The market was valued more than $35 billion in terms of revenue in 2019 and is predicted to grow at a CAGR of 25.8% during the forecast period (2020 to 2027).

The study further says that the COVID-19 pandemic is going to hinder sales expansion.

ProAmpac to build Collaboration & Innovation Center at its manufacturing facility near Rochester, New York. Facility is slated to open mid-2021 and will be used to accelerate ProAmpac's product development, application testing and analytical capabilities.

Asia has driven a boom in recent years in terms of R&D spending, venture capital funding, academic publications, and patents.To navigate this dynamic region, Lux Researchhas issued a new report, “State of Innovation in Asia: Key Industries and Players Shaping Asia’s Innovative Ecosystem.”

As consumer preferences and priorities evolve, both packaging and food and beverage companies look for ways to innovate, so their packaged goods will not only meet the needs of consumers, but also stand out on store shelves.