asia-Pacific is projected to register the highest growth rate in the coming years.
• The key players within the FMCG packaging market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the FMCG packaging industry.
• The report provides an extensive analysis of the current trends and emerging opportunities in the market. 
• In-depth FMCG packaging market analysis is conducted by constructing estimations for the key segments between 2024 and 2033.