Valued at US$ 5.71 Billion in 2022, the cluster packaging market is forecast to embark on a healthy growth trajectory from 2022 to 2032. As per the report published by Future Market Insights, a CAGR worth 5% is projected for the market to reach a figure of US$ 9.3 Billion.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2022 | US$ 5.71 Billion |
| Projected Market Value in 2032 | US$ 9.3 Billion |
| Growth Rate (2022 to 2032) | 5% CAGR |
Packaging plays a crucial role in maintaining the safety of products. The development of end user sectors such as FMGC, electronic, health supplements and personal care products is driving the demand for unique packaging that helps in keeping the product safe.
Moreover, the launch of chemically-induced products along with organic products is driving the demand for cluster packaging. The chances of the product getting damaged are high. This, in turn, has increased the demand for safe and reliable packaging of products.
The growth of cluster packaging market can be attributed to the safety it provides along with the convenience it offers consumers for carrying products. Cluster packaging products such as cans, jars, containers, cups and boxes ensure that the product does not spill or be harmed by external factors.
This had led to the wide adoption of cluster packaging for various products. Furthermore, cluster packaging manufacturers are maximizing sales opportunities owing to the sustainable nature of certain cluster packaging products.
Future Market Insights states that the convenience of carrying products in bulk is favoring the growth of cluster packaging. Most consumers are investing in products that are packaged in larger quantities. This, in turn, reduces the number of times they have to buy the same product and helps in storing goods for a longer duration.
The material used for cluster packaging such as kraft paper, poly coated paper or folding box is another reliant factor of cluster packaging accelerating the growth of the market.
The advantages associated with cluster packaging are positively influencing the growth of the market.
In the upcoming years, the role of packaging products will become essential as consumers are becoming more aware of the impact their choices have on the planet. Moreover, cluster packaging not only promises but also delivers on saving material and packaging products in bulk, making it a desirable and dependable option.
Cost-effective packaging along with flexible packaging is a sustainable trend in the packaging industry. This has led to manufacturers reinventing the current style of packaging and changing the same to cater to the need of end user industries.
From liquid products to ointments and creams, the nature of packaging varies for every end user industry. But, with the cluster packaging industry undergoing drastic changes, the dependency on the same is expected to increase in the future.
Packaging industry has significantly grown in the past few years primarily driven by growth in the FMCG sector. Moreover, food products, health supplements, and electronic components are some of the industries that have seen improvements regarding demand over the last few years and are more easily available due to an efficient packaging solution.
Cluster packaging is suitable to carry products in bulk at a time and is also very handy for consumers. Demand for cluster packs is expected to be driven by increasing adoption of packaging technology across developing geographies across the globe.
Growth in demand for cluster packaging is expected to grow steadily for several reasons. One of them is increasing demand for flexible packaging which is driving the growth of the cluster packaging market.
Another important factor contributing towards the growth of cluster packaging market are, expanded use of bulk products, higher value packaging that offer better performance and are more cost effective than smaller packaging with shorter term service capability. In addition the reusability feature of the pack is also contributing to the growth of cluster packaging market. Growing awareness of environmental issues is also a growth strategy that key players of cluster packaging market are adopting.
Many regulatory bodies such as the European Food Safety Authority and U.S. FDA have implemented various regulations for the use of safe and eco-friendly products, mostly in the food industry. Also, the high initial cost of cluster packaging material is considered as another restraining factor towards the growth of cluster packaging market.
Geographically, the cluster packaging market can be segmented into North America, Latin America, Europe, Asia-Pacific (APAC) and the Middle East & Africa (MEA). The growth of global Cluster packaging market is expected to witness a healthy CAGR over the forecast period of 2016-2024.
Moreover, Asia-Pacific is expected to witness a high growth in the cluster packaging market due to the rising consumption of food and beverage products. Further North America is expected to witness an above average growth due to the higher adoption of cluster packaging in beer and wine industries.
Some of the key players of the global cluster packaging market are Westrock, Wipak, Mondi Group, PET Power, Smurfit Kappa Group PLC, Gerresheimer AG, and Klöckner Pentaplast GmbH & Co. KG., Graham Packaging, Berry Plastic Group Inc., Alpha Packaging, Constar International, Dunmore, Yantai City Fushan District Long Tai Plastic Co., Linyi City Qingwen Plastic Products Factory, Laizhou Meiao Industry And Trade Co., Ltd., Yixing City Xingfei Bulk Bag Co., Ltd., Shanghai Wellzone Packaging Co., Limited.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies.
The research report provides analysis and information according to market segments such as geography, material type, product type, packaging style, number of tier type and end use.
The report is a compilation of first-hand information, qualitative, and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The global cluster packaging market can be segmented on the basis of material type, product type, packaging style, number of tier type, end-use and by region. On the basis of material type cluster packaging market can be segmented into paper & paperboard, plastic, and others.
Further paper & paperboard can be categorized into corrugated paper, Kraft paper, poly coated paper, folding box board and others. On the basis of product type cluster packaging market can be segmented into bottles & jars, cans, containers, boxes, cups, and others.
On the basis of packaging style cluster packaging market can be segmented into neck-through style, over the top style, handle based style, cluster sleeve style, cluster side style and others. On the basis of number of tiers, cluster packaging market can be segmented into single tier cluster packaging and multiple tier cluster packaging.
On the basis of end use cluster packaging market can be segmented into food, beverages, pharmaceuticals & healthcare, personal care and cosmetics industry, industrial goods and others. On the basis of region, cluster packaging market can be segmented into North America, Latin America, Europe, Asia-Pacific and the Middle East & Africa.
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Cluster Packaging Market
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