In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
Packaging jars usually refer to a container which is used to store food, beverages, cosmetics, medicines and other such products. Packaging jars include metal packaging jars, glass packaging jars, plastic packaging jars and others. Packaging jars find their use in various industries such as food & beverage, cosmetics, personal care, pharmaceuticals, chemicals and others. Further, the packaging jar market is witnessing the launch of various innovative and attractive products.
Global packaging jars market is anticipated to flourish at a significant CAGR of 4.8% over the forecast period. Wide end use applications, penetration of attractive packaging jars in the market and growth of various end use industries such as food & beverage, personal care & cosmetics are some of the major factors driving the growth of the packaging jars. Moreover, surge in the consumption of packaged food and beverages are boosting the demand for packaging jars. Moreover, various manufacturers are focusing on the development of innovative packaging solutions which further is likely to supplement the growth of the packaging jars market in the years ahead.
Asia Pacific captured the largest percentage of market share in overall packaging jars market and is expected to be the fastest growing packaging jar market in the world. Increasing urbanization and changing lifestyle are spurring the demand for packaged foods & beverages and cosmetics, thereby intensifying growth opportunities in food & beverage end use sector. Furthermore, growing pharmaceutical sector in the region is expected to intensify the demand for packaging jars market in the Asia Pacific. China is the largest packaging jar producer in the region. Further, China and India are anticipated to major contributor to the growth of the Asia Pacific packaging jar market during the forecast period.
Europe is expected to showcase significant compound annual growth rate during the forecast period. Growing food consumerism and increasing demand for packaged foods is likely to sustain the growth of the Europe packaging jars market. Moreover, lightweight and aesthetic innovations are anticipated to spearhead current and future market growth prospects.
North America packaging jars market is expected to grow at a substantial rate over the forecast period. High consumption rate of packaged food and alcohols is fostering the growth of packaging jars market in North America. Further, North America packaging jars market is backed by growing healthcare and cosmetics industry. Further, new material innovations are anticipated to accelerate the growth of packaging jar market in North America. U.S. is the prominent market in the region.CLICK TO DOWNLOAD FREE SAMPLE
Based on material type, global packaging jars market is segmented into metal, plastic, glass and others (ceramic, wood), out of which, plastic packaging jar dominated the overall packaging jars market. This can be attributed to the low cost of plastic packaging jar as compared to other material type.
Our in-depth analysis has segmented global packaging jars market into the following segments:
By End Use Industry
By Region
Global packaging jars Market is further classified on the basis of region as follows:
Several major packaging jars manufacturers are focusing on the development of innovative and sustainable packaging products. Moreover, demand for recyclable products is gaining momentum which is likely to benefit the adoption of sustainable packaging jars. This factor is anticipated to supplement the growth of the global packaging jars market.
Rising demand from various end use industries is driving the growth of the global packaging jars market. Further, positive growth of end use industries is anticipated to boost the demand for packaging jars in the long run. Additionally, increasing consumption of ready to eat and packaged food is boosting the demand for global packaging jars market. Similarly, increasing utilization and growing demand for packaging jars in pharmaceutical industry bodes well for packaging jar market.
Increasing disposable income of the population is anticipated to aid the growth of the packaging jar market. Further, with the growing urbanization and changing lifestyle of the consumer, the demand for packaging jar is anticipated to witness uplift in the upcoming years.
In contrast, rising prices of the raw materials and stringent government regulations are expected to hamper the growth of packaging jars market.
Overview of the Parent Market
Analyst View
Segmentation
The global packaging jars market is segmented as follows:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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