Report Code: A01964 | Pages: 296 | Jan 2023 | 17038 Views | ||
Author(s) : Nikhil M , Yerukola P | Tables: 140 | Charts: 81 |
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The global packaging and protective packaging market was valued at $1.0 trillion in 2021, and is projected to reach $1.5 trillion by 2031, growing at a CAGR of 4.3% from 2022 to 2031.
Report Key Highlighters:
The packaging and protective packaging market had little impact due to the wake of the COVID-19 pandemic, owing to the continuous demand of products associated with personal hygiene, medical, and other consumer goods industries. On the other hand, manufacturers focus on producing packaging materials from biopolymers. These biopolymers need to be biodegradable and especially compostable, thus acting as fertilizers and soil conditioners. Development of biodegradable packaging material presents a major growth opportunity for the global packaging and protective packaging market.
Packaging and protective packaging is a wrapping or container made of plastic, paper, wood, metal, or glass used to store products temporarily to protect and extend their shelf life. This packaging protects the product from atmospheric, magnetic, electrostatic, vibration, or shock damage during shipping and storage. It also retains the freshness, flavor, and efficacy of the food products for a longer duration by protecting them from water, oxygen, dust, and microorganisms. Packaging and protective packaging includes roller stock, wrap, thermoform container, bubble packaging, protective mailer, air pillow, paper fill, corrugated box, molded pulp, insulated shipping container, paperboard protector, molded foam, foam-in-place, and loose fill.
An increase in purchasing power of consumers and fast-paced lifestyles boost the sales of packed food items in both developed and developing economies. According to an article published by Business Standard, the packed food market in India is expected to double in the upcoming 5-10 years owing to economic growth, growing e-commerce, and demographic dividend. Packaging and protective packaging products are widely used to protect food from outside influence and damage, provide consumers with ingredient and nutritional information, and others. According to a report published by India Brands Equity Foundation in December 2020, India’s processing sector is one of the largest in the world and its output is expected to reach $535 billion by 2025-26. This factor may surge the demand for a wide range of packaging and protective packaging products among the growing food sector during the forecast period.
Furthermore, the rapid increase in the population, rise in pharmaceuticals research and development (R&D), up-gradation in technology, increased focus in the healthcare field in a developed and developing nations such as the US, China, and India, and rise in the incidence rate of chronic disorder has led the healthcare sector to witness a significant growth. Packaging and protective packaging products are widely used in healthcare sector to protect the pharmaceutical products and to ensure that is stored correctly. Furthermore, the increasing incidence of contagious diseases and viruses have surged the demand for sterile medical equipment and products that are well packed to ensure zero-contact with external environment. These factors altogether escalate the growth of packaging and protective packaging market in the healthcare sector.
However, government across various regions have banned the use of PVC, PE foam, and other VOC-emitting materials used for packaging, thereby impeding the market growth. On the contrary, petrochemicals-based plastics, such as polyethylene terephthalate (PET), PE, PVC, polystyrene (PS), and polypropylene, are widely used as packaging materials, owing to their easy availability and cost-effective nature. However, restrictions are being imposed on their usage due to their non-recyclability or non-biodegradability. Packaging done from these materials leads to contamination of food and biological stuffs, resulting in wastage of thousands of tons of food, thus increasing the problem of municipal waste disposal. Owing to the impacts of usage of these packaging materials, biodegradable packaging has now become a necessity. Manufacturers are investing heavily on R&D activities to develop packaging materials from biodegradable materials.
The packaging and protective packaging market is segmented on the basis of material, function, application, and region. On the basis of material, it is fragmented into paper & paperboard, rigid plastics, flexible, metal, glass, and others. By function, it is segmented into cushioning, blocking & bracing, void-fill, insulation, wrapping, and others. By application, it is classified into food, beverage, healthcare, cosmetics, industrial, and other consumer goods. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Packaging and Protective Packaging Market
By MaterialRigid Plastics is the most lucrative segment
The paper & paperboard packaging and protective packaging market size is projected to grow at the highest CAGR of 4.2% during the forecast period and accounted for 32.8% of packaging and protective packaging market share in 2021. Major applications of paperboard in packaging include frozen food packaging, beverage cartons, pharmaceutical packaging, aseptic drink boxes, cosmetic & perfume packaging, candy boxes, paper goods packaging, and cereal boxes. Increase in demand for paper & paperboard packaging, especially from the food & beverage industry, and strict regulations on the use of plastic bags are anticipated to augment the demand for paper & paperboards for packaging applications during the forecast period.
Packaging and Protective Packaging Market
By FunctionInsulation is projected as the fastest growing segment
In 2021, the insulation segment was the largest revenue generator, and is anticipated to grow at a CAGR of 4.6% during the forecast period. The increase in demand for frozen food, fish, meat, vegetables, fruits, medical supplies, and others have surged the potential application of insulation packaging that keep the product at a stable temperature regardless of the condition of packaging. This factor may act as one of the key drivers responsible for the growth of the packaging and protective packaging market for insulation packaging.‐¯
Packaging and Protective Packaging Market
By ApplicationHealthcare is projected as the fastest growing segment
In 2021, the food segment was the largest revenue generator, and is anticipated to grow at a CAGR of 4.5% during the forecast period. Various packaging materials used in the food sector offer benefits that lead to easy transportation and storage of food products.
For example, glass used in food packaging is impermeable to gases and vapors, maintains product freshness for a long period of time without impairing taste or flavor, and is useful for heat sterilization. Metal also provides physical protection and consumer acceptance. Paper & paperboard is a lightweight packaging material and can also be recycled. All these factors are anticipated to increase the demand for protective packaging in the food sector during the analysis period.‐¯
Packaging and Protective Packaging Market
By RegionAsia-Pacific would exhibit highest CAGR of 4.8% during 2021-2031.
By region, the Asia-Pacific segment dominated the global market in 2021, and is anticipated to grow at a CAGR of 4.8% during forecast period. Asia-Pacific is bifurcated into sub-regions such as China, India, Japan, Australia, and the Rest of Asia-Pacific. Protective packaging products such as boxes or storage containers, packing materials, liners, and spacers are designed to protect the goods from atmospheric, magnetic, electrostatic, vibration, or shock damage.
Asia-Pacific is anticipated to possess high growth potential, owing to increase in developments in the emerging economies and rapid industrialization. Moreover, accelerated manufacturing output due to rise in demand for packaged food, especially in emerging economies such as China and India supplement the market growth. Countries such as China, Japan Australia, India, and Indonesia are undergoing developments in the consumer goods industry, thereby fueling the growth of the market.
The major companies profiled in this report include Smurfit Kappa Group PLC, DS Smith, Huhtamaki, Pregis LLC, Sealed Air, Sonoco Products Company, Amcor PLC, Pro-Pac Packaging Limited, Storopack Hans Reichenecker GmbH, and International Paper.
IMPACT OF COVID-19 ON THE GLOBAL PACKAGING AND PROTECTIVE PACKAGING MARKET
Packaging and Protective Packaging Market Report Highlights
Aspects | Details |
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Market Size By 2031 | USD 1464.4 billion |
Growth Rate | CAGR of 4.3% |
Forecast period | 2021 - 2031 |
Report Pages | 296 |
Material |
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Function |
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Application |
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By Region |
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Key Market Players | Smurfit Kappa Group PLC, DS Smith, Huhtamaki, Pregis LLC, Sealed Air, Sonoco Products Company, Amcor PLC, Pro-Pac Packaging Limited, Storopack Hans Reichenecker GmbH, International Paper |
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According to CXOs of leading companies, the global packaging and protective packaging market is expected to exhibit high growth potential during the forecast period. Packaging and protective packaging is designed to protect the consumer and industrial goods from shock & vibration, atmospheric, magnetic, and electrostatic forces. Moreover, food & beverages that requires excellent moisture resistance and reduction in product damage and food spoilage can be accomplished with the use of packaging and protective packaging.
In addition, packaging and protective packaging products are widely used in healthcare sector to protect the pharmaceutical products and to ensure that is stored correctly. This has led to increase in potential application of packaging and protective packaging in the pharmaceutical sector. Furthermore, increasing awareness for eco-friendly products may surge the utilization of biodegradable packaging and protective packaging products during the forecast period.
Moreover, rise in demand from end users, especially from the developing countries, and continuous technological advancements boost the growth of the global packaging & protective packaging market. However, lack of profit from niche market products is expected to hinder the market growth. As per the CXOs, Asia-Pacific is projected to register significant growth as compared to the saturated markets of North America and Europe. CXOs further added that sustained economic growth and development of the e-commerce sector may increase popularity of packaging and protective packaging.
A. The active packaging is a major trend witnessed in the food packaging industry. Active packaging is defined as a package system designed to intentionally incorporate components that would release or absorb substances into or from the packaged food or the environment surrounding the food, and it is anticipated to extend the shelf life or to maintain or improve the condition of the packaged food.
A. The food segment dominated the global market in terms of revenue in 2021, growing at a CAGR of 4.5% during the forecsat period.
A. The Asia-Pacific segment dominated the global market in 2021, and is anticipated to grow at a CAGR of 4.8% during forecast period. Asia-Pacific is anticipated to possess high growth potential, owing to increase in developments in the emerging economies and rapid industrialization.
A. The packaging and protective packaging market is estimated to reach $1.5 trillion by 2031
A. The major companies profiled in this report include Smurfit Kappa Group PLC, DS Smith, Huhtamaki, Pregis LLC, Sealed Air, Sonoco Products Company, Amcor PLC, Pro-Pac Packaging Limited, Storopack Hans Reichenecker GmbH, and International Paper.
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