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How Has The Home Care Packaging Market Size Evolved And What Is Its Projected Growth?
The home care packaging market has expanded swiftly over the previous years. Current forecasts predict it will increase from $112.25 billion in 2023 to $123.64 billion in 2024, resulting in an impressive compound annual growth rate CAGR of 10.1%. This historic development can be largely accredited to the augmented convenience packaging, a rising importance placed on sustainability efforts, increased focus on branding and aesthetic appeal, a growing demand for child-resistant packaging, and a burgeoning aging population.
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What Is The Forecasted Growth Of The Home Care Packaging Market?
Looking to the future, the home care packaging market is anticipated to witness substantial growth, climbing to $181.27 billion in 2028 at a compound annual growth rate CAGR of 10.0%. This promising projection can be traced back to increasing health and safety concerns, the fast-paced expansion of e-commerce, the trend of aging-in-place, a growing demand for personalized products, and increasing regulatory changes. Furthermore, significant trends for this forecasted period encompass smart packaging, convenience and portability, tamper-evident seals, customization and personalization, and overall visual appeal and branding.
But, it's not just market trends and the general demand contributing to such growth. The increased health awareness brought about by the COVID-19 pandemic has played a sizeable role in this development. Understandably, the epidemic has improved the global public's health consciousness, triggering an increase in the usage of disinfectants both on a personal and public level. This demand surge in home care packaging products like detergents, surface cleaners, and air fresheners has led e-commerce giants like Amazon to enjoy a 30% year-over-year sales growth in the household cleaning products market. Consequently, such rising health awareness is expected to drive the growth of the home care packaging market in future years.
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Who Are The Key Industry Players In The Home Care Packaging Market?
Considerable companies currently operating in the home care packaging market include Amcor plc, Sonoco Products Company, Ball Corporation, Resources Planning Consultants Group, Winpak Ltd., AptarGroup Inc., Silgan Holdings Inc., DS Smith plc, Canpack SA, ProAmpac LLC, Mondi plc, Tetra Laval International SA, Constantia Flexibles Group GmbH, Essel Propack Ltd., International Paper Company, WestRock Company, Smurfit Kappa Group plc, Oji Holdings Corporation, Packaging Corporation of America, Huhtamaki Oyj, Gerresheimer AG, Berry Global Group Inc., Libo Cosmetics Co. Ltd., Alpenplastik Lehner Alwin GmbH, Chinese cosmetic packaging company, Sealed Air Corporation, Coveris Holdings SA, Graphic Packaging International LLC, Tekni-Plex Inc., Uflex Ltd.
What Are The Emerging Trends In The Home Care Packaging Market?
Strategic collaborations and partnerships are emerging as prominent trends in the home care packaging sector, with prominent companies looking to extend their reach, maintain competition, and cater to consumer demand demands. For example, in December 2021, US-based packaging company, Sonoco, acquired Ball Metalpack to improve its consumer packaging division. August 2023 also saw Australia-based packaging company, Amcor plc, acquire Phoenix Flexibles Pvt. Ltd., aiming to expand their capacity in the high-growth Indian market.
How Is The Home Care Packaging Market Segmented?
The home care packaging market covered in this report is segregated into:
1 By Packaging Type: Bottles And Containers, Metal Cans, Cartons And Corrugated Box, Pouches And Bags, Other Packaging Types
2 By Material: Plastic, Paper, Metal, Glass
3 By Product: Dishwashing, Insecticides, Laundry Care, Toiletries, Polishes, Air Care, Other Products
Which Regions Dominated The Home Care Packaging Market?
In 2023, Asia-Pacific emerged as the largest region in the home care packaging market, followed by Western Europe, Eastern Europe, North America, South America, and then the Middle East and Africa.
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