Zero Waste Packaging (Cont’d from Page 1)
period. The reusable and recyclable packaging products are usually manufactured from paper and paperboard, glass, and metal. • The edible packaging type segment is expected to expand at the highest CAGR of 18.9 percent over the forecast period owing to its sustainability and eco-friendliness. Increasing awareness about this newly developed packaging solution across devel- oping economies is further driving the market. • Based on the distribution channel, the offline segment accounted for the maximum revenue share of more than 50 percent in 2022 and is projected to maintain its dominance throughout the forecast period. The high penetration of the offline system in the end-use market is a major factor supporting its dominance in the global market. • The e-commerce application segment is expect- ed to expand at the highest CAGR of 10.3 percent in terms of revenue over the forecast period. The continuously expanding customer base for online purchasing, especially post the coronavirus pan- demic, is supporting the growth of the segment. • The Central and South America region is ex- pected to expand at a CAGR of 9.8 percent in terms of revenue over the forecast period. The region is projected to exhibit growth on account of the in-
creasing internet penetration and awareness about sustainable packaging solutions in major countries including Brazil and Argentina. The rising awareness about various types of en- vironment-friendly packaging solutions offered by international organizations through the electronic medium is further supporting the demand for zero waste packaging.
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4 January 2, 2023 Flexo Market News
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