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Growth in third-party logistic companies, an increase in manufacturing activities globally, growth in the healthcare sector, surge in the demand for sterile medical equipment and products, and an increase in purchasing power of consumers drive the global packaging and protective packaging market.
PORTLAND, Ore., Feb. 7, 2023 /PRNewswire/ — 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” According to the report, the global packaging and protective packaging industry accrued a sum of $1.0 trillion in 2021 and is estimated to generate $1.5 trillion by 2031, witnessing a CAGR of 4.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
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, an increase in manufacturing activities globally to meet the rising demand of the population, growth in the healthcare sector, surge in the demand for sterile medical equipment and products due to increasing incidence of contagious diseases and viruses, and increase in purchasing power and fast-paced lifestyles of consumers fuel the growth of the global packaging and protective packaging market. However, the emission of volatile organic compound (VOC) during the manufacturing and curing processes of plastic and plastic foam-based packaging and regulatory norms on packaging and protective packaging related to food contact application and pharmaceutical products hinder the global market growth. On the other hand, an increase in R&D activities by various market players to produce biodegradable packaging and protective packaging will present new growth opportunities for the global packaging and protective packaging market in the coming years.
Covid-19 Scenario
- The outbreak of the COVID-19 pandemic had little impact on the packaging and protective packaging market. There were disruptions in the supply chain of various personal hygiene, medical products, and other consumer goods, which impacted the market growth to some extent.
- However, the packaging and protective packaging market recovered rapidly post the COVID-19 pandemic due to its increased dependency over healthcare, food & beverage, cosmetics, electrical & electronics, and other end use sectors. Growth in awareness related to personal care & healthcare activities surged the demand for various anti-bacterial creams, and other products during the pandemic, which in turn, led the packaging and protective packaging market to witness a significant growth.
- For instance, according to an article by Financial Express, the Indian pharmaceutical industry registered a growth of 15% in 2021 and is expected to grow at an average annual growth rate of 18.6% by 2025.
The paper and paperboard segment to dominate in terms of revenue during the forecast period
Based on material type, the paper and paperboard segment contributed to the largest share of nearly one-third of the global packaging and protective packaging market in 2021 and is expected to maintain a progressive growth during the forecast period. 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. However, the rigid plastics segment is projected to witness the fastest CAGR of 4.7% from 2022 to 2031. Rigid plastics are widely used as a packaging material for a wide range of cosmetic creams, lotions, powders, and others.
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The insulation segment to maintain a prominent revenue growth in 2031
Based on function, the insulation segment held the largest share of more than one-fourth of the global packaging and protective packaging market in 2021 and is expected to maintain a prominent growth during the forecast period. The increase in demand for frozen food, fish, meat, vegetables, fruits, medical supplies, and others led to the surge in application of insulation packaging that keep products at a stable temperature. However, the cushioning segment is expected to exhibit the highest CAGR of 4.8% in 2031. Surge in demand for safe and efficient packaging solutions that provide better transit safety to products by offering functionality such as blocking and bracing, void filling, and corner protection is projected to fuel the demand for cushioning packaging during the forecast period.
Asia-Pacific to achieve a noteworthy growth by 2031
Based on region, the market in Asia-Pacific was the largest in 2021, accounting for more than two-fifths of the global packaging and protective packaging market. The same market is likely to dominate in terms of revenue and show the fastest CAGR of 4.8% during the forecast period. This is due to the rise in developments in the emerging economies and rapid industrialization in the region. Moreover, accelerated manufacturing output due to the 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.
Leading 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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