The growth of third-party logistics companies, an increase in manufacturing activities globally, the growth of the healthcare sector, an increase in demand for sterile medical equipment and products, and an increase in purchasing power consumers are driving the global packaging and protective packaging market.
PORTLAND, Oregon., February 7, 2023 /PRNewswire/ — Allied Market Research released a report titled “Packaging and Protective Packaging Market By Material (Paper & Cardboard, Rigid, Flexible Plastics, Metal, Glass, Others), By Function (Cushioning, Blocking & Bracing, Void Fill, Insulation, Packaging, Others) , by Application (Food, Beverages, Healthcare, Cosmetics, Industrial, Others): Global Opportunities Analysis and Industry Forecast, 2021-2031“According to the report, the global packaging and protective packaging industry has accumulated a sum of 1 trillion dollars in 2021 and should generate $1.5 trillion by 2031, growing at a CAGR of 4.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, major segments, major investment pockets, value chain, regional landscape and competitive scenario.
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Drivers, constraints and opportunities
Growth in the participation of third-party logistics companies, which use packaging and protective packaging for the secure distribution of fragile, perishable, high or low value-added products, increase in manufacturing activities on a global scale to meet the growing demand of population, growth of in the healthcare sector, the increase in demand for sterile medical equipment and products due to the increasing incidence of contagious diseases and viruses, as well as the increase in power shopping and hectic consumer lifestyles are fueling the growth of the global packaging and protective packaging market. However, the emission of volatile organic compounds (VOCs) during the manufacturing and curing processes of plastic and foam plastic packaging and regulatory standards on packaging and protective packaging related to food contact applications and pharmaceuticals are hampering the growth of the global market. 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 has had little impact on the packaging and protective packaging market. There have been disruptions in the supply chain of various personal hygiene, medical and other consumer goods, which has impacted the growth of the market to some extent.
- However, the packaging and protective packaging market has recovered rapidly from the COVID-19 pandemic due to its increased dependence on healthcare, food and beverage, cosmetics, electrical and electronics and other end-use sectors. Growing awareness related to personal care and health care business has surged the demand for various antibacterial creams and other products during the pandemic, which has led the packaging and protective packaging market to witness a surge. significant growth.
- For example, according to an article by Financial Express, India’s pharmaceutical industry grew by 15% in 2021 and is expected to grow at an average annual growth rate of 18.6% by 2025.
The paper and paperboard segment will dominate in terms of revenue during the forecast period
Based on material type, the paper and paperboard segment contributed the largest share of almost a third of the global packaging and protective packaging market in 2021 and is expected to maintain gradual growth over the course of the year. forecast period. Rising demand for paper and cardboard packaging, especially from the food and beverage industry, and stringent regulations on the use of plastic bags are expected to increase the demand for paper and cardboard for packaging applications during the forecast period. However, the rigid plastics segment is expected to witness the fastest CAGR of 4.7% from 2022 to 2031. Rigid plastics are widely used as packaging material for a wide range of cosmetic creams, lotions, powders and others.
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The insulation segment to maintain significant revenue growth in 2031
Based on function, the insulation segment held the largest share of more than a quarter of the global packaging and protective packaging market in 2021 and is expected to maintain significant growth during the forecast period. The increase in demand for frozen foods, fish, meat, vegetables, fruits, medical supplies and others has led to an increase in the application of insulated packaging that keeps products at a stable temperature. However, the cushioning segment is expected to show the highest CAGR of 4.8% in 2031. It is expected to fuel the demand for cushioning packaging during the forecast period.
Asia Pacific to achieve significant growth by 2031
Based on region, the market for 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 expected to dominate in terms of revenue and show the fastest CAGR of 4.8% during the forecast period. This is due to the ramping up of developments in emerging economies and the rapid industrialization of the region. Additionally, accelerating manufacturing output due to rising demand for packaged foods, especially in emerging economies like China And India supplement market growth. countries such as ChinaJapan Australia, IndiaAnd Indonesia are witnessing developments in the consumer goods industry, thus fueling the growth of the market.
Main market players
- Smurfit Kappa Group Plc
- DS Smith, Huhtamaki
- Pregis LLC
- air sealed
- Sonoco Product Company
- Amcor Plc
- Pro-Pac Packaging Limited
- Storopack Hans Reichenecker GmbH
- International paper
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