(EMAILWIRE.COM, February 25, 2020 ) The agricultural packaging market is projected to reach USD 5.02 Billion by 2023, at a CAGR of 5.00% from 2018 to 2023. The market has been growing at a steady rate due to the increasing need for optimum packaging solutions due to increasing need for higher shelf life products in agricultural operations in developed countries. Strong research funding by key manufacturers for product development such as compatible packaging solutions for pesticides and fertilizers is expected to drive the growth of the market in the next five years.

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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.

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.

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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.

Companies such as Amcor Limited (Australia), Bemis Company, Inc. (US), Sonoco Products Company (US), Grief Inc. (US), and Mondi Group (South Africa) have been focusing on acquisitions and expansions to strengthen their market base in the agricultural packaging market. Other packaging companies including 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) have also been strengthening their market position through product launches and expansions.

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