Global Loose Fill Polystyrene Packaging Market was valued at US$ 334.4 million in 2016, according to Global Loose Fill Polystyrene Packaging Market Report, by Application (Consumer Goods Packaging, Pharmaceutical Packaging, Cosmetics & Personal Care Products Packaging, Others) published by Coherent Market Insights. Loose fill polystyrene packaging market is expected to register a CAGR of 4.1% over the forecast period (2018-2025), reaching US$ 469.1 million by 2025.
Major factor propelling growth of this market include steadily rising packaging industry. According to the Central Government of India, the packaging industry was pegged at US$ 25 Bn in 2016 and is expected to reach US$ 30 Bn by 2020, at a growth rate of 15% per annum. Moreover, China's consumer goods market witnessed a growth of 4.3% in value terms in 2017 from 3.6% in 2016. This further enhances the overall packaging industry in China and thereby, supporting growth of the overall loose fill polystyrene market.
Furthermore, growing demand for protective packaging is considered as another key factor for the market growth, as loose fill polystyrene packaging is a type of protective packaging. According to the study by Coherent Market Insights, in 2017, protective packaging accounted for 33.23% market share in the global e-commerce packaging market.
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Key Trends and Analysis of the Global Loose Fill Polystyrene Packaging Market:
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