PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1512183
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1512183
Market Overview
In 2024, the packaging container industry will produce a projected revenue of USD 211.9 billion and enlarge at a rate of 3.2% during the projection period, attaining USD 256.5 billion by the end of the decade.
This is primarily because of the changing customer demand to have items delivered at home securely. Precisely, the need for good packing containers that preserve items from harm is growing as a result of the growing concerns over the durability, safety, and overall quality of eatables.
As the emphasis of governments and people on ecological problems increases, the need for sustainable packaging material will increase. This is driving the sale of recyclable bottles, compostable packing, and refillable containers. Their acceptance not only advances the ecological condition but also aids in reducing costs, by reducing material waste and decreasing transportation costs.
The latter is attained by utilizing light in weight materials, which decrease the overall load the vehicle requires to carry, therefore saving emissions and fuel costs. The severe government guidelines for nature safety and waste management encourage the utilization of ecological packing.
With the advancement of e-commerce solutions, many companies and stores are moving their products online and therefore the requirement for the containers is growing because of the need to deliver these goods to customers safely. Large and vast 'multinational' firms spend lots of funds on just the packaging and designs of their products because they know they are competing for the attention of consumers. Besides, the idea enhances customers' unboxing experience, and some of them might record themselves opening the package and posting the video on social media.
Key Insights
In 2024, the non-sustainable packaging category holds 70% industry share because of the common use of lucrative materials like plastic and metals.
Sustainable packaging is the fastest-growing category with a CAGR of 3.6% during 2024-2030, driven by a focus on biodegradable and eco-friendly solutions.
Consumers are increasingly demanding environment-friendly packaging due to heightened awareness of waste reduction and climate change.
Companies like Plaine, Samsung, Puma, Calvin Klein, and Zara are adopting sustainable packaging to meet consumer demands and comply with regulations.
Governments worldwide have implemented strict regulations and penalties on hazardous packaging materials, pushing companies towards sustainable options.
Food and beverages hold the largest market share of 45% in 2024, driven by the expanding industry and strict food quality and safety regulations.
Healthcare and pharmaceuticals are the fastest-growing category with a CAGR of 3.8% during 2024-2030, due to advancements in healthcare technology.
Effective packaging in healthcare ensures product safety, hygiene, and regulatory compliance, preventing contamination and protecting patient health.
The small container category holds the largest market share in 2024, favored for exact portions, waste reduction, and compliance with regulations.
Small containers are used by companies to make products attractive and noticeable, increasing sales.
APAC holds the largest share of 45% in 2024, due to the presence of large FMCG, F&B, chemical, and pharmaceutical companies and a massive consumer base.
APAC is the fastest-growing market during 2024-2030, driven by high-volume domestic consumption and increased food & beverage exports.
Polymers hold the largest market share of 40% in 2024, valued for their flexibility, cost-effectiveness, and strength in various industries.