Agricultural Packaging Market is Expected to Cross USD 5.02 Billion By 2028 with a CAGR of 5.5% - Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Agricultural Packaging Market Research Report by Material (Plastic, Paper & Paperboard, Metal, Glass), Product (Pouches, Bags, Bottles, Trays), Barrier Strength (High, Medium, Low), Application (Chemical Pesticides, Chemical Fertilizers, Biologicals) and Region — Forecast till 2028
New York (US), April 05, 2023 (GLOBE NEWSWIRE) -- Agricultural Packaging Market Overview
The MRFR analysis reports predict that the “Agricultural Packaging MarketResearch Report, by Product, Application, Barrier Strength, Region, and Material - Forecast Till 2028”, the global market for Agricultural Packaging is predicted to showcase considerable development over the assessment timeframe from 2021 to 2028 with a strong development rate of approximately 5.5%. The reports further anticipate the market to acquire a valuation of around USD 5.02 billion by the end of 2030. As per the reports, the market was worth nearly USD 3.93 billion in 2019 while thriving at a healthy CAGR of around 4.7%.
The demand for food production is increasing as the world's population grows. Agricultural packaging enables producers and farmers to supply food in the most practical manner without suffering any loss. It stops needless food loss throughout production, storage, and transportation as well as during post-harvest processing. Between farmers and consumers, it assures both short- and long-term stability.
The global market for agricultural Packaging has displayed massive development in recent times. The main parameter supporting the market's development is the global expansion of the e-commerce sector. Furthermore, factors such as the growing pest infestations, improved Packaging to decrease risk, the deterioration of food supplies, and increasing awareness of the waste of agricultural products are also likely to impact the market performance over the review era positively. In addition, aspects such as the high need for efficient & cost-effective agricultural Packaging, enormous pressure on food production, and rising population in countries are also likely to boost the market's development over the coming years.
Market Restraint
On the other hand, certain aspects may impede the market's growth. The primary parameter restricting the market's growth is the inconsistency in raw material prices and the regeneration of old and rejected packaging materials. In addition, the increased volatility of oil prices is also anticipated to restrict the performance of the market over the coming years.
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the agricultural packaging market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
Segment Analysis
Among all the products, the pouches & bags segment is predicted to ensure the top spot across the global agricultural packaging market over the assessment timeframe. The segment's growth is ascribed mainly to sustainably providing higher safety against transportation losses. Furthermore, the rise in the number of solid/dry formulation agrochemical product launches by prominent market leaders is also likely to boost the segment's development.
Among all the materials, the plastics segment is predicted to guarantee the leading position across the global agricultural packaging market over the review timeframe. The segment's growth is ascribed to the increasing adoption of plastic worldwide.
Among all the application areas, the biologicals segment is anticipated to hold the top rank globally, given the growing high demand for efficient & cost-effective agricultural packaging solutions.
The MRFR analysis reports suggest that the Asia-Pacific region is predicted to ensure the top spot across the global agricultural packaging market over the assessment era. The main parameter supporting the development of the regional market is the increased need for food given to the rapidly growing population across the region. Given the fast urbanization among several emerging economies, the regional agricultural packaging market has been growing rapidly in recent times. Furthermore, the increasing export and import of fresh fruits, vegetables, and other grains are also likely to boost the regional market's growth over the assessment era. Given the increased demand for seeds in China and India, the regional agricultural packaging market is anticipated to showcase the highest growth rate.
The North American regional agricultural packaging market is predicted to secure the second spot across the globe over the assessment era. The rising agrochemical trade opportunities globally, especially in nations such as Canada and the United States, are believed to be the main parameter backing the regional market expansion.
The European regional agricultural packaging market is anticipated to grow substantially over the coming years. The use of agricultural Packaging for fertilizers is considered the main aspect causing a rise in the market performance. Furthermore, the increasing rules on chemical pesticide use and maximum residue limits are also likely to positively impact the growth of the regional market over the coming years.
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