Packaging and Protective Packaging Market Share Analysis
The global packaging and protective packaging market is witnessing expansion due to factors such as surge in purchasing power of consumers.
W, DE, UNITED STATES, September 7, 2024 /
EINPresswire.com/ -- The Allied Market Research report on the
Packaging and Protective Packaging Market highlights a substantial growth trajectory, with projections indicating the global market will reach $1.5 trillion by 2031. The market, valued at $10 trillion in 2021, is expected to grow at a CAGR of 4.3% from 2022 to 2031.
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Key Insights from the Report:
Market Growth Drivers:
- Rapid lifestyle changes and increased consumer purchasing power.
- High demand for sterile medical products due to rising health concerns.
- Surge in global manufacturing to meet growing population needs.
- Growing role of third-party logistics in secure distribution.
Expansion of the healthcare sector.
Challenges:
- Regulatory standards for food contact and pharmaceutical packaging.
- Emission of volatile organic compounds (VOCs) during plastic packaging production.
Opportunities:
- Increased R&D in biodegradable packaging solutions.
Market Segmentation:
By Material Type:
- Paper and Paperboard: Dominated the market in 2021 and expected to maintain its lead through 2031. This is due to regulatory pressures on plastic usage and high demand from the food and beverage sectors.
-Rigid Plastics: Anticipated to experience the highest growth (4.7% CAGR), used extensively for various packaging applications.
By Function:
- Insulation: Held the largest market share in 2021 and projected to continue leading due to its importance in maintaining product temperature.
- Cushioning: Expected to grow the fastest (4.8% CAGR), driven by demand for secure packaging solutions.
By Region:
- Asia-Pacific: Generated the largest revenue in 2021 and is expected to grow significantly with a 4.8% CAGR. This growth is driven by rapid industrialization and increased packaged food demand in emerging economies like China and India.
Key Players:
- International Paper
- Storopack Hans Reichenecker GmbH
- Pro-Pac Packaging Limited
- Amcor Plc
- Sonoco Products Company
- Sealed Air
- Pregis LLC
- DS Smith
- Huhtamaki
- Smurfit Kappa Group Plc
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