Will Increasing Consumption of Single-Use Packaging Solutions Generate Lucrative Revenues for Stick Packaging Manufacturers? Find Out More in FMI’s Latest Study
The global stick packaging market is set to grow steadily, despite COVID-19 induced sluggishness decelerating growth, according to a recent study published by Future Market Insights. This report elaborates on the prominent drivers and success factors that are likely to drive demand during the assessment period.
During the forecast period, the worldwide stick packaging market is anticipated to expand at a CAGR of 4.7%. (2022-2032). Market sales are anticipated to rise from US$ 1.3 billion in 2022 to US$ 2.0 billion by 2032. According to the survey, the top 5 businesses will control roughly 20–25% of the world market for stick packaging in 2022.
Depending on the application, it is expected that the powder goods sector will continue to rule the global stick packaging market. Due to the growing popularity for single-serve packaging in the food and beverage and pharmaceutical industries, about 50% of revenue is anticipated to originate from the powder product segment.
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Globally, the packaging industry has experienced major developments in recent years. High demand for flexibility and durability of packaging has prompted manufacturers to incorporate novel solutions by utilizing lightweight and eco-friendly material.
Stick packaging offers a host of benefits. Besides its aesthetic appeal, stick packaging helps in maintaining compactness, are lightweight, and prove instrumental in protecting the product from external shocks. Based on these trends, the market is witnessing an impressive surge.
Key Takeaways from FMI’s Stick Packaging Market Study
“Prominence of sustainable packaging solutions is prompting manufacturers to introduce lightweight, flexible and environmentally friendly material in their existing packaging products ambit,” observes the FMI analyst.
COVID-19 Impact Insights
The novel coronavirus pandemic has drastically impacted global manufacturing capacities, crippling distribution networks and disrupting supply chains. Government mandated shutdowns have caused a decline in production activities, reducing profit margins and stemming revenue inflow.
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Due to this shutdown, the global packaging industry has also suffered several setbacks. The stick packaging market has also borne the brunt of this deceleration. Fortunately, the ever increasing demand for foodstuffs and pharmaceutical products has prompted providers to keep their businesses operational.
Growth is further being fueled by an increasing percentage of customers relying on virtual marketing platforms to avail their supply of essential commodities. Several food and pharmaceutical companies are investing in robust stick packaging solutions for this reason. Thus, a steady growth trajectory is on the cards.
Several regions are already experiencing a resurgence as lockdown restrictions ease. This is permitting various industries to restart their operations on a full-fledged basis, bridging potential supply-demand gaps. Consequently, the need for stick packaging solutions is also escalating.
Competitive Landscape
Presence of multiple large, medium & small enterprises renders the global stick packaging market intensely competitive. To survive this breakneck competition, the listed players employ a host of strategies.
New product launches, partnerships & expansions and mergers & acquisitions are amongst the major strategies deployed by the aforementioned vendors. In addition, capacity expansion is also considered an effective growth strategy.
Some prominent players operating in this landscape are Amcor Plc, Glenroy, PrintPack Inc., Sharp, Aranow, Naturelle Ltd., Nellson Anahem, GFR Pharma Ltd., Catalent Inc., Hearthside Food Solutions LLC, Assemblies Unlimited Inc., Lithotype and Fresco Systems USA Inc.
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Stick Packaging Market by Category
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About FMI Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Dec 21, 2022
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