Transit Packaging Market to Be Worth $152.7 Billion by 2030

According to a recent publication by Meticulous Research®, the transit packaging market is anticipated to reach $152.7 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.8% from 2023 to 2030. The expansion of this market is primarily driven by the rapid growth of the e-commerce sector, the increasing use of transit packaging in the food & beverage industry, the widespread adoption of corrugated boxes across various sectors, and the rising demand for transit packaging in the pharmaceuticals industry.

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However, the market growth is constrained by the escalating packaging costs due to dynamic regulatory policies. On the other hand, the increasing need for eco-friendly packaging solutions and the demand for customized packaging offer significant growth opportunities. Yet, the additional costs associated with distribution channels pose a major challenge for market participants. Notably, the advent of the Internet of Packaging and advancements in digital printing are emerging trends shaping the future of the transit packaging market.

The market is categorized by packaging type, including primary packaging (such as pouches, bags & sacks, cartons, foils, laminates, and wraps), secondary packaging (like crates and trays), tertiary packaging (such as fiberboards, containers, and pallets), and ancillary packaging (including printing & labeling, straps & tapes, and cushioning materials). Additionally, the market is segmented by sectors such as food & beverage, retail & e-commerce, paints & chemicals, building & construction, pharmaceuticals, electricals & electronics, automotive, industrial machinery & equipment, and other sectors. This comprehensive study also evaluates the competitive landscape and provides a detailed analysis at the regional and country levels.

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Among these segments, primary packaging is expected to hold the largest market share in 2023. This is attributed to the increasing need to protect and preserve finished products, the rapid growth of the e-commerce sector, and the rising demand for primary packaging in the food & beverage and pharmaceutical sectors. The advantages offered by primary packaging solutions, such as convenience, easy handling, safety, proper display, and efficient stacking, further bolster the segment's growth.

However, the secondary packaging segment is projected to witness the highest CAGR during the forecast period. This growth is driven by the increasing demand for eco-friendly packaging solutions, the need for the safe transportation of products, and the rising demand for customized packaging.

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From a sectoral perspective, the food & beverage sector is expected to account for the largest share of the transit packaging market in 2023. The dominance of this segment is due to the growing demand for convenient and sustainable packaging, the expansion of the packaged foods industry in emerging markets, the need to extend the shelf life of food products, and the increasing demand for hygienic food packaging.

Conversely, the pharmaceuticals sector is anticipated to register the highest CAGR over the forecast period. Factors contributing to this growth include the rising demand for drug delivery devices and blister packaging, growing consumer awareness of healthier lifestyles, increasing demand for primary pharmaceutical packaging, and rising healthcare expenditures in emerging economies.

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Geographically, the Asia-Pacific region is expected to dominate the transit packaging market in 2023, largely due to the increasing use of transit packaging in the food & beverage industry, the growing demand for eco-friendly packaging solutions, and the presence of leading industry players in the region. Key companies are actively driving market growth; for example, in December 2022, Amcor plc (Switzerland) inaugurated a new state-of-the-art manufacturing facility in Huizhou, China, with an investment of nearly $100 million. This 590,000-square-foot facility is the largest flexible packaging plant in China by production capacity.

Moreover, Asia-Pacific is forecasted to experience the highest growth rate during the projected period, supported by the economic expansion in regional markets and the rapid growth of the e-commerce sector in countries like China, Japan, South Korea, and India.

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Key Market Players
Prominent companies in the transit packaging market include WestRock Company (U.S.), International Paper (U.S.), Greif, Inc. (U.S.), Sonoco Products Company (U.S.), Mondi Group plc (U.K.), Smurfit Kappa Group plc (Ireland), DS Smith Plc (U.K.), Packaging Corporation of America (U.S.), Crown Holdings, Inc. (U.S.), Nefab Group AB (Sweden), Corplex (France), Smithpack Limited (U.K.), STI-Gustav Stabernack GmbH (Germany), GWP Group (U.K.), and Eltete TPM Ltd (Finland).

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This release was published on openPR.