The global packaging and protective packaging market is witnessing expansion due to factors such as surge in purchasing power of consumers, robust demand for sterile products and medical equipment, significant growth of the healthcare sector, rising manufacturing activities across the globe, and the increase in third-party logistic companies.
Wilmington, Delaware, Nov. 10, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Packaging and Protective Packaging Market by Material (Paper and Paperboard, Rigid Plastics, Flexible, Metal, Glass, Others), by Function (Cushioning, Blocking and Bracing, Void-fill, Insulation, Wrapping, Others), by Application (Food, Beverage, Healthcare, Cosmetics, Industrial, Others): Global Opportunity Analysis and Industry Forecast, 2021- 2031” The report indicates that the global market for packaging and protective packaging is estimated to yield $1.5 trillion by 2031. The industry has generated $10 trillion in 2021 and is anticipated to witness a noteworthy growth with 4.3% CAGR from 2022 to 2031. The report provides an in-depth examination of primary segments, evolving market trends, key areas for investment, regional overview, the value chain, and the competitive landscape.
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Factors influencing the growth of the market:
The growth of the global packaging and protective packaging market is accelerated by expeditious lifestyle and surge in purchasing power of consumers, robust demand for sterile medical products and equipment, owing to growing prevalence of viral and contagious diseases, increase in manufacturing activities across the globe to address the escalating demands of the population, rise in the involvement of third-party logistics companies, which utilize packaging and protective materials for secure distribution of delicate, perishable, high, or low-value goods, and expansion of the healthcare sector. However, the regulatory standards governing packaging and protective packaging for food contact applications and pharmaceutical products and the emission of volatile organic compounds (VOC) during the manufacturing and curing processes of plastic and plastic foam-based packaging restrict the market growth. Nevertheless, a surge in R&D activities by several frontrunners to manufacture biodegradable packaging and protective packaging is estimated to offer remunerative growth opportunities in the future.
The paper and paperboard segment to maintain its dominance by 2031
By material type, the paper and paperboard segment held the highest market share in 2021, accounting for nearly one-third of the overall market revenue and is projected to retain its dominance from 2022 to 2031. The growth is attributed to stringent norms on the usage of plastic bags and surge in demand for paper and paperboard packaging, particularly from the food and beverage domain. Moreover, the rigid plastic segment would cite the highest growth with 4.7% throughout the forecast timeframe. Rigid plastics are greatly utilized as a packaging material for powders, lotions, creams, cosmetic creams, and others.
The insulation segment to dominate the market during the forecast period
On the basis of function, the insulation segment grabbed the highest market share in 2021, contributing to more than one-fourth of the global packaging and protective packaging market revenue and is estimated to rule the roost from 2022 to 2031. The growth of the segment is driven by the surge in demand for medical supplies, fruits, vegetables, meat, fish, frozen foods, and others resulted in an increase in application of insulation packaging that maintains the temperature of products. The cushioning segment, on the other hand, is expected to witness a fastest growth with 4.8% by 2031. The growth is attributed to robust demand for efficient and secure packaging solutions that offer better transit safety to components by supplying functionality like corner protection, void filling, and blocking and bracing.
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Asia-Pacific to witness a notable growth throughout the forecast timeframe
The regional analysis in the report indicates that the Asia-Pacific region generated the largest revenue in 2021, contributing to more than two-fifths of the total market share and is expected to continue its supremacy during the forecast period. The same segment is estimated to showcase a notable growth with a 4.8% CAGR from 2022 to 2031. The growth is attributed to rapid industrialization and surge in developments across the region. Additionally, the heightened manufacturing output driven by the increasing demand for packaged food, particularly in emerging economies like China and India, is contributing to market growth. Countries such as China, Japan, Australia, India, and Indonesia are experiencing advancements in the consumer goods sector, further boosting the market’s expansion.
Key market players:
- International Paper
- Storopack Hans Reichenecker GmbH
- Pro-Pac Packaging Limited
- Amcor Plc
- Sonoco Products Company
- Sealed Air
- Pregis LLC
- DS Smith, Huhtamaki
- Smurfit Kappa Group Plc
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