Regional Insights
North America:
- CAGR: North America is expected to grow at a substantial CAGR of 3.54% during the forecast period.
- Drivers: Growth is driven by consumer demand for convenience and ease of use in packaging.
- Key Players: Presence of major players like Sealed Air Corporation, Amcor, Berry Global Inc., and Sonoco Products Company expected to contribute significantly.
- Market Factors: Surge in online shopping and on-the-go snacking, coupled with rapid developments in the food industry, will further promote market growth in the region.
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Asia Pacific:
- Market Share: Asia Pacific held the largest market share of 38.95% in 2023.
- Reasons: Increased demand for ready-to-eat food products and rising disposable incomes are key drivers.
- E-commerce Growth: Rapid growth of e-commerce and online grocery shopping supports market expansion.
- Specific Data (India): Indian e-grocery industry expected to reach $10–$12 billion by 2025 from $2–$3 billion in 2020, with a CAGR exceeding 50%.
- Population Growth: Growing populations in China and India are additional factors supporting regional market growth.
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This structured summary highlights the significant growth projections, key market drivers, and specific regional insights crucial for understanding the packaging market dynamics in North America and Asia Pacific.
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