Packaging Products Market 2024 - Size, Trends, Growth Analysis, Outlook, Overview By 2033

The packaging products market size has grown strongly in recent years. It will grow from $100.8 billion in 2023 to $109.99 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to environmental awareness, consumer preferences, cost trends, regulatory compliance, brand image and differentiation.

The packaging products market size is expected to see strong growth in the next few years. It will grow to $149.11 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to sustainability initiatives, e-commerce growth, changing demographics, supply chain resilience, brand transparency. Major trends in the forecast period include personalized and customizable packaging, digital printing technology, recyclable and biodegradable materials, augmented reality packaging, supply chain resilience and packaging safety.

Market Overview -

Packaging products refer to the materials that are used in the act of enclosing or protecting the product in a container to help with its distribution, identification, storage, promotion, and use.

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E-Commerce Platform Expansion Fuels Surge In Packaging Products Market
Growth of e-commerce platforms is expected to propel the growth of the packaging products market going forward. E-commerce (electronic commerce) refers to the purchase and sale of products and services, as well as the exchange of payments or data, through an electronic network, usually the internet. Rising e-commerce requires large number of packaging products as they are used to transport a product to a customer after they buy it online. For instance, in January 2023, according to the report shared by tidio, a Poland-based digital product company, online purchases now total 2.14 billion shoppers, a huge growth from just a few years ago. With a 7.9 billion-strong global population, 27% of all people alive today are digital consumers. Globally, there were 2.14 billion digital buyers in 2021, up from 1.92 billion in 2019. Therefore, the growth of the e-commerce platform is driving the growth of the packaging products market.

Competitive Landscape -

Major companies operating in the packaging products market report are Aetna Group, International Paper Co, Ball Corporation, Amcor plc, Berry Global plc, Tetra Pak Inc., Crown Holdings Inc., Stora Enso Oyj, Mondi plc, Graphic Packaging Holding Company, Avery Dennison Corporation, Packaging Corporation of America, Owens-Illinois Group Inc., Sealed Air Corp, Huhtamaki Oyj, Krones Group, Reynolds Group Inc., Coesia Group, Marchesini Group, Gerresheimer AG, Yunnan Energy New Material Co Ltd., Altair Product Design Inc., Adelphi Group of Companies, Oliver Packaging & Equipment Company, American Thermal Instruments Cavu Group, Sun Packaging Technologies Inc., Merlin Packaging Technologies, Graham Packaging Company, Bosch Packaging Technology, Fuji Machinery Co Ltd.

Product Innovations Propel Advancements In The Packaging Products Market
Product innovations are a key trend gaining popularity in the packaging products market. Major companies operating in the packaging products market are focused on developing innovative solutions to strengthen their position in the market. For instance, in October 2022, Huhtamaki Oyj, a Finland-based consumer packaging company, launched ICON packaging, an innovative, recyclable packaging option for ice cream that is built from 95% renewable bio-based material. It is a ground-breaking paper technology that allows recycling in cities across the United States that have paper product recycling programs, first for use in ice cream containers and lids. To help educate and raise understanding of the sustainability advantages of ICON packaging, ICON packaging makes use of the capabilities of Huhtamaki's Connected Packaging solutions, with a QR code embedded into the packaging design that links consumers to the ICON landing page.

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Key Segments -

The packaging products market covered in this report is segmented -

1) By Type: Paper and Cardboard, Rigid Plastic, Metal, Flexible Plastic, Glass, Wood, Textile, Other Types
2) By Product: Bottles And Can, Containers And Jars, Bags, Pouches, Wraps
3) By End-Users: Food, Beverages, Healthcare, Cosmetics, Household Products, Chemicals

Key highlights covered in the report -

1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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