Packaging Market

GMI Research analysis indicates that the Packaging Market size was estimated at USD 1.01 trillion in 2022 and is slated to register a single digit CAGR of 3.8% over the forecast period, and is projected to reach USD 1.36 trillion in 2030.

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Major Packaging Market Drivers

The growth in the global packaging market is driven by the expansion of food delivery and takeaway market owing to the rapid urbanization, accelerating penetration of mobile phone, and increasing adoption of m-commerce platform. The growing awareness about personal health and hygiene, and increasing expenditure on pharmaceutical products, is projected to boost the market growth. Moreover, the ongoing technological innovations and product launch will offer enormous growth opportunities in the market, hence persuading manufacturers towards the adoption of captivating packaging for unique brand recognition. For example, in February 2021, Constantia Flexibles product, Perpetua, a recyclable, high-barrier, polymeric mono-material packaging solution for pharmaceutical products. According to the company, the solution finds an extensive application in pharmaceutical packaging worldwide. The growing use of packaging industries across various applications such as food, retail, consumer goods, and pharmaceuticals sector, will boost the market expansion. However, on the other hand, with the increasing application of non-biodegradable and non-recyclable plastic packaging solutions, increases the carbon emissions in the environment, which might restrain the Packaging Market share. Thus, various leading firms such as Google, Amazon, and Tetrapak, among others, are intending to attain net-zero carbon emissions, which is predicted to increase their capital expenditure.

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Material Segment Analysis

Paper & paperboard segment is forecast to witness a higher CAGR over the forecast period, owing to the increasing inclination of consumers towards paper and paperboard packaging which include corrugated box, folding, preventive mailers, and lose fills. Moreover, the growing use of environmentally friendly materials in packaging is projected to expand the segment’s growth as eco-friendly packaging is biodegradable, recyclable, reusable, and non-toxic with a low environmental impact. Leading companies in the paper packaging market are primarily emphasizing on sustainable packaging solutions to cater the consumer demands, driving the segment’s growth. For instance, Huhtamäki Oyj, a Finland-based food packaging specialist, launched the Huhtamäki blue loop, a latest platform which allows partners to collaborate to brainstorm sustainable paper packaging. The introduction of such innovative platforms will help the organization with market expansion. Moreover, the players are adopting innovative new packaging with paper packaging material to minimize the environmental impact of packaging and introduce various recycling initiatives which is anticipated to offer enormous opportunities to the market. For instance, in February 2021, TetraPak, introduced an initiative in Jeddah in collaboration with the District Model Center of Muhammadiyah in Jeddah, with an intent to collect used carton packages and recycle them to support sustainable consumption practices.

Function Segment Analysis

Cushioning segment is predicted to lead the packaging market over the forecast period, owing to the growing demand for cushioning packaging across shipment and road transportation industries to minimize the chances of physical damage of the products. Also, the use of cushioning material reduces the chances of sudden shock during the immobilization of the containers, which is projected to boost the segment’s growth.

Application Segment Analysis

Food and beverage segment is anticipated to witness a higher CAGR over the upcoming years, owing to the accelerating penetration of smartphone and online food delivery and growing demand for ready-to-eat packed food products. Factors including new product innovation and the expansion of the retail network are projected to pave the way for packaging market in food and beverage applications. Additionally, the segment’s growth is driven by factors including augmenting consumption of beverages, inclination towards organic and functional beverage consumption, and an increase in the variety of beverage products. Moreover, packaging plays a crucial role in preserving food quality and ensures food safety for the shelf-life duration, which is forecast to increase their application in food & beverage industry, propelling the growth of global packaging market.

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Regional – Segment Analysis:

Asia-pacific is forecast to dominate the market over the forecast period, owing to the rising penetration of smartphones and the Internet and the expansion of the pharmaceutical industry across developing nations like China and India. In addition, increasing population and increasing purchasing power of household are likely to fuel the demand for packaged consumer goods, which is anticipated to encourage the market growth. Other variables including accelerating capita income, improving living standards, emerging need of food processing and packaging technologies, strategic government norms on energy conservation, and changing social demographics, which include ban on plastics to reduce its plastic footprint are projected to boost the market growth.

North America is anticipated to hold a larger share over the forecast period, because of the increasing number of food outlets. Growing awareness of a healthy lifestyle has inclined consumers to switch towards higher quality of packaged food, driving the product demand. The existence of leading multinational food processing and food production companies has augmented the demand for packaging applications, which is likely to propel the regional expansion.

Top Market Players

Various notable players operating in the market, include Sealed Air Corporation, Berry Plastics Group Inc., Coveris Holdings S.A., Ball Corporation, Crown Holdings, Amcor Limited, Mondi, ProAmpac., Reynolds Group Holdings, and Bemis Company Inc., among others.

Key Developments: 

• • In 2022 – Mondi entered into a partnership with Fiorini International to launch a new paper packaging solution for Italian exclusive pasta product producer Antico Pastificio Umbro. The new packaging is completely recyclable and, when rolled out across all pasta products, it could save up to 20 tons of plastic each year.
  • In 2022 – Coveris decided to expand its Kufstein site. The new extrusion facility was recently put into full operation, and continuous to modernize the efforts at the plant and significantly increases the production speed of stretch film for silage bales.
  • In 2022- Ardagh Metal Packaging declared the plans to augment its production capacity via a new facility at La Ciotat, France. The expenditure will be encouraged by Sud Attractivité and Bpifrance, to cater the growing demands from existent and new customers for long-term partnerships in Middle East Africa (MEA) and Southwestern Europe.
  • In 2022 – Sealed Air launched PRISTIQ, a digital packaging brand with a portfolio of solutions to design services, digital printing, and smart packaging, reducing waste and excess packaging while improving products and customer engagement.
  • In 2020, Mondi collaborated with Mera Tiernahrung GmbH, a german pet food maker, to develop an innovative packaging concept for a new type of dog food. Mondi’s FlexiBag Recyclable is a mono-material, polyethylene-based product with a barrier that is fully recyclable.
  • In 2020, Ball Corporation entered into a partnership with Blue Ocean Innovative Solutions to launch its infinitely recyclable aluminum beverage cup into Walmart and Sam’s Club locations in the U.S.

Segments covered in the Report:

The global packaging market is segmented on the basis of material, function, application, and regions. Based on the material, the market has been segmented into paper & paperboard, rigid plastics, flexible, metal, glass, and others. Based on the function, the market has been segmented into cushioning, blocking & bracing, void-fill, insulation, wrapping, and others. Based on the application, the market has been segmented into food, beverage, healthcare, cosmetics, industrial, and other consumer goods.

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Key questions answered in this research report:

• • At what pace is global Packaging market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Packaging market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Packaging market?
  • Which Material generated maximum revenues in 2022 and identify the most promising Material during the forecast period?
  • What are the various application areas of global Packaging market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Packaging Market by Material

• • Paper & Paperboard
  • Rigid Plastics
  • Flexible
  • Metal
  • Glass
  • Others

Global Packaging Market by Function

• • Cushioning
  • Blocking & Bracing
  • Void-fill
  • Insulation
  • Wrapping
  • Others

Global Packaging Market by Application

• • Food
  • Beverage
  • Healthcare
  • Cosmetics
  • Industrial
  • Others

Global Packaging Market by Region

• • North America Packaging Market (Option 1: As a part of the free 25% customization)
    • By Material
    • By Function
    • By Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Packaging Market (Option 2: As a part of the free 25% customization)
    • By Material
    • By Function
    • By Application
    • UK Market All-Up
    • Germany All-Up Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Packaging Market (Option 3: As a part of the free 25% customization)
    • By Material
    • By Function
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Packaging Market (Option 4: As a part of the free 25% customization)
    • By Material
    • By Function
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating the Packaging (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Sealed Air Corporation
  • Berry Plastics Group Inc.
  • Coveris Holdings S.A.
  • Ball Corporation
  • Crown Holdings
  • Amcor Limited
  • Mondi
  • ProAmpac.
  • Reynolds Group Holdings
  • Bemis Company Inc.