The insulation segment held the largest share of more than one-fourth of the global packaging and protective packaging market in 2021 and is expected to maintain a prominent growth during the forecast period. The increase in demand for frozen food, fish, meat, vegetables, fruits, medical supplies, and others led to the surge in application of insulation packaging that keep products at a stable temperature. However, the cushioning segment is expected to exhibit the highest CAGR of 4.8% in 2031. Surge in demand for safe and efficient packaging solutions that provide better transit safety to products by offering functionality such as blocking and bracing, void filling, and corner protection is projected to fuel the demand for cushioning packaging during the forecast period.
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The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The market in Asia-Pacific was the largest in 2021, accounting for more than two-fifths of the global packaging and protective packaging market. The same market is likely to dominate in terms of revenue and show the fastest CAGR of 4.8% during the forecast period. This is due to the rise in developments in the emerging economies and rapid industrialization in the region. Moreover, accelerated manufacturing output due to the rise in demand for packaged food, especially in emerging economies such as China and India supplement the market growth. Countries such as China, Japan Australia, India, and Indonesia are undergoing developments in the consumer goods industry, thereby fueling the growth of the market.
This makes it important to understand the practical implications of the Packaging and protective packaging market. To gain a competitive advantage, the players must have something unique. By tapping into the untapped market segment, they can establish a relevant point of differentiation, and this report offers an extension analysis of untapped segments to benefit the market players and new entrants to gain the market share.
The paper and paperboard segment contributed to the largest share of nearly one-third of the global packaging and protective packaging market in 2021 and is expected to maintain a progressive growth during the forecast period. Increase in demand for paper & paperboard packaging, especially from the food & beverage industry, and strict regulations on the use of plastic bags are anticipated to augment the demand for paper & paperboards for packaging applications during the forecast period. However, the rigid plastics segment is projected to witness the fastest CAGR of 4.7% from 2022 to 2031. Rigid plastics are widely used as a packaging material for a wide range of cosmetic creams, lotions, powders, and others.
KEY MARKET PLAYERS:
The report provides the SWOT analysis of the key market players Sonoco Products Company, Storopack Hans Reichenecker GmbH, Huhtamaki, Smurfit Kappa Group PLC, Sealed Air, Pro-Pac Packaging Limited, Pregis LLC, International Paper, DS Smith, Amcor PLC. The latest news related to industry developments in terms of market expansions, acquisitions, growth strategies, joint ventures, collaborations, product launches, market expansions etc. are included in the report for the better understanding of the stakeholders in framing strategic decisions to gain long term profitability and market share.
According to the report, the global packaging and protective packaging industry accrued a sum of $1.0 trillion in 2021 and is estimated to generate $1.5 trillion by 2031, witnessing a CAGR of 4.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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The current situation of pandemic makes it very important for the stakeholders in the Packaging and protective packaging market to understand the market deeply, which will help them in taking sound decisions, to gain the competitive advantage. By exploring the unexplored areas of market, the key players can surely gain a larger market share.
Growth in participation of third-party logistic companies, which use packaging and protective packaging for safe distribution of fragile, perishable, high, or low value-added products, an increase in manufacturing activities globally to meet the rising demand of the population, growth in the healthcare sector, surge in the demand for sterile medical equipment and products due to increasing incidence of contagious diseases and viruses, and increase in purchasing power and fast-paced lifestyles of consumers fuel the growth of the global packaging and protective packaging market.
KEY OFFERINGS OF THE REPORT:
- Key drivers & Opportunities: An extensive analysis on key factors and opportunities available in different segments for strategizing.
- Current trends & forecasts: A comprehensive analysis on latest trends, and forecasts for next few years to frame strategic decisions as a next step.
- Segmental analysis: An extensive analysis of each segment and driving factors such as revenue and growth rate is offered.
- Regional Analysis: A thorough analysis of each geographic region can help market players devise expansion strategies and gain from the opportunity.
- Competitive Landscape: Useful insights on each of the leading market players for outlining competitive scenario and related strategies have been offered in the report.
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