Escalating preference for convenience packaging is likely to provide a major boost to the global market for agriculture packaging over the next few years. While the expansion of the agriculture packaging market is estimated at a promising CAGR of 5.3% over 2018-2028, sales revenue is anticipated to approach US$ 9 Bn by the end of 2028 end – as indicated by a recent intelligence outlook on the global agriculture packaging market released by Future Market Insights (FMI).
FMI’s research intelligence on the global market for agriculture packaging projects bags/bins, pouches, and silo bags to remain the key product types, whereas seeds and pesticides are expected to continue holding a major share based on application. Other thriving applications include silage and food grains, which are foreseen to collectively account for nearly 3/4th of the entire market value by 2028 end.
“Agriculture packaging manufacturers are constantly considering sustainable and innovative solutions as paramount, following a heap of business opportunities presented by evolving consumer preferences,” states an expert research analyst from the Packaging domain at Future Market Insights.
Demand for Shelf Life Extension Remains the Key Booster for Innovative Agriculture Packaging Solutions
Rapidly deteriorating shelf life of pesticides and agrochemicals has been a longstanding concern among farmers, packaging manufacturers, and converters alike – which can be efficiently tackled with effective packaging solutions especially designed for extending shelf life by acquiring a better capability to withstand adverse environmental factors. Key manufacturers in the global agriculture packaging market are expected to focus more on introducing innovative packaging solutions with an intent to preserve agricultural produce over a longer time, irrespective of external environmental factors.
Dual Urge for Flexible Packaging Solutions Compelling Buyers & Manufacturers to Pick Plastic Packaging over Counterparts
Based on material type, plastic currently accounts for roughly 3/4th of the total market value, and will continue to dominate through 2028 – predominantly driven by a rapid consumer and manufacturer shift towards flexible plastic packaging material. However, to mitigate the growing need for sustainability in packaging solutions, the agriculture packaging market is presumed to observe growing adoption of biodegradable plastic material alternatives such as PLA, PHA, and Bio-PET for packaging of agricultural products. Moreover, FDA regulations pertaining to the limited usage of chemical substances in packaging materials and maintenance of specific thickness and other dimensions of materials are foreseen to push the demand for environmentally friendly products.
Recently, agriculture packaging market participants have been extending their packaging material portfolio with a variety of paper and printing technology. Mondi Group, a global leader in packaging solutions, recently introduced a new paper brand in the global market and established a new production line of premium quality paper for packaging of various end use products, including agricultural produce.
With this crucial move, Mondi gains recognition as one of the pioneers in providing sustainable packaging solutions.
Key Stakeholders Eyeing the Retail E-commerce Sector to Capitalize on Growing Opportunities
While economic pricing and convenience enable online retailing of agriculture packaging to be an increasingly preferred choice among buyers, the global market for agriculture packaging is expected to witness higher traction for e-commerce retailing of various packaged agricultural products such as seeds, pesticides, grains, fruits and vegetables, and others.
Established Players to Step Up the Game with Increasing Acquisitions; Mass Exit Anticipated for a Chunk of Small Players
The consolidated global agriculture packaging market place is currently being impacted by a stringent price point scenario. As smaller players fail to survive the price war, it is most likely that the market for agriculture packaging will witness the exit of several small players. On the flipside, established participants will continue to be on an acquisition spree to enhance geographic reach and strengthen their footprint in the global agriculture packaging market. FMI also predicts that a number of leading players will possibly announce acquisitions of smaller competitors for expansion in the near future.
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