The US consumer packaging market is estimated to grow at a CAGR of 4.5% during the forecast period. The US consumers are highly aware of sustainable packaging, which, in turn, has encouraged end-user sectors to use 100% recycled products. As a result, a range of new launches with 100% recyclable packaging has been witnessed over the years. The major brands are investing in highly sustainable plastic options to minimize the use of virgin plastic, allowing the creation of a circular economy for plastics. Brands that recently introduced completely recyclable packaging products include the Diageo and Coca Cola Co. For instance, in June 2020, Diageo North America declared that its Seagram’s 7 Crown bottles, iconic blended American whiskey will be developed from 100% recycled plastic.
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This initiative is a first for Diageo and the brand. It is developed with a long commitment to making packaging more sustainable. The company will remove virgin plastic from Seagram’s 7 Crown bottles across all its Polyethylene Terephthalate (PET) formats including 200ml, 375ml, 1.75l, and 750ml. This move will decrease the use of virgin plastic by nearly 1000 tons per year. Further, berry producers are also significantly targeted at 100% recyclable packaging in the upcoming period. For instance, in February 2020, major North American fresh berry producers declared their commitment to utilizing 100% recycle-ready packaging by 2025. The North American Blueberry Council (NABC), Asociacion national de Exportadores de Berries (Aneberries, Mexico), The California Strawberry Commission, South American exporters, and members of the National Berry Crops Initiative, are joining to retain industry leadership in eco-friendly packaging.
Scope of the US Consumer Packaging Market
Market Coverage
- The market number available for 2019-2026
- Base year- 2019
- Forecast period- 2020-2026
- Segment Covered- By Material and End-User
- Competitive Landscape- Berry Global Group, Inc., Crown Holdings, Inc., Ball Corp., Sealed Air Corp., and Graham Packaging Co.
Recent Developments in the US Consumer Packaging Market
- In January 2020, TricorBraun acquired Minneapolis-based Packaging Solutions, Inc. (PSI), a distributor of rigid packaging distributor that serves several markets, such as personal care, pharmaceutical, and pet food. PSI has 25 years of packaging expertise, with a reputation in stellar packaging and established customer relationships. This acquisition strengthens the position of TricorBraun in the Minneapolis market, offering additional warehouses for constant growth.
- In July 2019, Berry Global Group, Inc. acquired RPC Group Plc (RPC), a supplier of plastic packaging. The acquisition of RPC will provide the opportunity for Berry to accelerate its combined expertise in advanced material science, manufacturing technologies, and product development, to create significant value for its shareholders. With this mutual approach, Berry anticipates nearly $150 million in annual synergies.
Key questions addressed by the report
- What is the market growth rate?
- Which segment dominates the market in the base year?
- Which segment will project the fastest growth in the market?
- How COVID-19 impacted the market?
- Recovery Timeline
- Deviation from the pre-COVID forecast
- Most affected country/segment
- Who is the leader in the market?
- What are the key strategies adopted by the market players?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
- What are the trends in sustainable packaging?
US Consumer Packaging Market-Segmentation
By Material
- Plastic
- Paper
- Glass
- Metal
By End-User
- Food
- Beverage
- Healthcare
- Personal Care and Cosmetics
- Household Goods
A full report of US Consumer Packaging Market is available at: https://www.omrglobal.com/industry-reports/us-consumer-packaging-market
