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Home Care Packaging Market worth USD 172.17 billion by 2028, registering a CAGR of 8.5% - Report by Market Research Future (MRFR)

/EIN News/ -- New York, Sept. 16, 2021 (GLOBE NEWSWIRE) -- Home Care Packaging Market Overview: According to a comprehensive research report by Market Research Future (MRFR), Home care packaging Market by Product (Dishwashing, Insecticides, Laundry Care, Toiletries, Polishes, Air Care and Others), By Material (Plastic, Paper, Metal and Glass), By Packaging Type (Bottles, Cans, Cartons, Jars, Pouches and Others) and By Region - Global Forecast to 2028” the market size is projected to be worth USD 172.17 billion by 2028, registering a CAGR of 8.5% during the forecast period (2021 - 2028)., The market was valued at USD 98.45 billion in 2021.

Key Players

Eminent players profiled in the home care packaging industry report include –

  • Amcor Limited (Australia)
  • Mondi (South Africa)
  • Bemis Company Inc. (U.S.)
  • Rexam plc (U.K)
  • RPC Group (U.K.)
  • Winpak Ltd. (Canada)
  • AptarGroup Inc. (U.S.)
  • Sonoco Products Company (U.S.)
  • Silgan Holdings (U.S.)
  • Tetra Laval (Switzerland).


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COVID-19 Analysis

Supply chain disruptions, economic situations, fluctuations in demand share, as well as long-term & immediate effect of the COVID-19 pandemic possessed a negative effect on the home care packaging market growth. The pandemic has slowed down economic activity and pushed the economy into a steep recession. With the roots being in China, the supply chains in the world are facing shutdown and unprecedented disruption. Besides, the initial setback, the industry is likely to return to normalcy during the forecast period and continue growing much beyond also.

The global home care packaging market is both fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches and more.


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Drivers

Alluring Features of Plastic to Boost Market Growth

The alluring features of plastic such as durability, strength, and flexibility that makes it ideal for packaging may boost market growth over the forecast period. The wide use of plastic through every packaging type is creating a plastic as a material. The material’s durability, strength, and flexibility make it perfect to pack different powder products, cream, and liquids in the industry. Plastic compared to other materials is highly flexible thus can be molded into all shapes. Besides, there has been a gradual shift in the preference of customers towards the use of flexible plastic packaging over rigid counterparts for it sustainability and convenience. Flexible plastic packaging materials are 80% lighter in weight than rigid plastic materials along with being cheaper.

Opportunities

Use of Advanced Technologies to Offer Robust Opportunities

The use of advanced technologies like radio frequency identification (RFID), near field communication (NFC), and artificial intelligence (AI) for improving smart packaging services like preventing counterfeit, offering accurate information regarding inventory tracking and enabling consumers to track goods using smartphones will offer robust opportunities for the market over the forecast period.

Besides, increasing adoption of such packages in developed economies will also boost market growth. It is likely to witness a rise in demand in developing countries in near future owing to the growing awareness regarding home care services.

Restraints

High Fragmentation to act as Market Restraint

High fragmentation of homecare products market may act as market restraint over the forecast period.

Challenges

Environmental Concerns to act as Market Challenge

Environmental concerns related to the usage of plastic material may impede the home care packaging market value over the forecast period.


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Market Segmentation

The global home care packaging market has been segmented based on packaging type, material, and product.

By product, the toiletries products will lead the market over the forecast period at a high CAGR for the growing hygiene concern among every class of people across the world.

By material, the plastic segment will dominate the market over the forecast period for the wide application of plastic across every major packaging type.

By packaging type, the bottles segment will spearhead the market over the forecast period for the convenience in flexibility to handle every form of home care product, transporting, and storage.

Regional Analysis

APAC to Lead Home Care Packaging Market

The APAC region will lead the home care packaging market over the forecast period. Increasing population, new need for home care products, changing lifestyles, growth in developing markets like China and India owing to high retail sales growth, higher sales growth percentage of consumer goods, and growing consumer expenditures are adding to the global home care packaging market growth in the region. Besides, the rapidly growing packaging industry in the region, increasing urbanization, improved living standards, increasing disposable income of consumers, and several initiatives of the government like organizing the campaigns to create awareness regarding health issues for the lack of cleanliness are also adding to the growth of the market in the region.

North America to Have Healthy Growth in Home Care Packaging Market

North America will have healthy growth in the market over the forecast period at a significant CAGR. High awareness regarding health, the presence of major packaging companies, high standard of living, high disposable income, and the willingness to pay more for premium cleaning products are adding to the global home care packaging market share in the region.

Segmentation of Market covered in the research:

Home Care Packaging Market Report by Product (Dishwashing, Insecticides, Laundry Care, Toiletries, Polishes, Air Care and Others), By Material (Plastic, Paper, Metal and Glass), By Packaging Type (Bottles, Cans, Cartons, Jars, Pouches and Others) and By Region - Global Forecast to 2028


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