Micro Packaging Market Size, Share, Growth Analysis, By Type(Paper, Board, Corrugated Boxes, Boxboard), By End User(Food & Beverage Industry, Pharmaceutical Industry, Personal Care & Cosmetic Industry, Other), By Region - Industry Forecast 2024-2031

Micro Packaging Market was valued at USD 1,208.24 million in 2019 and USD 1278.3 million in 2023 and is anticipated to reach USD 2006.89 million in 2031 growing at a CAGR of 5.8% over the forecast period (2024-2031).

The Micro Packaging Market is in between of consolidated and fragmented market. And moving towards the fragmented market as the key players are now focusing to move towards nano packaging. Also, various new innovations in technologies, new merger and acquisition and partnerships led to a competitive market. Ley players in the market are Amcor (Australia), Ball Corporation (US), Bizongo (India), International Paper (US), Tetra Pak (Switzerland), Berry Inc. (US), DS Smith Plc (UK), Mondi Group (Austria), Macfarlane Group Plc (UK) and Smurfit Kappa (Ireland) operating in the packaging market have adopted short, mid, and long-term growth strategies such as donations, increased production, partnerships, and others to serve their customers efficiently and improve their future market shares. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions. 'Alcoa Inc. (US)', 'Amcor (Australia)', 'Bizongo (India)', 'Bemis (US)', 'Beijing ChamGo Nano-tech Co. Ltd. (China)', 'Color Matrix Corporation (US)', 'Honeywell, InMat. (US)', 'Ball Corporation (US)', 'Macfarlane Group Plc (UK)'

The food and beverage industry has great potential and growth opportunity for micro-packaging technology. Rapidly growing demand for sustainable production, increased competition and improved health Concerns have driven the food and beverage industry to the path of innovation.

The food packaging industry, the prospects of nanotechnology are actively explored, including active packaging. The transformation of active compounds from the micro scale to the nano scale thus offers a new opportunity. Silver nanoparticles are among the most explored nanoparticles, because to their established antimicrobial potential against multiple commensal and pathogenic strains. In response to the vital changes in today's consumer demand, the field of active packaging (AP) is becoming increasingly important in food packaging.

Asia Pacific is projected to be the largest packaging market during the forecast period, fueled by the easy availability of packaging raw materials such as plastic, fiber, and glass and the presence of manufacturing facilities of most of the packaging companies. North America is expected to suffer the most during the pandemic, with non-operational plants and factories and the rising number of cases each day. The severity of the disease would lead to a low growth rate for 2019-21 for the packaging market.