On The Go Packaging Market is projected to reach a valuation of US$ 1.9 Bn in 2022
The global on-the-go packaging market is anticipated to reach a value of US$ 1.9 billion in 2022 and grow at a CAGR of 4.8% to reach US$ 2.2 billion by the year 2032, according to data from Future Market Insights. By the end of 2022, the top 3 nations are expected to control 25–30% of the global on-the-go packaging industry, according to estimates of market revenues.
According to estimates, the most profitable packaging format category during the forecast period will continue to be pouches and bags. During the years 2022–2032, the target segment is anticipated to see a CAGR of 4.2%.
Key Companies Profiled
- Amcor plc
- Mondi Group
- Sonoco Products Company
- Berry Global Group
- Smurfit Kappa Group
- Sealed Air Corporation
- WestRock Company
- Gerogia-Pacific LLC
- Huhtamaki Oyj
According to FMI analysis, the on the go packaging market revenue reached US$ 2.2 Bn for the year 2021. The demand for plastic on the go packaging is estimated to boost with the top 5 companies projected to hold around 15-20% of the global on the go packaging market by the end of 2022.
The on the go packaging market is anticipated to witness positive growth during the forecast period. A new forecast by FMI estimates that the on the go packaging sales will rise during 2022-2032 and is anticipated to create a growth opportunity of US$ 3.7 Bn.
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Historic Market Outlook for On the Go Packaging
The global on the go packaging market experienced a growth rate of 4.3% during 2016-2021 and reached US$ 1.8 Bn in 2021.
The on the go packaging includes various packaging formats such as bottles & jars, cans, trays & clamshell, pouches & bags, boxes & cartons, and others that are used for packaging food items. The demand for on the go packaging is slowly increasing due to the consumer shift towards ready-to-eat and packaged food items as it saves cooking time which benefits the working young consumers.
Also, the availability of healthy and nutritious food products by the food brand gains popularity among health consumer consumers which propels the demand for on the go packaging. The customization by the on the go packaging manufacturers such as single-serve packaging gains traction among the consumer as it helps in reducing food waste.
How does the Increasing Demand for Single Serve Packaging Augment the Sales of On the Go Packaging?
On the go packaging has been increasingly popular in the food and food services industries throughout time. The convenience features of the product, such as its small size, which makes it easy to carry, the pre-measured dose or quantity of the product, and its better uses in terms of quantity supplied, are the main elements that contribute to its market penetration. Single-use packaging helps to reduce excessive product loss during dispensing or product consumption. Single-use packaging helps to prevent or reduce product contamination, which results from frequent user contact with the product.
Many brands utilize single-use packs for sampling, to speed up the penetration of their products into other markets, and particularly to target economically disadvantaged societies in developing nations. As a substantial portion of the population in emerging economies, single-use packs are a marketing tactic intended to appeal to them.
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On the Go Packaging Market by Category
By Material, On the Go Packaging Market is Segmented as:
- Paper & Paperboard
By Packaging Type, On the Go Packaging Market is Segmented as:
- Bottles & Jars
- Trays & Clamshell
- Pouches & Bags
- Boxes & Cartons
- Others (Sachets, Stick Packs, etc.,)
By End-users, On the Go Packaging Market is Segmented as:
- Foodservice Outlets
- Institutional Foodservice
- Online Food Delivery
By Region, On the Go Packaging Market is Segmented as:
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
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