The global packaging market size during the COVID-19 pandemic is projected to grow from USD 909.2 billion in 2019 to USD 1,012.6 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 5.5% as the most likely outcome during the forecast period, with the best-case scenario reflecting 9.2% growth and the worst-case scenario at 2.2% growth. The major drivers for the packaging industry include the increased demand for FMCG and pharmaceutical packaging, rising e-commerce sales due to lockdown.
APAC is projected to be the largest packaging market during the forecast period, fueled by the easy availability of packaging raw materials such as plastic, fiber, and glass and the presence of manufacturing facilities of most of the packaging companies. North America is expected to suffer the most during the pandemic, with non-operational plants and factories and the rising number of cases each day. The severity of the disease would lead to a low growth rate for 2019-21 for the packaging market.
Packaging products are used in healthcare, food & beverages, household hygiene, beauty & personal care, electrical & electronics, and other applications. Companies, such as Amcor (Australia), Ball Corporation (US), Bizongo (India), International Paper (US), Tetra Pak (Switzerland), Berry Global Inc. (US), DS Smith Plc (UK), Mondi Group (Austria), Macfarlane Group Plc (UK) and Smurfit Kappa (Ireland) are operating in the packaging market. They have adopted short, mid, and long term growth strategies such as donations, increased production, partnerships, and innovations to serve their customers efficiently and increase their future market shares.
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Amcor (Australia) has decided to continue its plant operations and make sure that customers get the products without facing any shortages. The company donated USD 0.15 million to the China Health Organization, surgical masks & medical supplies to hospitals, and rigid containers to a distillery in North America that is using its plant to make hand sanitizer for local emergency services. Since healthcare and household hygiene have been the most critical industries, Amcor has ramped up its production to meet the demands. They have donated more than 100,000 of their trademark STELVIN®LUX closures to a French company named Peureux which has converted its facilities to manufacture sanitizers
Ball Corporation (US) has increased its production of crowler cans. The company, which is North America’s sole producer of 32 oz. crowler cans, increased the size of its planned second-quarter run, and is working to expedite shipments when possible. As states have forced bars, restaurants, and breweries to close for on-premise service during the COVID-19 pandemic, craft breweries whose taprooms are their primary source of revenue have turned to to-go sales of cans, growlers, and crowlers to stay afloat. The demand for alcohol has surged up at a very high pace due to the lockdown.
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