North America packaging market to reach $237.74bn by 2027
The North America packaging market is forecast to reach $237.74billion by 2027, growing at a CAGR of 2.5%, according to a new report on ResearchAndMarkets.com.
Factors such as rising demand for cosmetics, growing sales of entertainment equipment, accelerating consumption of single-use packaging, upsurge in goods exports and rapid urbanisation would drive the growth of the market.
However, the market growth would be challenged by environmental impact of food packaging and Asia Pacific is emerging as a dominant region.
Based on materials, the North America packaging market has been segmented into Paper, Rigid Plastic, Flexible Plastic, Metal and Others. Paper packaging occupies a dominant position in the market due to its heavy application across various end industries.
The packaging market in North America is highly competitive and consists of numerous established key players who focus on expanding their geographic reach in the region, particularly in the US.
The key players are continuously innovating with their products and launching them to meet the demand, which is likely to support the growth of the packaging market in North America.