From a branding perspective, especially brand naming, Cheerios is brilliant. It’s a suggestive name that gives you a hint of what you’re about to experience: cheery Os. The funny part is that wasn’t the original name.

According to a new research report by Global Market Insights Inc., the packaging materials market size is expanding at over 3 percent CAGR and will cross USD $1.3 trillion by 2024. Developments in the Asia Pacific food & beverage sector will be a major reason behind the market growth.