The global protective packaging market is growing rapidly. The market growth attributes to the increase in consumer spending on packaged food and cost-effective, environment-friendly packaging solutions and the growth in the food beverage industry. Protective packaging is extensively used for electronics, pharmaceuticals, and semiconductors; however, the consumer goods industry contributes largely to the overall growth of the market.
The market is projected to grow further, demonstrating a massive growth rate in the recent future. According to Market Research Future (MRFR), the global Protective Packaging Market Size was valued at USD 31548.9 million in 2021. The Protective Packaging market industry is projected to grow from USD 33725.7 Million in 2022 to USD 53802.92 million by 2030, exhibiting a compound annual growth rate (CAGR) of 6.90% during the forecast period (2023 - 2030). Besides, factors such as the growth in population and disposable income increase the demand for packaged food products.
The growing pharmaceutical industry offers great opportunities for this market. Moreover, the rise in manufacturing activities creates substantial demand for the protective packaging market. Rising research and development projects impact market growth positively, proving as a game-changer. Furthermore, changing lifestyles provide vast impetus to the protective packaging mark growth, augmenting the demand for ready-to-eat meals.
Additionally, the increased importance on product presentation and packaging differentiation to create the brand image fuels the growth of the market. It has also been observed that several food and beverage producers prefer to launch their products in a highly expensive material. This factor may hamper the market growth up to some extent.
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Protective Packaging Market – Segments
The market is segmented into product type, material, function, application, and region. The product type segment is sub-segmented into rigid protective, flexible protective, and foam protective. The material segment is sub-segmented into paper paperboard, plastics, and others.
The function segment is sub-segmented into cushioning, blocking bracing, void-fill, insulation, wrapping, and others. The application segment is divided into food beverage, healthcare, cosmetics, industrial, and other consumer goods. The region segment is sub-segmented into the Americas, Europe, Asia Pacific, and the rest of the world.
Major Players:
Players leading the global protective packaging market include Max Packaging (India), Packaging Corporation of America (US), Springpack (UK), Protective Packaging Solutions (US), Sealed Air Corporation (US), Smurfit Kappa Group (UK), ACH Foam Technologies LLC (US), Pregis Corporation (US), Bayer AG (Germany), BASF SE (Germany), FP International (US), ), Universal Protective Packaging (US), Macfarlane Group (UK), Unisource Worldwide (US), Ecovative Design LLC (US), and Cellofoam North America Incorporated (US).
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Global Protective Packaging Market – Regional Analysis
The Asia Pacific region dominates the global protective packaging market. Factors such as the rapidly growing electronics industry and e-commerce sector increase the demand for protective packaging, including paper paperboard packaging, folding, corrugated board/ cardboard packaging, and protective mailers. Countries like Japan, China, and India are major markets for protective packaging within the region, witnessing the highest growth.
The increasing demand and focus on developing low-cost protective packaging options are some of the key factors accelerating the market growth. The APAC protective packaging market is anticipated to demonstrate the highest growth during the forecast period.
Europe is another lucrative market for protective packaging. Developed economies like Germany and UK drive the regional market. Besides, the market growth attributes to the large consumer base, positive economic environment, and increase in manufacturing activities. Moreover, higher disposable income and rising consumer preference for processed, pre-cooked, and packed foods positively impact market growth.
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Protective Packaging Market – Competitive Analysis
The protective packaging market appears to be highly competitive due to several large and small players. Well-established players incorporate acquisition, collaboration, partnership, expansion, and product launch to gain a larger competitive share in this market and thus to maintain their market position.
They compete based upon pricing and product service. They strive to offer a customized product portfolio designed to meet specific customer objectives and a broad range of services, from assembly to packing, with state-of-the-art service centers.
Industry/ Innovation/ Related News
Mar. 01, 2021-- Macfarlane Group, a leading global packaging company, announced the acquisition of protective packaging specialist GWP Holdings Ltd. GWP, the owner of protective packaging manufacturing and distribution business GWP Group. The acquisition aligns with Macfarlane’s strategy of building its protective packaging business through a combination of organic and acquisitive growth.
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