Market Overview
In its research report, Market Research Future (MRFR), emphasizes that the global Protective Packaging Market 2023 is expected to grow exponentially over the review period, securing a substantial market valuation from USD USD 33725.7 Million in 2022 to USD 53802.92 million at a healthy 6.90% CAGR over the review period.
Drivers and Restraints
Consumer packaging has emerged as an integral part of marketing and sales operations. For online sales increasing at a rate of 20 percent a year, the packaging affects both brand identity and shipping costs. Consumers are more probable to purchase items online, which raises the need for packaging to protect goods against shock, vibration, and other harmful effects of shipping and handling. One of the key drivers is the increasing e-commerce market. Technological developments in packaging play a key role in improving the safe packaging market. Due to various factors such as growing demand from the food beverage and healthcare sectors, the market is experiencing high growth and preference for convenient packaging. Instead of using traditional methods for packaging, advances in technology have facilitated innovation. Recent trend shows that crucial market players concentrate on RD activities to grow environmentally friendly, sustainable packaging materials that can be reused and recycled. It is expected that attraction for online shopping, and the adoption of durable materials coupled with sustainable packaging would have a positive effect on market growth during the projected timespan. Growing demand for safe packaging is spurring innovation in e-commerce. Several businesses invest heavily in the production of packaging materials and improve barrier resistance properties that give heat and moisture resistance and prevent food oxidation. High demand for protective packaging promotes the use of environmentally friendly products in Internet sales.
Competitive Analysis
The major market players operating in the global market as identified by MRFR are Packaging Corporation of America (U.S.), Springpack (U.K), Max Packaging (India), Sealed Air Corporation (U.S.), Protective Packaging Solutions (U.S.), Pregis Corporation (U.S.), Smurfit Kappa Group (U.K), Bayer AG Germany, FP International (U.S.), ACH Foam Technologies LLC (U.S.), BASF SE Germany, Macfarlane Group (U.K), Cellofoam North America Incorporated (U.S.), Universal Protective Packaging (U.S.), Unisource Worldwide (U.S.), and Ecovative Design LLC (U.S.).
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Segmental Analysis
The global protective packaging market has been segmented based on product type, material, application, and function.
The market, based on the product type, has been segmented into rigid protective, flexible protective, and foam protective.
The market, based on the material, has been segmented into paper and paperboard, foam plastics, plastics, and others.
The market based on applications has been segmented into consumer goods, food and beverages, industrial goods, and others.
The market based on function has been segmented into flexible cushioning, insulation, wrapping, void-fill, and others.
Regional Analysis
The geographical overview of the global market has been conducted in four major regions, including North America, Europe, the Asia Pacific, and the rest of the world.
The Asia Pacific leads the global Protective Packaging Market Opportunity Analysis, and projection of the highest growth over the forecast period is anticipated. Countries like China and India are slated to experience the fastest growth in the world. Producers concentrate on creating low-cost, safe packaging solutions. Several of the main factors driving the market growth are rapidly rising electronics and e-commerce industries and increasing demand for paper paperboard packaging, which includes folding, corrugated board or cardboard, secure mailers, and others. Also, the higher available revenue in developed countries such as India, China, and Indonesia increases the buying power of consumers. Consumer reliance on frozen, pre-cooked, and packaged foods are, therefore, likely to increase. As a result, the demand for safe packaging has been substantially impacted.
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