Sugar Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The sugar packaging market is expected to reach a CAGR of 4% during the forecast period (2021 - 2026).
 
NAVI MUMBAI, India - Aug. 10, 2021 - PRLog -- The sugar packaging market is expected to reach a CAGR of 4% during the forecast period (2021 - 2026). The changing lifestyle of the people and changing food preferences of consumers, along with the increasing population in developing nations, is expected to drive the market's growth in the forecasted period. The global consumption of sugar is likely to reach 177.8 million metric tons in 2020-2021 from 171.58 million metric tons in 2019-2020, according to the US Department of Agriculture.

- The market is driven by a tremendous shift in preference for flexible packaging as sugar is packed in a variety of formats, both in bulk and retail. The advent of new packaging technologies, such as active packaging, intelligent packaging, and engineering science, enables flexible packaging for sugar and enhances the shelf life of sugar. According to the Flexible Packaging Association, in 2018, Food end-user segment contributed to 70% of total flexible packaging revenue worldwide (USD 31.8 billion), which is USD 22.6 billion.

Key Market Trends

Plastic Material to Hold Significant Market Share

- Plastic Material is expected to hold significant market share as there are applications where plastic packaging solutions offer functionality that is difficult to replicate with any other packaging material. For instance, barrier properties for food or product preservation. Within plastic solutions, flexible plastic packaging uses over 70% less plastic raw Material than rigid-based packaging products, thereby reducing raw material input requirements.
- Packaging sugar with a plastic bag is the most common packaging type in the food packaging industry as this type of packaging offer moisture-proof, waterproof, and cost-effective packaging. Sugar manufacturers prefer this packaging as plastic bags can be colored or transparent to make it attractive. This packaging is widely used in both famous confectionery brands and familiar brands.
- Moreover, in January 2020, South Africa companies, including Unilever, Coca-Cola Africa, Danone, SPAR, and Massmart, announced the force â€" Plastic Pact to reduce plastic usage following similar commitments from the UK, France, Chile, and the Netherlands. The companies are aiming at all plastic packaging reusable, recyclable or compostable by 2025. Additionally, they aim to recycle 70% of plastic packaging and use 30% recycled content across any plastic packaging. This recycling trend is expected to continue in recent years, which is estimated to impact the plastic packaging market for further product development in the market.

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Tags:Sugarcane Packaging Market
Industry:Food
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