(I-BusinessNews.Com, September 08, 2020 ) The report “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″, 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% during the forecast period. The market is driven by factors such as rising consumption of pesticides and fertilizers across the globe, increasing adoption of high barrier packaging materials for agrochemicals, increasing demand for extended shelf life of these products, and rising demand for biologicals across the globe owing to the increasing ban on chemical pesticides.
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The agricultural packaging market is a relatively small sector of the industrial packaging market; significant evolution has been observed with regard to the packaging of chemical pesticides and fertilizers. Regulatory guidelines and R&D are the major factors that have been fueling the growth of this market. Application of PET and HDPE plastics for the confinement of pesticides revolutionized the agrochemical packaging industry. Increasing need for effective storage and transport of pesticides and fertilizers and rising demand for longer shelf life of these products are the driving factors for the steady growth of this market.
Chemical pesticides and fertilizers are the major applications of agricultural packaging targeted by companies. Owing to the increasing ban on chemical pesticides in major countries, there is immense scope and an increasing need for the development of agricultural packaging for fertilizers. The reduced development cost and time associated with packaging solutions for these agrochemicals, high demand for pest resistance across the globe, and advent of biodegradable packaging solutions in the market are propelling the market growth.
The agricultural packaging market, based on product, has been segmented into pouches & bags, bottles & cans, drums, and others which include sacks, tubes, and jars. The application of pouches & bags in agrochemical packaging has increased in terms of dry/solid formulations of fertilizers and pesticides as these provide higher safety against transportation losses in a sustainable manner. Plastic materials, such as polyethene, are easily available; hence, they are highly preferred on a wide scale by agrochemical manufacturers owing to their low cost. The application of pouches & bags for packaging in agriculture is expected to increase with the rise in the number of solid/dry formulation agrochemical product launches by major players.
Plastics are the mostly widely adopted packaging material for pesticides and fertilizers in either rigid or flexible form. The factors supporting the increasing adoption of plastic in this market are that they are lightweight, strong, and economical to manufacture. It is for these reasons that they are widely used in packaging when compared to paperboard, metal, and glass packaging materials. The market for plastic in agricultural packaging is thus estimated to dominate the global market in 2018.
The agricultural packaging market, in terms of barrier strength, was dominated by the medium-barrier strength materials. These materials are extensively preferred by end-use farmers and the agrochemical manufacturers, as they are a perfect balance between cost-effective packaging solutions and mid-level barrier properties, which are the best blend for the packaging of agrochemicals. Medium-barrier solutions deliver moderate levels of moisture barrier, heat resistance, gas permeability, and oxygen barrier as well as easy handling and molding properties.
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Asia Pacific is the largest consumer of agricultural packaging owing to the large production capacities of agrochemicals prevailing in China and India, which makes it easier for most private, local companies to launch their products. The high labor power, fragmented packaging industry, and easy availability of packaging materials in Asia Pacific countries have resulted in significantly lower production costs. Additionally, factors such as growth in demand for biologicals, increase in trade opportunities of agrochemicals, and efficient infrastructure are the key competitive advantages for the Asia Pacific market.
The market for agricultural packaging in the Asia Pacific region is projected to grow at the highest CAGR of 6.17% from 2018 to 2023, owing to the increasing expansions of major agrochemical as well as agricultural packaging players in this market and growing demand for biologicals that has opened opportunities for the development of better packaging techniques in this industry.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It also includes the profiles of leading companies such as Amcor Limited (Australia), Bemis Company, Inc. (US), Sonoco Products Company (US), Grief Inc. (US), Mondi Group (South Africa), 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).
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