Sugar Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The sugar packaging market is expected to reach a CAGR of 4% during the forecast period (2021 - 2026). The changing lifestyle of the people and changing food preferences of consumers, along with the increasing population in developing nations, is expected to drive the market's growth in the forecasted period. The global consumption of sugar is likely to reach 177.8 million metric tons in 2020-2021 from 171.58 million metric tons in 2019-2020, according to the US Department of Agriculture.
Key HighlightsThe sugar packaging market is moderately fragmented. Players in the market are offering extensive product customization to increase their share and augment their revenue. Players are striving to replace existing materials with biodegradable ones to meet changing government standards. Some of the key developments in the market are:
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