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Protective Packaging Market Size, Share, Growth Trends And Outlook Forecast 2024-2033
Protective Packaging Market
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According to The Business Research Company's, The protective packaging market size has grown strongly in recent years. It will grow from $32.92 billion in 2023 to $35.25 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to increase in consumer electronics, rise in sustainable packaging, focus on brand image, increasing awareness of product safety, growing automotive industry, globalization of supply chains.
The protective packaging market size is expected to see strong growth in the next few years. It will grow to $45.88 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to evolving retail landscape, advancements in packaging design, rise in pharmaceutical production, customization in packaging solutions, increased focus on last-mile delivery. Major trends in the forecast period include innovations in material technologies, demand for flexible packaging, evolving regulations on packaging materials, focus on lightweight packaging, collaborations across the supply chain, e-commerce-friendly packaging designs.
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Market Drivers and Trends:
The growing demand in the food and beverage industry is anticipated to propel the growth of the protective packaging market going forward. The food and beverage industry refers to a broad sector that includes a number of operations related to the production, processing, packaging, distribution, and retailing of food and drink items. Protective packaging is used to prevent moisture, oxygen, and other external elements from affecting the quality of food and beverages and provide temperature control, tamper resistance, and hygiene to ensure that products reach consumers in optimal condition. For instance, in June 2022, according to USDA Rural Development 2021 Highlights, a US-based agency under the United States Department of Agriculture, there were $467.20 billion food and beverage (F&B) sales in 2021. Additionally, for instance, in December 2022, according to a report published by Kirin Holdings Company Limited, a Japan-based beverage company, about 185.60 million kiloliters of beer were consumed worldwide in 2021, a rise of 4.0% from the previous year. Therefore, the growing demand in the food and beverage industry is driving the growth of the protective packaging market.
Technological advancement is the key trend in the protective packaging market. Major companies are focused on research and development for product innovations, such as carbon-neutral products with a certain level of automation. For instance, in February 2022, Pregis Corporation, a Netherlands-based company protective packaging materials and systems company, introduced Renew Zero, a recyclable air-cushioning film made up of 50% post-consumer recycled content and 50% renewable plant waste, such as cellulose fiber which is carbon-neutral without dependence on carbon-offset methods like planting trees and has been certified by European legislation for packaging and packaging waste. Renew Zero film is compatible with the Pregis AirSpeed MINI PAK'R machine, which produces air cushions in five film configurations using radio frequency identification (RFID) technology that automatically chooses the optimal seal temperature, airflow, and seal pressure for the film for protective packaging.
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Major Key Players of the Market:
The Smurfit Kappa Group PLC, Sealed Air Corporation, Sonoco Products Company, Huhtamäki Oyj, Dow Inc., Smurfit Kappa Group plc, DS Smith plc, International Paper Company, WestRock Company, Ball Corporation, Oji Holdings Corporation, Advanced Protective Packaging Inc., Storopack Hans Reichenecker GmbH, Packaging One GmbH, ITP Packaging Limited, Amcor plc, Anchor Packaging Inc., ALPLA Werke Alwin Lehner GmbH & Co. KG, Pregis LLC, Ranpak Corp., Pactiv LLC, Intertape Polymer Group Inc., Cascades Inc., Berry Global Group Inc., Mondi Group, Pro-Pac Packaging Group Pty. Ltd., Nefab AB, Unisource Worldwide Inc., Tekni-Plex Inc., Bway Corporation
Protective Packaging Market 2024 Key Insights:
• The protective packaging market size is expected to see strong growth in the next few years. It will grow to $45.88 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• Protective Packaging Market Surges In Response To The Growing E-Commerce Industry
• Pregis Introduces Renew Zero Carbon Neutral, Recyclable Air Cushioning Film With Radio Frequency Identification (RFID) Tech Integration
• Asia-Pacific was the largest region in the protective packaging market in 2023 and is expected to be the fastest-growing region in the forecast period
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