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The global micro packaging market size was valued at USD 9.9 billion in 2022 and is expected to reach a value of USD 23.34 billion in 2032

NEW YORK CITY, NEW YORK, UNITED STATES, July 13, 2023/EINPresswire.com/ -- Micro Packaging Market Overview

The global micro packaging market, with a valuation of USD 9.9 billion in 2022, is projected to reach USD 23.34 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10% during the forecast period. The market's expansion is being driven by various factors, including the growing demand for compact and practical packaging solutions, environmentally friendly packaging materials, and products with extended shelf lives.
The increasing preference for smaller and more convenient packaging solutions is a significant catalyst for the growth of the micro packaging industry. As online shopping and e-commerce continue to surge in popularity, there is a rising need for packaging options that are lightweight, compact, and easy to handle and transport. To meet these demands, micro packages have been developed to provide adequate protection for items while remaining small and lightweight.

Micro Packaging Market Segments

The global micro packaging market witnessed a market size value of USD 9.9 billion in 2022, and it is expected to achieve a remarkable compound annual growth rate (CAGR) of 10% during the forecast period from 2022 to 2032. By 2032, the market is projected to reach a revenue value of USD 23.34 billion.
The estimation and analysis for the market's future trajectory are based on the historical data from 2020 to 2021, with 2022 serving as the base year for estimation. The forecast period spans from 2022 to 2032. The quantitative units used for measurement in this report are in terms of revenue, expressed in USD billion.
The comprehensive coverage of this market report includes revenue forecasts, company rankings, competitive landscape analysis, identification of growth factors, and examination of the prevailing trends in the micro packaging industry. The report encompasses various segments, including Material Outlook, Application Outlook, and Regional Outlook, ensuring a comprehensive analysis of the market's different aspects.

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Micro Packaging Market: Strategic Developments

• In 2021, Berry Global Inc. acquired the blow molding and packaging equipment assets of Rex Performance Products LLC. The acquisition was aimed at expanding Berry Global's product portfolio in the food, beverage, and industrial markets.
• In 2021, Amcor plc acquired the BPI Group, a leading manufacturer of sustainable flexible packaging solutions in the UK. The acquisition was aimed at strengthening Amcor's capabilities in sustainable packaging and expanding its customer base in Europe.
• In 2020, Constantia Flexibles Group GmbH launched a new product line of sustainable packaging solutions called Ecolutions. The product line includes a range of recyclable and biodegradable packaging options for the food, beverage, and pharmaceutical industries.

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Micro Packaging Market: Competitive landscape

The global micro packaging market exhibits a highly competitive landscape, characterized by the presence of numerous players vying for market share. To enhance their market presence and diversify their product offerings, these companies actively engage in strategic developments such as mergers and acquisitions, product launches, partnerships, and collaborations. The global micro packaging market report highlights several major companies operating in the industry, including:
1. Amcor plc: Amcor plc is a prominent player in the micro packaging market, specializing in flexible and rigid packaging solutions. The company focuses on sustainable packaging innovations to meet the evolving needs of its customers.
2. Bemis Company, Inc.: Bemis Company, Inc. is renowned for its expertise in flexible packaging solutions. The company offers a wide range of packaging materials and designs, catering to various industries such as food, healthcare, and consumer goods.
3. Berry Global Inc.: Berry Global Inc. is a leading manufacturer of packaging products and solutions, including micro packaging. The company emphasizes sustainability and develops innovative packaging solutions to meet the demands of its diverse customer base.
4. Coveris Holdings S.A.: Coveris Holdings S.A. is recognized for its expertise in flexible packaging solutions. The company offers a comprehensive range of packaging products, focusing on delivering high-quality and sustainable packaging options.
5. Mondi plc: Mondi plc is a global packaging and paper company, providing an extensive portfolio of packaging solutions, including micro packaging. The company is committed to sustainable practices and offers innovative packaging designs to enhance product protection and shelf appeal.

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