Growing stipulate from e-commerce industry has been considered as a crucial factor that is expected to sustain growth prospects of FMCG packaging market in the forthcoming years. E-commerce sector is one of the major contributors in increasing revenue growth of FMCG packaging market. The FMCG packaging market is estimated to grow at a CAGR of about 4.2% over the forecast period 2019-2024. According to the Business Association of Stanford Entrepreneurial Students, 84% of professionals working for fast-moving consumer goods are under more pressure to quickly bring new products to the market than they were five or ten years ago. Thus, the role of FMCG packaging has gained better significance because the packaging is as imperative as the product itself because it’s a crucial marketing and communication tool for the business. The rising residents worldwide and the speedy development of the e-commerce industry are the vital factors that are envisaged to drive the augmentation of the global FMCG packaging market in the next few years. The mounting paying ability, predominantly in budding economies is ventured to sustain the intensification of the by and large market in the next few years. In addition to this, the preface of ground-breaking and new products is tasked to draw a huge number of consumers, thus accelerating the overall growth of the market in the next few years.
The top players in the market are focusing on developing sustainable packaging, which is estimated to increase the development of the market in the next few years. The rising demand for eco-friendly products and the rising number of application are further anticipated to accelerate the growth of the overall market in the near future. However, the strict rules and regulations related to environmental safety are projected to inhibit the growth of the market in the next few years. Nonetheless, the introduction of new products with the help of sustainable products is likely to offer growth opportunities in the coming years. This sector’s growth is attributed towards rising demand for protective packaging for delivering small-sized products coupled with the convenient packaging options. Spangle Propack manufactures cosmetic packaging, stationery packaging, toy packaging, scrubber packaging, and household packaging.