The agricultural packaging market is projected to reach USD 5.02 Billion by 2023, at a CAGR of 5.00% from 2018 to 2023. The market has been growing at a steady rate due to the increasing need for optimum packaging solutions due to increasing need for higher shelf life products in agricultural operations in developed countries. Strong research funding by key manufacturers for product development such as compatible packaging solutions for pesticides and fertilizers is expected to drive the growth of the market in the next five years.
Companies such as Amcor Limited (Australia), Bemis Company, Inc. (US), Sonoco Products Company (US), Grief Inc. (US), and Mondi Group (South Africa) have been focusing on acquisitions and expansions to strengthen their market base in the agricultural packaging market. Other packaging companies including Packaging Corporation of America (US), NNZ Group (Netherlands), LC Packaging International BV (Netherlands), Silgan Holdings, Inc. (US), ProAmpac LLC (US), Flex-Pack (US), Purity Flexpack Limited (India), ePac Holdings LLC (US), Kenvos Biotech Co., Ltd. (China), and Parakh Group (India) have also been strengthening their market position through product launches and expansions.
Acquisitions, expansions, and product launches formed the most adopted strategy by the key players in the agricultural packaging market. Acquisitions were adopted by key market players including ProAmpac, NNZ, Amcor Limited, Packaging Corporation of America, and others. Due to the overall growing demand for plastic-based packaging technologies, companies such as Mondi group, ePac Holdings, Inc., Sonoco Products and Greif, Inc. invested in the upgrading & expansion of existing facilities or establishment of new manufacturing facilities. The purpose of all these developments is to provide farmers with agrochemical products that protect and minimize transportation and storage losses.
Amcor Limited (Australia) is a key player in the global agricultural packaging market. The company adopted both organic and inorganic strategies for the developments of its packaging business. It launched new packaging products majorly based on plastics, such as an ultra-high barrier film, in Germany and the US. The company’s acquisition of Packaging India Private Limited (India) and Nampak Flexibles (South Africa) in 2015 strengthened its market position and customer base in new and developing regions. Amcor is expected to show tremendous growth in this space with the help of inorganic strategies in the agricultural packaging market.
ProAmpac LLC (US) is an emerging player in the agricultural packaging market. The company majorly adopts inorganic growth strategies to strengthen its position in this fragmented market space. The acquisition of Gateway Packaging Company (US) in May 2018 expanded its product range. The company’s approach to developing a diversified product portfolio to reduce its market risks can be witnessed with the acquisition of Pactech Packaging (US), Bonita Pioneer Packaging Products (US), and PolyFirst Packaging (US) between 2017 and 2018.
Agricultural Packaging Market by Material (Plastic, Metal, Paper & Paperboard, Composites), Product (Pouches & Bags, Drums, Bottles & Cans), Barrier Strength (Low, Medium, High), Application, and Region - Global Forecast to 2023
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