PUBLISHER: The Business Research Company | PRODUCT CODE: 1619804
PUBLISHER: The Business Research Company | PRODUCT CODE: 1619804
Packaging involves designing and producing containers or wrappers for products, which serve several purposes, protecting the product, providing information, aiding transportation, and enhancing consumer appeal. It encompasses the materials, technologies, and practices used to enclose, safeguard, and present goods, ranging from simple wrapping to complex multi-layered structures based on the product's needs.
Packaging types include stick packaging, blister packaging, sachet packaging, single-use packaging, metalized flexible packaging, and others. Stick packaging is a narrow and elongated format, typically used for single-serving items such as powders, granules, or liquids. Packaging materials vary and include plastic, paper and paperboard, metal, and glass. Printing technologies used include offset, flexography, screen, gravure, and digital. These packaging solutions are employed by various sectors including food, beverage, pharmaceutical, beauty and personal care, industrial, and others.
The packaging market research report is one of a series of new reports from The Business Research Company that provides packaging market statistics, including the packaging industry global market size, regional shares, competitors with a packaging market share, detailed packaging market segments, market trends, and opportunities, and any further data you may need to thrive in the packaging industry. This 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 packaging market size has grown strongly in recent years. It will grow from $1,089.66 billion in 2023 to $1,133.65 billion in 2024 at a compound annual growth rate (CAGR) of 4.0%. The growth during the historic period can be attributed to a rise in the consumption of packaged goods, improved living standards, an increase in the use of paper packaging, a shift in the food and beverage industry from plastic to paper packaging, and varying raw material prices.
The packaging market size is expected to see strong growth in the next few years. It will grow to $1,341.51 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to the demand for sustainable packaging solutions, the need for protective packaging, the expansion of e-commerce, regulatory compliance and food safety issues, and increasing urbanization. Key trends during this period include new packaging innovations, smart packaging technologies, advancements in digital printing, technological progress, a growing focus on eco-friendliness, and innovations in packaging design.
The increasing demand for e-commerce is anticipated to drive the growth of the packaging market in the future. E-commerce, which involves buying and selling goods and services over the internet, includes online retail, digital transactions, and electronic business activities. The rising demand for e-commerce is attributed to enhanced consumer convenience, better accessibility, and the integration of social media. Effective packaging is crucial for e-commerce as it improves customer satisfaction, operational efficiency, and facilitates easier handling, storage, and sorting of products in warehouses and during transit. For example, in November 2023, the International Trade Administration reported that consumer e-commerce represented 36.3% of the total UK retail market in 2021. Furthermore, e-commerce revenue is projected to reach $285.60 billion by 2025, with a growth rate of 12.5%. Consequently, the growing demand for e-commerce is fueling expansion in the packaging market.
Leading companies in the packaging market are investing in technological innovations, such as AI-powered solutions, to improve packaging efficiency, reduce waste, optimize logistics, and enhance overall sustainability in the supply chain. AI-powered solutions assist in achieving greater efficiency, cost savings, and improved product quality while addressing environmental concerns. For instance, in April 2022, DHL Supply Chain, a Germany-based logistics firm, introduced OptiCarton, an AI-driven solution designed to optimize packaging for e-commerce shipments. OptiCarton employs advanced AI algorithms to identify the most efficient packaging size and configuration, potentially cutting shipping costs by up to 35% and reducing carbon emissions. The system suggests optimal box sizes from a pre-configured selection and offers visual instructions for maximizing space within the boxes.
In February 2024, Welch Packaging, a U.S.-based company that produces custom cardboard boxes, retail packaging, and e-commerce packaging, announced its acquisition of Innovative Packaging Solutions (IPS) for an undisclosed amount. This acquisition strengthens Welch Packaging's capabilities in custom packaging solutions and broadens its customer base. Innovative Packaging Solutions is a U.S.-based packaging firm that offers quality retail and industrial packaging, retail displays, and fulfillment services.
Major companies operating in the packaging market are WestRock Company, International Paper Company, Ball Corporation, Amcor Group GmbH, Berry Global Group Inc., Smurfit Kappa Group, Crown Holdings Inc., DS Smith PLC, Mondi Group, Sonoco Products Company, O-I Glass Inc., Can Pack SA, Silgan Holdings Inc., Greif Inc., Sealed Air Corporation, Alpla Group, Huhtamaki Oyj, Verallia SA, Aptar Group Inc., Gerresheimer AG, Vidrala S.A., UFlex Limited, Coveris Holding SA, Vitro S.A.B. De C.V.
Asia-Pacific was the largest region in the packaging market in 2023. Asia-Pacific is expected to be the fastest growing region in the market. The regions covered in the packaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the packaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The packaging market consists of sales of cardboard boxes, plastic containers, glass bottles, and flexible packaging. 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.
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 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 packaging ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The 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.
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.