PUBLISHER: The Business Research Company | PRODUCT CODE: 1425758
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425758
Protective Packaging Global Market Report 2024 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 protective packaging 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 protective packaging? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The protective packaging 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.
Protective packaging serves as a specialized form of packaging designed specifically to safeguard shipped items by providing insulation and a shield against physical damage during the often unpredictable shipping process. Its primary purpose is to protect and cushion goods, ensuring their integrity throughout transportation, logistics, and warehousing stages.
There are several key types of protective packaging. Rigid protective packaging involves sturdier materials such as hard plastics, cardboard, metals, and similar substances. On the other hand, flexible protective packaging utilizes materials that offer more adaptability. Additionally, foam protective packaging, known for its shock-absorbing qualities, is another prevalent type used in safeguarding goods during transit. These packaging materials span various categories, including foam plastics, paper and paperboard, plastics, and other similar substances. Protective packaging serves multiple functions critical to preserving goods such as cushioning to absorb impact, blocking and bracing to secure items in place, void fill to prevent shifting, and insulation and wrapping to safeguard against environmental factors. Industries such as food and beverage, industrial goods, automotive, household appliances, pharmaceuticals, and others extensively utilize these protective measures to maintain product integrity throughout the supply chain.
The protective packaging market research report is one of a series of new reports from The Business Research Company that provides protective packaging market statistics, including protective packaging industry global market size, regional shares, competitors with a protective packaging market share, detailed protective packaging market segments, market trends and opportunities, and any further data you may need to thrive in the protective packaging industry. This protective packaging 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.
The protective packaging market size has grown strongly in recent years. It will grow from $32.92 billion in 2023 to $35.25 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth observed in the historical period can be primarily attributed to several key factors. These include the upsurge in consumer electronics, a heightened emphasis on sustainable packaging practices, a concerted focus on bolstering brand image, the growing awareness surrounding product safety, the expansion of the automotive industry, and the globalization of supply chains. Each of these elements has played a pivotal role in fostering growth within the relevant sectors, contributing significantly to overall market expansion during this period.
The protective packaging market size is expected to see strong growth in the next few years. It will grow to $45.88 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The projected growth in the upcoming forecast period is poised to stem from various factors, notably the evolution of the retail landscape, advancements in packaging design methodologies, an upswing in pharmaceutical production, the trend towards customized packaging solutions, and an amplified focus on optimizing last-mile delivery processes. Each of these factors is expected to significantly contribute to the market's expansion during this forecasted period.
The anticipated expansion of the protective packaging market is strongly propelled by the burgeoning growth of the e-commerce industry. This sector, encompassing various online transaction models, relies significantly on protective packaging to safeguard products throughout the logistics chain, ensuring items reach customers undamaged. Recent data from the United States Census Bureau in August 2023 revealed a considerable increase of 7.5% in e-commerce estimates compared to the prior year, signifying a notable 15.4% share of overall sales in the second quarter of 2023. This growth underscores the pivotal role of e-commerce in driving the demand for protective packaging solutions.
The escalating demand within the food and beverage industry emerges as a substantial driver for the growth of protective packaging solutions. With a comprehensive scope covering production, processing, packaging, and distribution of food and drink items, this sector heavily relies on protective packaging to maintain product quality, ensuring optimal conditions during transit. Recent reports from USDA Rural Development highlighted a significant $467.20 billion in food and beverage sales in 2021, underscoring the sector's substantial market influence. Moreover, statistics from Kirin Holdings Company Limited in December 2022 revealed a global rise of 4.0% in beer consumption, reaching approximately 185.60 million kiloliters in 2021. Such substantial growth within the food and beverage industry is a key driver for the expanding protective packaging market.
A noteworthy trend in the protective packaging market revolves around technological advancements driving product innovations. Major companies are intensifying their research and development endeavors to create carbon-neutral products, integrating automation for enhanced efficiency. For instance, Pregis Corporation introduced Renew Zero in February 2022, a recyclable air-cushioning film composed of 50% post-consumer recycled content and 50% renewable plant waste. This film not only meets European legislation standards but also utilizes RFID technology for seamless production through the AirSpeed MINI PAK'R machine, demonstrating a focus on sustainable solutions and innovative technologies.
Major companies in the protective packaging sector emphasize product innovation to cater to customer needs. For instance, Ineos Group Limited launched Recyclable Flexible Film in May 2023, an ultra-thin rigid film crafted from over 50% recycled plastic waste for flexible packaging. This initiative aims to create recyclable, single-polymer flexible packaging products, addressing challenges related to difficult-to-recycle materials. Such innovations in protective packaging solutions offer low-carbon alternatives, enhancing food shelf life and meeting consumer demands for sustainable packaging.
Strategic acquisitions contribute significantly to market expansion in the protective packaging sector. An example of this is the acquisition by Smurfit Kappa Group plc of Cartonbox in July 2021, aimed at bolstering the company's paper-based packaging portfolio in Mexico. This acquisition signifies a strategic move to strengthen protective packaging solutions catering to various sectors such as FMCG, food and beverage, bakery, and office supplies, positioning Smurfit Kappa Group plc as a prominent player in the Mexican market.
Major companies operating in the protective packaging market report are The Smurfit Kappa Group PLC, Sealed Air Corporation, Sonoco Products Company, Huhtamaki Oyj, Dow Inc., Smurfit Kappa Group PLC, DS Smith PLC, International Paper Company, WestRock Company, Ball Corporation, Oji Holdings Corporation, Advanced Protective Packaging Inc., Storopack Hans Reichenecker GmbH, Packaging One GmbH, ITP Packaging Limited, Amcor PLC, Anchor Packaging Inc., ALPLA Werke Alwin Lehner GmbH & Co. KG, Pregis LLC, Ranpak Corp., Pactiv LLC, Intertape Polymer Group Inc., Cascades Inc., Berry Global Group Inc., Mondi Group, Pro-Pac Packaging Group Pty. Ltd., Nefab AB, Unisource Worldwide Inc., Tekni-Plex Inc., Bway Corporation
Asia-Pacific was the largest region in the protective packaging market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the protective packaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the protective packaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The plastic packaging market consists of sales of protective mailers, bubble packaging, air pillows, paper fill, dunnage bags, insulated shipping containers, molded foam, foam-in-place polyurethane, polyolefin rolled foam, and loose fill. 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.
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.