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The global packaging market size during the Covid-19 pandemic is projected to grow from US$909.2bn to US$1trn by 2021, according to Covid-19 Impact on Packaging Market – Global Forecast to 2021, a recent report from Research and Markets.

The drivers behind this growth include the increased demand for fast-moving consumer goods and pharmaceutical packaging, and rising ecommerce sales due to lockdowns.

The report said plastic is projected to lead the market during the forecast period. Because demand for many end-use industries is growing, the use of plastic packaging will see a significant rise during the Covid-19 crisis, the report found.

Also, the Asia-Pacific region is projected to be the largest packaging market, at least through next year. The growth in the region is fuelled by the easy availability of packaging raw materials such as plastic, fibre, and glass and the presence of manufacturing facilities of most of the packaging companies. The market sizes estimated in the study were validated through primary interviews conducted with various industry experts globally.

The full report can be bought here.

Food & Drink Business

Western Australian producer, Brownes Dairy, has been put up for sale according to the Australian Financial Review (AFR), as one of its biggest lenders, China Mengniu Dairy, calls in its $200 million loan. A reduced demand for milk in China and the current positioning of the global market could be driving the decision.

The Central Coast is about to receive a boost to its local food and beverage manufacturing industry, with construction starting on the $17.14 million Food Manufacturing Innovation Hub, funded by the federal government’s National Reconstruction Fund (NFR).

The Australian Industry Group (Ai Group) says Australia is at a “critical crossroads” when it comes to R&D and decades of rhetoric have not delivered material change.