Consumer Packaging Industry in China Anticipated to Rise at US$ 162.7 Billion by 2034: Rising Emphasis on Product Aesthetics and Branding Drives Demand for Innovative Consumer Packaging in China | Future Market Insights Inc.
The demand for plastic packaging of consumer goods in China is witnessing a notable upsurge, driven by its array of benefits including lightweight, durability, and flexibility. These packaging solutions effectively safeguard products from moisture, temperature fluctuations, and UV exposure, contributing to their popularity among consumers and manufacturers alike. This trend underscores the growing preference for plastic packaging solutions in China's consumer goods market, reflecting a dynamic shift towards efficient and reliable packaging options.
NEWARK, Del, Feb. 27, 2024 (GLOBE NEWSWIRE) -- According to Future Market Insights’ latest analysis, the China consumer packaging industry is estimated to be worth around *US$ 105.5 billion in 2024*. It is projected to exhibit a CAGR growth of *5.7%* over the forecast period, reaching an estimated industry size of *US$ 162.7 billion by 2034*.The last few years have seen tremendous growth in the China consumer packaging industry. This is mainly due to the increasing popularity of eCommerce platforms, which has resulted in a surge in digital retail. The growing purchasing power of the population has also enabled them to afford a wider range of packaged goods. These factors have substantially driven the growth of the consumer packaging industry in China.
Consumer awareness regarding hygiene and safety is on the rise globally, prompting a greater adoption of secure and tamper-evident packaging solutions. Additionally, government-led initiatives aimed at promoting sustainability within the consumer packaging sector have further propelled its rapid growth.
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A detailed examination of consumption patterns within China's consumer packaging industry indicates a notable surge in the preference for packaged snacks among consumers. This inclination toward convenient, on-the-go options has naturally led to a considerable demand for consumer packaging in China. Moreover, the cosmetics industry is experiencing a noteworthy application in sustainable packaging solutions, driven by the heightened environmental awareness among consumers.
*Key Takeaways from the China Consumer Packaging Industry*
· By packaging format, flexible packaging is estimated to hold an industry share of around 65% in 2024 and is anticipated to develop at a CAGR of 4.5% from 2024 to 2034.
· In terms of the level of packaging, the primary packaging segment is anticipated to be valued at around US$53 billion in the estimated year.
· Secondary packaging is poised to provide the most lucrative growth opportunities, expanding at a CAGR of 5.5% over the forecast period.
· Based on material, the plastics segment is projected to remain the leader in China's consumer packaging industry in the years to come, registering a CAGR of 5.0% by 2034.
· The metal segment is poised to record rapid growth with a CAGR of 6.6% throughout the forecast period. The demand for metal-based packaging is mainly influenced by growing sustainability concerns.
· By end use, the food segment is estimated to thoroughly dominate and account for over 56% of the China consumer packaging industry in 2024.
· Both the beverage and homecare segments are expected to witness rapid growth and record CAGRs of around 7.0% each by the end of the forecast period.
*“The world is constantly pushing toward sustainability. Companies providing consumer packaging in China must embrace circular economy principles by designing recyclable, reusable, or compostable packaging. This can reduce the overall environmental impact of their products as well as attract eco-conscious consumers and businesses.” *Says Ismail Sutaria, Principal Consultant, Packaging and Materials at Future Market Insights.* *
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*Competitive Landscape*
In response to consistent demand from various end-use industries and the services sector, key manufacturers in China's consumer packaging industry, such as Amcor Plc., Berry Global Company, and Crown Holdings, are prioritizing the expansion of their production capacity. The China consumer packaging industry is highly competitive. This competition is driving innovation, efficiency improvements, and a focus on meeting diverse consumer and industry demands. Companies are investing heavily in research and development to improve the performance, durability, flexibility, and sustainability of packaging materials to expand their consumer base.
*Recent Developments:*
· In December 2022, Amcor Plc. announced the inauguration of its largest flexible packaging plant in Huizhou, China, following a substantial investment of around US$100 million. The state-of-the-art facility, spanning approximately 600,000 sq. ft, reflects Amcor's commitment to expanding its manufacturing capabilities in response to the growing demand in the consumer packaging sector.
· In November 2022, Nine Dragons Paper Holdings unveiled plans for a significant capacity expansion initiative. This strategic move is geared toward increasing the manufacturing capacity of its Virgin carton board by nearly 5 million tons, positioning the company to meet the escalating demand within the consumer packaging industry.
· In June 2023, Dow and Procter & Gamble China collaborated to unveil an innovative air capsule eCommerce packaging solution. By combining Dow's high-performance PE resins with P&G China's inventive approach, this sustainable packaging aims to effectively protect products, minimize packaging waste, and enhance recyclability in the rapidly evolving eCommerce sector.
· Mars Wrigley China achieved a milestone by introducing its inaugural fully post-consumer recycled PET (rPET) packaging for the Cui Xiang Mi chocolate brand in February 2023. This 216g canister, composed entirely of rPET, not only enhances sustainability but also contributes to an estimated annual saving of 36t of virgin plastic.
*Scope of Report*
*Attribute* Details
*Growth Rate* CAGR of 5.7% from 2024 to 2034
*Base Year for Estimation* 2023
*Historical Data* 2019 to 2023
*Forecast Period* 2024 to 2034
*Quantitative Units* Revenue in US$ billion, Volume in Tons, and CAGR from 2024 to 2034
*Report Coverage* Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
*Segments Covered* · Packaging Format
· Material
· End Use
· Level of Packaging
· Technology
· Distribution Channel
*Key Companies Profiled* · Amcor Plc
· Berry Global Company
· Crown Holding
· Stora Enso Oyj
· Nine Dragons Papers
· Shanghai Zijiang Holdings
· 3M Company
· Oji Holding Corp
· CPMC Holdings Ltd
· Plastipak
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*Author*
Ismail Sutaria (Principal Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
*Explore Related Reports of Packaging: *
· The projected growth trajectory of the consumer electronics packaging industry estimated market size set to reach US$ 19.6 billion by 2024, the sector is poised for steady advancement. Anticipated to maintain a steady upward trend, the adoption of consumer electronics packaging is expected to escalate at a Compound Annual Growth Rate (CAGR) of 4.5% through 2034. By the end of that period, industry forecasts suggest that the market will exceed US$ 30.4 billion.
· The consumer electronics packaging market in Europe and USA are poised for substantial growth up to 2033. In Europe, the market is anticipated to generate an absolute growth opportunity of US$ 2.3 billion, showcasing a promising landscape for investment and expansion. Likewise, the USA market is expected to create an incremental opportunity of US$ 1.1 billion.
· Experiencing a year-on-year (y-o-y) growth of 2.5%, consumer packaging product sales in Brazil reached a significant milestone, totaling US$ 11.1 billion in 2023. Looking ahead, the Brazil consumer packaging industry is set for further expansion, with a projected compound annual growth rate (CAGR) of 2.8% over the forecast period. By 2033, industry forecasts indicate that the market size will surge to US$ 14.7 billion.
· The consumer packaging industry in India is positioned for substantial growth, with an estimated value of US$ 56.2 billion in 2024. Projections suggest that this industry will maintain a steady Compound Annual Growth Rate (CAGR) of 5.7% throughout the forecast period. By 2034, it is anticipated that the sales of consumer packaging solutions will reach an impressive US$ 92.8 billion.
· The burgeoning global AI in packaging market is poised for remarkable growth, with an estimated value of US$ 1,790.8 million in 2024. As the adoption of artificial intelligence (AI) continues to accelerate, this market is forecasted to soar to US$ 23,415.2 million by 2034. Projected to surge at an impressive Compound Annual Growth Rate (CAGR) of 29.3% between 2024 and 2034.
· The bubble wrap packaging market is poised for substantial growth, with a projected Compound Annual Growth Rate (CAGR) of 3.1% from 2024 to 2034. Forecasts indicate that this market will steadily expand and is expected to achieve a valuation of US$ 4.2 billion by 2034.
· The sustainable pharmaceutical packaging market is poised for remarkable growth, with an anticipated value of US$ 410 billion by 2034. Industry estimates project a robust Compound Annual Growth Rate (CAGR) of 15.6% until 2034.
· The sustainable packaging market is on a trajectory of significant growth, with a projected value of US$ 285.3 billion in 2024. Forecasts indicate a strong demand for sustainable packaging solutions, expected to surge at a robust Compound Annual Growth Rate (CAGR) of 5.8% over the forecast period. Looking ahead, this market is poised to sustain its impressive growth momentum, surpassing the US$ 490.5 billion mark by 2034.
· The returnable packaging market is poised for substantial growth, with a projected value of US$ 129.7 billion in 2024. Forecasts indicate a steady upward trajectory, with the market anticipated to reach US$ 248.0 billion by 2034. Moreover, the market is expected to experience significant expansion at a Compound Annual Growth Rate (CAGR) of 6.7% during the forecast period from 2024 to 2034.
· The sustainable plastic packaging market is positioned for substantial growth, with an estimated value of US$ 106.4 billion in 2024. Projections indicate a steady progression over the period from 2024 to 2034, with the market expected to register a moderate Compound Annual Growth Rate (CAGR) of 5.9%. By 2034, forecasts suggest that the industry will exceed a valuation of US$ 189.0 billion.
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