The agricultural packaging market is projected to reach USD 5.02 billion by 2023, from USD 3.93 billion in 2018, at a CAGR of 5.00%

LONDON, May 28, 2018 /PRNewswire/ -- The agricultural packaging market is projected to grow at a CAGR of 5.00%
The agricultural packaging market is projected to reach USD 5.02 billion by 2023, from USD 3.93 billion in 2018, at a CAGR of 5.00%. The agricultural packaging market is projected to grow at a steady rate due to factors such as the increase in trade opportunities for agrochemicals, favorable government regulations, rise in demand for fertilizers, and growth of the market for biologicals across the globe. The major factors restraining the growth of agricultural packaging are the volatility observed in raw material prices and recycling of used and discarded packaging materials.

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The composite materials segment is projected to be the fastest-growing from 2017 to 2022
Composites are packaging materials which comprise two or more layers of packaging solutions, thereby providing a high barrier property to the packaging product.Increase in shelf life of agrochemicals and biologicals can be achieved by incorporating high barrier composites as an optimum packaging solution.

Increasing adoption of premium techniques for the packaging of agrochemicals has proved to be a major driver for the composites market, and the advent of biologicals in crop protection field has opened new avenues for the introduction of composites in the packaging market.

The chemical pesticides segment is estimated to dominate the market in 2018
The chemical pesticides segment, by application, is estimated to dominate the global market in 2018.The world production of pesticides, especially insecticides and herbicides, for the agricultural industry has increased along with the stringency of regulations pertaining to their packaging techniques.

Standard practices have been set for the disposal of packaging wastes by the majority of the national governments.The use of agricultural packaging results in low transportation and handling losses of pesticides, extended shelf life, and improved storage properties.

Thus, agricultural packaging helps in compliance with the domestic regulations and export standards, and improves the salability of the product.

Asia Pacific dominated the agricultural packaging market in 2017
The Asia Pacific countries are the major producers of agrochemicals, majorly fertilizers, and hence have been estimated to be the major consumer of agricultural packaging materials.The Asia Pacific market for agricultural packaging is driven by the increasing trade opportunities for agrochemicals, increasing consumer preference for biological products, and growing consumer awareness about the ill-effects of low-quality packaging solutions on the product quality.

The market for agricultural packaging in the European region is projected to grow at a slow rate from 2018 to 2023. The ban on the use of neonicotinoids, glyphosates, and paraquat is expected to affect the growth of the European agricultural packaging industry.
The breakdown of the primaries on the basis of company type, designation, and region conducted during the research study, is as follows:
• By Company type: Tier I – 50%, Tier II –30%, and Tier III – 20%
• By Designation: C-Level – 26%, D-Level – 19%, and Others* – 55%
• By Region: North America –29%, Europe – 17%, and Asia Pacific – 40%, Row – 14%
*Others include managers, engineers, and research executives.
Note: Tier I: Revenue >= USD 1 billion; Tier II: USD 100 million< Revenue< USD 1 billion; Tier III: Revenue =< USD 100 million

The global market for agricultural packaging is dominated by large players such as Amcor Limited (Australia), Bemis Company, Inc. (US), Greif, Inc. (US), Sonoco Products Company (US), and Mondi Group (South Africa). Some emerging players in the agricultural packaging market include 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).

Research Coverage
The report analyzes the agricultural packaging market across different types and regions.It aims at estimating the size and future growth potential of this market across different segments such as material, product, application, barrier strength, and region.

Furthermore, the report also includes in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.

Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the overall agricultural packaging market and its subsegments.This report will help stakeholders to better understand the competitor landscape, gain more insights to better position their businesses, and devise suitable go-to-market strategies.

The report will also help stakeholders to understand the market and provide them information on key market drivers, restraints, challenges, and opportunities.

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