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Packaging and Protective Packaging Market Expected to Reach $1.5 trillion by 2031—Allied Market Research

 
2022
Packaging and Protective Packaging Market

Report Code : A01964

quote the global packaging and protective packaging market is expected to possess high growth potential in the coming years as packaging and protective packaging is designed to protect consumer and industrial goods from shock & vibration, atmospheric, magnetic, and electrostatic forces. In addition, packaging and protective packaging products are widely used in the healthcare sector to protect pharmaceutical products and to ensure that is stored correctly. This has led to increasing in the 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. However, an outbreak of the COVID-19 pandemic has had negative impacts on the global packaging and protective packaging market. quote

Yerukola Eswara Prasad - Manager
Materials and Chemicals at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Packaging and Protective Packaging Market," The packaging and protective packaging market was valued at $1.0 trillion in 2021, and is estimated to reach $1.5 trillion by 2031, growing at a CAGR of 4.3% from 2022 to 2031.

Packaging and protective packaging is designed to protect the consumer and industrial goods from shock & vibration and atmospheric, magnetic, and electrostatic forces. Various boxes, storage containers, packing materials, liners, and spacers made of plastic & plastic foams, paper & paperboards, metals, glass, and woods are used for packaging. Various functions of packaging include electrical insulation, thermal insulation, fireproofing, moisture & vapor protection, shock & vibration damping, and UV & weather resistance. Other types of packaging create a protection barrier from oxygen, moisture, and dust to retain the freshness and efficacy of food products. The type of product being packaged and the environmental conditions from which the product must be protected determine the material and type of packaging to be employed.

Growth in participation of third-party logistic companies, which use packaging and protective packaging for safe distribution of fragile, perishable, high, or low value-added products, positively impacts the market growth. Increase in manufacturing activities globally to meet the rising demand of the population has led to increased consumption of packaging, which is further expected to fuel the market growth during the forecast period.

However, volatile organic compound (VOC) emission during the manufacturing and curing processes of plastic and plastic foam-based packaging has led to the formulation of various regulations on packaging manufacturers. Moreover, regulatory norms on packaging and protective packaging related to food contact application and pharmaceutical products may hamper the market growth.

On the contrary, increase in R&D activities by various market players to produce biodegradable packaging and protective packaging is expected to provide opportunities for the packaging manufacturers. The packaging and protective packaging market is segmented on the basis of material, function, application, and region. By material, the market is segregated into paper & paper board, rigid plastics, flexible, metal, glass, and others.

The paper and paperboard segment dominated the global market in terms of revenue in 2021, with 32.8% of the total share. 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.

By function, the market is classified into cushioning, blocking & bracing, void fill, insulation, wrapping, and others. The insulation segment dominated the global market in terms of revenue in 2021, with 29.5% of the total share. Plastic-based packaging materials, such as expanded polystyrene (EPS) and polyurethane (PUR), are majorly used in insulation packaging, owing to their high resistance to heat and remarkable design flexibility. Insulated shipping containers, vacuum insulated panels, and corrugated fiberboard are used as insulation packaging. 

The increase in demand for frozen foods, 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.

By application, the market is divided into food, beverage, healthcare, cosmetics, industrial, and others. The food segment dominated the global market in terms of revenue in 2021, with 41.5% of the total share. 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.

Region-wise, the packaging and protective packaging market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific packaging and protective packaging market size is projected to grow at the highest CAGR during the forecast period and accounted for a major paints and coatings market share in 2021. Key players operating in the global packaging and protective packaging market 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, International Paper.

The packaging and protective packaging market has little impact due to the wake of the COVID-19 pandemic, owing to the disruptions in the supply chain for various personal hygiene, medical products, and other consumer goods. Furthermore, to control the surge of novel coronavirus cases, there is a drastic shift of investments from other sectors toward healthcare. Moreover, several packaging and protective manufacturing companies have either shut down or shrank their operations due to the risk of infection among the workforce.

This has temporarily hampered the demand and supply chain packaging materials amid the COVID-19 pandemic. However, growth in awareness related to personal care & healthcare activities has surged the demand for various anti-bacterial creams, and other products during the COVID-19 pandemic, which in turn has increased the led the packaging and protective packaging market to witness a significant growth.

Furthermore, several packaging and protective packaging manufacturing companies have adopted safety strategies and techniques, which in turn has increased the demand for packaging and protective packaging products as the market starts stabilizing. In 2020, packaging and protective packaging material’s prices were higher in Asia-Pacific. The price rise was due to continued regional demand trends and tight product availability. Firm downstream packaging product’s demand and stronger upstream costs are expected to sustain the price gain.

However, food & beverage industry is recovering post pandemic owing to the rise in online grocery sales. For instance, according to a report published by a research journal named International Journal of Market Research, the change in customer’s purchasing behavior have increased the sales of online grocery items in 2021. This may surge the demand for packaging and protective packaging market in the growing food & beverage sector.

In addition to this, the building & construction activities are projected to get back on track and start functioning with full capacity post COVID-19 period which in turn may enhance the demand for void-fill type packaging materials used to protect various construction materials during their transportation at various construction sites.

For instance, according to an interim report for the 2021 Australian infrastructure plan, the Australian Construction Industry Forum (ACIF) expects the construction industry to return to pre-COVID-19 levels by 2022-23, driven by strong public investments. This factor may augment the growth of the packaging and protective packaging market during the forecast period. Moreover, the rise in e-commerce sector attributed with increase in online purchasing power of customers may create a positive impact on the packaging and protective packaging market.

Key findings of the study

  • By material, the paper and paperboard segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 4.2% from 2022 to 2031.
  • By function, the insulation segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 4.6% from 2022 to 2031.
  • By application, the food segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 4.5% from 2022 to 2031.
  • By region, Asia-Pacific garnered the highest share of 42.9% in 2021, in terms of revenue, growing at a CAGR of 4.8%.

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quote 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 quote

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