Packaging Market

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Packaging Market by Material (Paper & Paperboard, Rigid Plastics, Flexible, Metal, Glass, and Others), by Product Type (Drums, Intermediate Bulk Containers (IBC), Snacks, Pails, Crates, Bottles, Folding Cartons, Cans, and Others), by Function (Cushioning, Blocking & Bracing, Void-fill, Insulation, Wrapping, and Others), and by Application (Food & Beverage, Healthcare, Cosmetics, Industrial, and Other Consumer Goods) – Global Opportunity Analysis and Industry Forecast, 2024–2030

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Market Definition

The global Packaging Market size was valued at USD 985.38 billion in 2023, and is predicted to reach USD 1211.90 billion by 2030, with a CAGR of 3% from 2024 to 2030. The packaging market refers to the industry and commercial activities involved in the design, production, and distribution of materials and containers used to contain, protect, transport, and present products. This market encompasses a wide range of packaging materials, such as cardboard, plastic, glass, metal, and paper, and various packaging formats, including boxes, bottles, cans, pouches, and others.

The primary purpose of packaging is to ensure the safe, efficient, and appealing packaging of goods for various industries, including food and beverages, pharmaceuticals, cosmetics, and others. Additionally, packaging often incorporates considerations of sustainability, environmental impact, branding, and regulatory compliance in the development and selection of packaging solutions.

Market Dynamics and Trends

The rising awareness about environmental issues fuels the demand for eco-friendly packaging solutions, such as innovation in sustainable materials. This factor is driving the growth of the packaging market. For instance, in February 2023, Cruz Foam, a company specializing in sustainable materials, introduced an innovative range of eco-friendly protective packaging solutions. They are designed to cater to the unique shipping requirements of delicate and temperature-sensitive items for consumers and businesses. These groundbreaking products serve as eco-conscious alternatives to conventional plastic bubble wrap, bubble mailers, and foam coolers. They offer exceptional performance and align with customer demands for sustainability, thus representing a significant step towards reducing plastic waste in packaging.

Also, rapidly booming e-commerce giants such as Walmart, Amazon, Alibaba, and eBay significantly increased the demand for packaging materials to ensure safe and efficient transportation of products purchased online. According to the latest report by the United Nations Conference on Trade and Development (UNCTAD) in 2021, the rise of e-commerce during the COVID-19 pandemic increased the share of online retail sales from 16% to 19% in 2020.

Moreover, the growth of the pharmaceutical and healthcare industries that require specialized packaging solutions to ensure product safety, sterility, and compliance with regulatory standards propels the market growth. According to The Global Use of Medicines 2023 report published by IQVIA, the global spending on medicines is expected to increase from USD 1.5 trillion in 2023 to USD 1.9 trillion by 2027. This will drive the demand for pharmaceutical packaging as it involves designing, manufacturing, and distribution of packaging for medicines. 

However, the fluctuation in the price of raw materials used in packaging, such as synthetic polymers, is restraining the market growth of the packaging industry. On the other hand, the demand for bio-based packaging products such as bio-based sachets and bottles is growing due to their property of biodegradability and zero-carbon emission content. This factor is expected to create ample growth opportunities for the market in the coming years.

 

Market Segmentations and Scope of the Study

The packaging market share is segmented on the basis of material, product type, function, application, and region. Based on material, the market is segmented into paper & paperboard, rigid plastics, flexible, metal, glass, and others. Based on product type, the market is classified into drums, intermediate bulk containers, snacks, pails, crates, bottles, folding cartons, cans, and others. Based on function, the market is categorized into cushioning, blocking & bracing, void-fill, insulation, wrapping, and others.

On the basis of application, the market is classified into food & beverage, healthcare, cosmetics, industrial, and others. The geographic breakdown and analysis of each of the aforesaid segments include regions, such as North America, Europe, Asia-Pacific, and the rest of the world (RoW).

 

Geographical Analysis

The Asia-Pacific region currently holds the dominant share of the packaging market trends, due to the rising initiatives aimed at adopting biodegradable packaging. As concerns about environmental sustainability and plastic pollution grow globally, many countries in the Asia-Pacific region are taking proactive steps to reduce the environmental impact of packaging materials.

For instance, in July 2021, The Defense Research and Development Organization (DRDO) partnered with Acharya Nagarjuna University and Ecolastic Private Limited. They introduced eco-friendly packaging products crafted from natural and plant-based food-grade materials in India. These bags are available in two variants, soluble and insoluble. They can undergo biodegradation within three months without harming the environment.  

In addition, the rising initiatives of key global market players such as BASF and Nippon Paint propels the growth of the market. They are adopting various strategies, including product launches. For instance, in August 2022, BASF collaborated with Nippon Paint China, a prominent coatings manufacturer, and unveiled an environmentally friendly solution for industrial packaging. This innovative packaging material has been integrated into Nippon Paint's dry-mixed mortar product line. Leveraging BASF's water-based acrylic dispersion known as Joncryl High-Performance Barrier (HPB), this novel packaging material is available with Nippon Paint's construction dry mortar products.

On the other hand, North America is expected to steadily rise in the packaging market, due to the introduction of recyclable packaging solutions. This trend reflects the region's growing commitment to sustainability and environmental consciousness as consumers and businesses increasingly seek eco-friendly packaging.

For instance, in August 2023, Amcor, a renowned global leader in sustainable packaging solutions, launched its curbside-recyclable packaging known as AmFiber Performance Paper in the North American market. This innovative inclusion is part of the larger AmFiber portfolio. The performance paper has obtained prequalification from How2Recycle, a reputable certification authority, confirming its adherence to reliability standards for curbside recycling. This development enables brands to provide consumers with packaging that offers improved sustainability regarding end-of-life disposal. 

 

Competitive Landscape

Various market players operating in the packaging market include Amcor Plc, Avery Dennison Corporation, Ball Corporation, International Paper Company, WestRock Company, West Pharmaceutical Services, Inc., Crown Holdings, Inc., Smurfit Kappa Group Plc, CCL Industries, Inc., Packaging Corporation of America (PCA), and others. These market players continue to adopt various market development strategies, including acquisitions of multiple regions to maintain their dominance in the packaging market.

For instance, in August 2023, Amcor acquired Phoenix Flexibles, a flexible packaging plant in Gujarat, India. The acquisition expands Amcor's capacity in the high-growth Indian market, comprising four flexible packaging plants. The addition of Phoenix Flexibles' production facility immediately increases Amcor's ability to satisfy the continued demand for flexible packaging in India.

In July 2022, WestRock acquired Grupo Gondi for USD 970 million. This acquisition enhanced its leading position in the growing Latin American containerboard, paperboard, and corrugated packaging markets. It also increased the capability of producing sustainable packaging for a wide range of end markets in the region. 

Also, in March 2021, International Paper Company acquired two corrugated packaging plants in Spain that offered customers high-quality packaging solutions for the industrial, fresh fruit and vegetable, and e-commerce segments.

KEY BENEFITS

  • The report provides a quantitative analysis and estimations of the packaging market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

  • The study comprises a deep-dive analysis of the packaging market including the current and future trends to depict prevalent investment pockets in the market.

  • Information related to key drivers, restraints, and opportunities and their impact on the packaging market is provided in the report. 

  • Competitive analysis of the players, along with their market share is provided in the report.

  • A SWOT analysis and the Porter's Five Forces model is elaborated on in the study.

  • Value chain analysis in the market study provides a clear picture of roles of stakeholders.

PACKAGING MARKET KEY SEGMENTS

By Material    

  • Paper & Paperboard

  • Rigid Plastics

  • Flexible

  • Metal

  • Glass

  • Others

By Product

  • Drums

  • Intermediate Bulk Containers (IBC)

  • Snacks

  • Pails

  • Crates

  • Bottles Folding Cartons

  • Cans

  • Others

By Function

  • Cushioning

  • Blocking & Bracing

  • Void-fill

  • Insulation

  • Wrapping

  • Others

By Application

  • Food

  • Beverage

  • Healthcare

  • Cosmetics

  • Industrial

  • Others

By Region

  • North America

    • U.S

    • Canada

    • Mexico

  • Europe

    • The UK

    • Germany

    • France    

    • Italy

    • Spain

    • Denmark

    • Netherlands

    • Finland

    • Sweden

    • Norway

    • Russia

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

    • Indonesia

    • Singapore

    • Taiwan

    • Thailand

    • Rest of Asia-Pacific

  • RoW

    • Latin America

    • Middle East

    • Africa

REPORT SCOPE AND SEGMENTATION:

Parameters

Details

Market Size in 2023

USD 985.38 Billion

Revenue Forecast in 2030

USD 1211.90 Billion

Growth Rate

CAGR of 3% from 2024 to 2030

Analysis Period

2023–2030

Base Year Considered

2023

Forecast Period

2024–2030

Market Size Estimation

Billion (USD)

Growth Factors

Rising adoption of eco-friendly solutions

Increasing growth in the pharmaceutical and healthcare industries

Surging demand from the e-commerce industry to ensure safe and efficient transportation of products

Countries Covered

28

Companies Profiled

15

Market Share

Available for 10 companies

Customization Scope

Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs.

KEY PLAYERS

  • Amcor Plc

  • Avery Dennison Corporation

  • Ball Corporation

  • International Paper Company

  • WestRock Company

  • West Pharmaceutical Services, Inc.

  • Crown Holdings, Inc.

  • Smurfit Kappa Group Plc

  • CCL Industries, Inc.

  • Packaging Corporation of America (PCA)

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Frequently Asked Questions

The global packaging market was valued at USD 8985.38 billion in 2023.

North America holds the largest share of the packaging market.

Smart packaging integrates technology such as QR codes, RFID tags, and sensors to provide consumers with real-time information about product freshness, authenticity, and usage. It's transforming the way we interact with packaging.

Packaging companies are actively exploring alternatives to single-use plastics, such as biodegradable and compostable materials. They are also designing packaging to be easily recyclable and encouraging consumers to make sustainable choices.

E-commerce has led to a surge in demand for protective and efficient packaging solutions. Packaging companies are designing packages optimized for shipping, aiming to reduce damage during transit and improve the unboxing experience.
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