PUBLISHER: The Business Research Company | PRODUCT CODE: 1274488
PUBLISHER: The Business Research Company | PRODUCT CODE: 1274488
“Packaging Products Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on packaging products market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for packaging products? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The packaging products market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Major players in the packaging products market are Amcor PLC., Mondi PLC., Berry Global PLC., Yunnan Energy New Material Co. Ltd., Ball Corporation, International Paper Co., Crown Holdings Inc., Owens-Illinois Group Inc., Sealed Air Corp., Reynolds Group Inc., Stora Enso Oyj, Huhtamaki Oyj, Gerresheimer AG, Graham Packaging Company, Tetra Pak Inc., and Oliver Packaging & Equipment Company.
The global packaging products market is expected to grow from $92.32 billion in 2022 to $100.80 billion in 2023 at a compound annual growth rate (CAGR) of 9.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The packaging products market is expected to grow to $137.11 billion in 2027 at a CAGR of 8.0%.
The packaging products market consists of sales of paperboard, steel, and aluminum packaging products. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Packaging products refer to the materials that are used in the act of enclosing or protecting the product in a container to help with its distribution, identification, storage, promotion, and use.
Asia-Pacific was the largest region in the packaging products market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the packaging products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The major types of packaging products are paper and cardboard, rigid plastic, metal, flexible plastic, glass, wood, textiles, and other types. Cardboard refers to a rigid substance made of wood, whereas paper is a sheet used for writing. In comparison to paper, cardboard is a thicker paper material. The several types of products included are bottles and cans, containers and jars, bags, pouches, and wraps, which are used by various end-users such as food, beverages, healthcare, cosmetics, household products, and chemicals.
Growth of e-commerce platforms is expected to propel the growth of the packaging products market going forward. E-commerce (electronic commerce) refers to the purchase and sale of products and services, as well as the exchange of payments or data, through an electronic network, usually the internet. Rising e-commerce requires large number of packaging products as they are used to transport a product to a customer after they buy it online. For instance, in January 2023, according to the report shared by tidio, a Poland-based digital product company, online purchases now total 2.14 billion shoppers, a huge growth from just a few years ago. With a 7.9 billion-strong global population, 27% of all people alive today are digital consumers. Globally, there were 2.14 billion digital buyers in 2021, up from 1.92 billion in 2019. Therefore, the growth of the e-commerce platform is driving the growth of the packaging products market.
Product innovations are a key trend gaining popularity in the packaging products market. Major companies operating in the packaging products market are focused on developing innovative solutions to strengthen their position in the market. For instance, in October 2022, Huhtamaki Oyj, a Finland-based consumer packaging company, launched ICON packaging, an innovative, recyclable packaging option for ice cream that is built from 95% renewable bio-based material. It is a ground-breaking paper technology that allows recycling in cities across the United States that have paper product recycling programs, first for use in ice cream containers and lids. To help educate and raise understanding of the sustainability advantages of ICON packaging, ICON packaging makes use of the capabilities of Huhtamaki's Connected Packaging solutions, with a QR code embedded into the packaging design that links consumers to the ICON landing page.
In October 2022, Berlin Packaging LLC, a US-based packaging services provider, acquired Bark Packaging Group for an undisclosed sum. This purchase increases Berlin Packaging Group's position in Northern Europe and allows the company to provide even more goods and services to its clients. Bark Packaging LLC is a Netherlands-based firm that offers industrial, flexible, and UN-certified packaging solutions.
The countries covered in the packaging products market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The packaging products market research report is one of a series of new reports from The Business Research Company that provides packaging products market statistics, including packaging products industry global market size, regional shares, competitors with a packaging products market share, detailed packaging products market segments, market trends and opportunities, and any further data you may need to thrive in the packaging products industry. This packaging products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.