The global Confectionery Packaging Market size is expected to reach USD 26.8 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.7% over the forecast period. Rapid expansion of the confectionery industry will remain a key factor for the growth of the market across the world. Furthermore, growing importance of packaging in enhancing the aesthetics of the food item is boosting the demand for the product among the major chocolate, candy, and sweet manufacturers.
As of 2018, plastic dominated the industry in terms
of raw material. High flexibility, durability, and light weight make it more
preferable among the food manufacturers. However, rising awareness about
non-degradability of plastic and its harmful impact on the environment is
expected to raise the demand for environment-friendly materials such as paper
and board. Manufacturers of the food industry are focusing on introducing
plastic free sustainable packaging. For instance, in January 2019, Nestlé
announced to start paper-based packaging for its colorful sugar-coated
chocolate, Smarties in 2020.
Asia Pacific is anticipated to witness relatively
higher growth as compared to the other regions. Increasing demand for chocolate
is boosting the growth of the industry in this region. According to the Cocoa
Association of Asia, grinding cocoa beans has increased by around 15% from 2016
to 2017. This will widen the opportunity for the chocolate producers in this
region. In March 2019, Barry Callebaut, a global manufacturer of high-quality
chocolate and cocoa products, expanded its business in China. The company
opened a new CHOCOLATE ACADEMY center and a new office in Beijing.
Key competitors of this industry include Amcor
Limited; The Smurfit Kappa Group plc; Crown Holdings Incorporated; Sealed Air
Corporation; Bemis Company, Inc.; WestRock; Sonoco Products Company; The
International Paper Company; Huhtamäki Oyj; and Berry Global, Inc.
Manufacturers of this industry have been focusing on
product innovation as food producers are demanding innovative packaging to
attract consumers. In July 2018, Nestlé launched KitKat Senses in a pop-open
box design. The trays and lids of this product are made of carton board. Nestlé
collaborated with ÅR Packaging Group AB for this new KitKat series.
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Further key findings from the report suggest:
- North America accounted for 30.9% share of the overall revenue in
2018
- Asia Pacific is expected register the fastest CAGR of 7.0% from 2019
to 2025
- Plastic held the largest share of more than 50.0% in 2018
- Chocolate dominated the market with a revenue of USD 10.1 billion
for the year 2018
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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