Dublin, Feb. 22, 2019 (GLOBE NEWSWIRE) -- The "Transit Packaging Market - Global Outlook and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The global transit packaging market is projected to reach revenues of approximately $148 billion by 2024, growing at a CAGR of more than 3% during 2018-2024.
The retail sector is gaining momentum and is driving the demand for a variety of transit packaging products that are useful for packaging and transporting the goods in the sector. The implementation of stringent environmental regulations and laws are driving the demand for returnable and reusable packages in the market.
The global transit packaging market is driven by the growth of end-user industries such as food & beverages, retail, electrical & electronics, and industrial goods. The industrialization, trade, and urbanization in the European and North American region will drive revenues in the global market. The market research report provides in-depth market analysis and segmental analysis of the global transit packaging market by product type, end-user type, and geography.
Transit Packaging Market - Dynamics
Major players catering to the global transit packaging market are adopting strategies such as mergers and acquisitions with market related organizations in order to expand their current reach. Several vendors catering to the global transit packaging market have opted for strategic acquisitions and certain divestitures enabling them to grow across geographies tactically.
The increasing penetration of local/regional vendors in the transit packaging market force the global level vendors to take up strategic initiatives for growth. Several global vendors opt for strategic consolidations across geographies, thereby engaging in acquisitions of certain local/regional vendors.The rise in technology adoption across geographies, a key market segment which has evolved significantly over the last few years is the e-commerce segment.
This market segment has evolved in a highly beneficial manner for the global transit packaging market. Although a part of the retail end-user industry, the growth in the market segment adds to an additional need for transit packaging of goods. Each online order correlates with an additional layer of transit packaging of goods thereby providing opportunity for the market to grow.
The concept of retail ready packaging (also known as shelf ready packaging at times) tends to offer a lucrative opportunity for the vendors catering to the transit packaging market owing to factors such as high demand across end-user industry customers and the innovative differentiating scope for the vendors in it. Brands today want to eliminate the high demand across end-user industry customers and the innovative differentiating scope for the vendors in it.
Transit Packaging Market - Segmentation
This market research report includes a detailed segmentation of the market by product type, end-user type, and geography.The global transit packaging market by product type is segmented into corrugated boxes, crates (wooden crates & plastic crates), pallets (wooden pallets, plastic pallets, & metal pallets), and other protective packaging (bubble wraps, air cushions, foam packaging, insulated shipping containers, tapes, & protective mailers). The corrugated boxes dominated more than half of the total market share in 2018, growing at a CAGR of around 4% during the forecast period.
The extensive use of corrugated boxes across different industries in the European and North American region is driving the growth of this segment in the global market.The market for crates in the transit packaging industry is expected to witness a stable growth in the coming years owing to less available alternatives of the product across transit of end-user industries goods such as food, beverages, and other retail items among others.
The end-user segment in the global transit packaging market is divided into food & beverage, retail, electrical & electronic industry, industrial goods, and others. The retail sector is the fastest growing end-user segment in the global market, at a CAGR of approximately 4% during the forecast period. The exponential growth of the e-commerce industry is contributing to the revenues in the retail segment in the global market. With increasing penetration of smartphones and rise in the number of mobile users, the vendors are leveraging digital printing packaging solutions to promote product differentiation and attract the maximum number of consumers in the global market.
The growth in the sector is accompanied by certain variations across the geographic regulations necessary for packaging. Over the years significant directives have been issued by governments across geographies, ensuring that the packaging material used for storing the food products are as per the set standards. The products serving the F&B industry require to undergo various stages in a supply chain. A wide range of transit packaging products are used across the food & beverages sector depending upon the product being packed, nature of the product being packed, journey the product has to undergo and other durability and promotional factors.
Transit Packaging Market - Geography
The global transit packaging market by geography is classified into APAC, Europe, North America, Latin America, and MEA. APAC occupied more than 1/3rd of the total market share in 2018, growing at a CAGR of more than 3% during the forecast period. The economic development, rising number of investments, and increasing rate of consumption are driving the growth of the APAC region in the global market. China, India, Japan, and South Korea are among the largest revenue generators in the global market.
The development of various end-user industries such as food & beverages, retail, electrical & electronics, and industrial goods is propelling the demand for innovative products in the APAC market.One of the key drivers of growth for the market in Europe has been the consumer spending increase in the region. High consumer spending across end-user industry goods remains as one of the key factors for the growth numbers of the region in 2017. Structural reforms to encourage job development or contain wages have helped the employment statistic recover in countries such as France, Belgium, and Italy among others.
Key Vendor Analysis
The global transit packaging market is highly competitive due to the presence of various international and regional players. The factors such as innovative product offerings, mergers & acquisitions, sustainable packaging, and huge investments across R&D is fueling the competition among leading vendors operating in the global market. The top companies are expanding their businesses to different regions to gain a larger market share. Durability and looks are emerging as the main product differentiation factors in the global transit packaging market.
The major vendors in the global transit packaging market are:
- Mondi
- Smurfit Kappa
- DS Smith
- Greif
- Sonoco Products Company
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Report Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Inclusions
5.3 Exclusions
5.4 Currency Conversion
5.5 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
8 Market Dynamics
8.1 Market Growth Enablers
8.1.1 Protective packaging an elementary requisite
8.1.2 Substantial consolidation by global vendors
8.1.3 Higher demand for sustainable transit packaging solutions
8.1.4 Global exports pushing quality of transit packaging
8.2 Market Growth Restraints
8.2.1 Hindrance caused by microbrands
8.2.2 Environmental impact of transit packaging products
8.2.3 Political influences impacting transit packaging
8.3 Market Opportunities & Trends
8.3.1 Retail-ready packaging: a fast-growing segment
8.3.2 Technological advancements boosting transit packaging
8.3.3 E-commerce revolutionizing transit packaging
8.3.4 Innovations key to growth
9 Value Chain Analysis
9.1 Overview
9.2 Value Chain Analysis
9.2.1 Manufacturers
9.2.2 Packaging & Labeling
9.2.3 Warehousing
9.2.4 Shipments
9.2.5 Distributors
9.2.6 Customers
10 Market Landscape
10.1 Market Overview
10.2 Market Size & Forecast
10.3 Porter's Five Forces Analysis
11 By Product Type
11.1 Market Overview
11.2 Corrugated Boxes
11.2.1 Market Size & Forecast
11.2.2 Market by Geography
11.3 Crates
11.4 Pallets
11.5 Other Protective Packaging
11.5.1 Market Size & Forecast
11.5.2 Other Protective Packaging: Market by Geography
11.5.3 Bubble Wraps: Market Size & Forecast
11.5.4 Bubble Wrap: Market by Geography
11.5.5 Air Cushions: Market Size & Forecast
11.5.6 Air Cushions: Market by Geography
11.5.7 Foam Packaging: Market Size & Forecast
11.5.8 Foam Packaging: Market by Geography
11.5.9 Insulated Shipping Containers: Market Size & Forecast
11.5.10 Insulated Shipping Containers: Market by Geography
11.5.11 Tapes: Market Size & Forecast
11.5.12 Tapes: Market by Geography
11.5.13 Protective Mailers: Market Size & Forecast
11.5.14 Protective Mailers: Market by Geography
12 By End-User Industries
12.1 Market Overview
12.2 Food & Beverages
12.3 Retail
12.4 Industrial Goods
12.5 Electrical & Electronics
12.6 Others
13 By Geography
13.1 Market Overview
14 APAC
15 Europe
16 North America
17 Latin America
18 Middle-East and Africa
19 Competitive Landscape
19.1 Competition Overview
20 Key Company Profiles
20.1 Mondi
20.1.1 Business overview
20.1.2 Business Segments
20.1.3 Mondi in Global Transit Packaging Market
20.1.4 Major Product Offerings
20.1.5 Key Strengths
20.1.6 Key Strategies
20.1.7 Key Opportunities
20.2 Smurfit Kappa
20.3 DS Smith
20.4 Greif
20.5 Sonoco Products Company
21 Other Prominent Vendors
21.1 Automated Packaging Co.
21.1.1 Business Overview
21.1.2 Key Strategies
21.2 Belmont Packaging
21.3 BillerudKorsns
21.4 Cardboard Box Company
21.5 Cascades
21.6 Cellofoam North America
21.7 De Jong Verpakking
21.8 Elopak AS
21.9 Eltete TPM
21.10 Georgia-Pacific
21.11 GWP
21.12 Huhtamaki
21.13 International Paper Co
21.14 iVEX
21.15 Macfarlane Group
21.16 Mecmesin
21.17 Nefab Ab
21.18 Nicklin Transit Packaging
21.19 NNZ
21.20 Packaging Corporation of America
21.21 Papier-Mettler KG
21.22 Pratt Industries
21.23 Pregis
21.24 Protective Packaging Solutions
21.25 Sealed Air
21.26 Smithpack
21.27 STI Group
21.28 Universal Protective Packaging
21.29 Weedon Corrugated Products
21.30 WestRock
For more information about this report visit https://www.researchandmarkets.com/research/sj3c6r/global_transit?w=12
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.