Things you need to know about plastics in cosmetics packaging
A study published by Towards Packaging states that the cosmetic packaging market is estimated to grow from USD 33.07-billion in 2022 at 4.5% CAGR (2023-2032) to reach an estimated USD 54.13-billion by 2032
16 Nov 2023 | By Disha Chakraborty
Towards Packaging report says: growth of corrugated packaging market to USD 410.5-bn by 2032
India boasts a presence in the global plastic industry, with exports reaching over 200 countries worldwide as per Towards Packaging. Major importing countries include the USA, Japan, the UK, Germany, and France.
The United States and China lead the consumption of Indian plastic industry exports, accounting for 18.21% and 6.62% respectively in the fiscal year 2021-22. During the fiscal year 2021-22, India's cumulative exports of plastics and related materials reached a significant value of USD 13.34-billion, showcasing a substantial surge of 33.4% compared to the preceding year.
The plastic packaging market witnessed substantial growth, with a size of USD 381.57-billion in 2022. Projections by Towards Packaging indicate a surge to around USD 584.09-billion by 2032, boasting a steady CAGR of 4.4% from 2023 to 2032.
In 2018, around six million tonnes of aluminium was used worldwide, and this is expected to exceed eight million tonnes by 2025. China, being a major consumer, accounts for 43% of the world's usage.
A study published by Towards Packaging states that the corrugated packaging market is estimated to grow from USD 276-billion in 2022 at 4.10% CAGR (2023-2032) to reach an estimated USD 410.5-billion by 2032.
Meanwhile, the Indian corrugated paper packaging industry is poised for robust growth in the coming five years, with a projected compound annual growth rate (CAGR) of 7.6%.
According to a study by Towards Packaging, the aluminium foil packaging market is set to witness substantial growth. Starting from USD 35.23-billion in 2022, it is projected to grow at a CAGR of 4.9% from 2023 to 2032. It will reach an estimated USD 56.57-billion by 2032. The metal packaging market is set to experience a significant surge, with an estimated increase from USD 126.95-billion in 2022 to a staggering USD 185.21-billion by 2032.
This anticipated growth is projected to occur at a CAGR of 3.9% from 2023 to 2032.
In a recent study released by Towards Packaging, it has been projected that the sachet packaging industry is poised for substantial growth.
The market, which stood at USD 8.89 billion in 2022, is anticipated to experience a CAGR of 5.5% from 2023 to 2032. This surge is projected to elevate the market value to an estimated USD 15.2 billion by 2032.
Seven Spring has unveiled India's inaugural 100% compostable tea sachet, marking a leap in sustainable packaging solutions. This innovative product reflects a commitment to eco-conscious practices, aligning with global efforts towards environmental preservation.
Towards Packaging says, the recyclable packaging market is set to continue to expand at a CAGR of 4.9% between 2023 and 2032. In 2022, the global market for recyclable packaging reached an impressive valuation of USD 28.7 billion. Fast forward to 2032, and experts predict a substantial surge, with an anticipated worth of approximately USD 46.15 billion. This growth trajectory signifies a CAGR of 4.9% from 2023 to 2032.