Ottawa, May 18, 2023 (GLOBE NEWSWIRE) -- The global packaging material market is expected to reach a CAGR of 4.52% from 2023 and 2032. Packaging material refers to the additional covering used to enclose or protect products during storage, transport, and distribution. Such materials ensure the safety of products. Packaging materials are generally made up of plastic, glass, paper, metal, and textiles in the form of boxes, wrappers, cartons, cans, or jars. Packaging materials are designed for cushioning, absorbing shock, moisture, or water resistance, along with multiple barrier properties.
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The global packaging material market serves packaging solutions with new innovative technologies, materials, and consumer preferences. Packaging materials that offer innovative and functional features, such as tamper-evident seals, resealable closures, and extended shelf life, can provide added value to customers. Businesses that invest in research and development to create unique and functional packaging solutions can gain a competitive edge in the market.
Packaging plays a crucial role in the branding and marketing efforts of companies. Packaging materials that enhance the visual appeal, functionality, and sustainability of the packaging can drive consumer perception and purchase decisions. End-users, including personal care and cosmetics industry, pharmaceuticals, food and beverage, and many others, continuously seek innovative ways for packaging solutions to boost their consumer base. The rising importance of branding and marketing through packaging influences the demand for packaging materials. Overall, the global packaging material market is influenced or driven by factors such as changing consumer preferences, increasing awareness of sustainability, new product development, stringent regulations, rising government support, and technological advancements.
Regional snapshot:
The Asia-Pacific region is experiencing rapid growth in the packaging material market, primarily driven by countries such as China, India, and Japan. The development of e-commerce and the expanding food and beverage industry are key factors shaping the packaging material market in Asia-Pacific.
Furthermore, rising government support for the use of sustainable packaging in a variety of industries, as well as the rapid adoption of favorable government policies in Asian countries, are seen as significant drivers of market growth in Asia Pacific. Other Asian Pacific countries, including Japan and South Korea, have implemented policies and regulations to promote sustainable waste reduction practices. Japan, in particular, is dedicated to lowering plastic waste and has enacted policies to encourage the use of recycled materials in packaging.
North America is expected to expand significantly over the projection period, with higher consumption of alcoholic beverages and packaged food items in the region being significant driving factors for developing the North American packaging material market. Moreover, the rapid adoption of advanced technology for innovative packaging solutions is essential for the region's market growth.
Latin America is a growing market for packaging materials, with countries like Brazil and Mexico being the key players. Increasing urbanization, changing lifestyles, and a rising middle-class population are driving the demand for packaged goods, leading to a growing demand for packaging materials. The Middle East and Africa show steady but continuous growth in the packaging material market. The focus on sustainable packaging and the ever-increasing awareness of environmental concerns is shaping the packaging material market in the Middle East and Africa.
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Scope of the report
| Coverage | Details | |
| Market Revenue in 2032 | USD 1.76 Trillion | |
| CAGR | 4.52% | |
| Largest Share Holder | Asia Pacific | |
| Fastest Growing Region | North America | |
| Key Players | Amcor, Crown Holdings, International Paper, Reynolds Group, Ball Corporation, Stora Enso, WestRock, Mondi, Bemis and Others | |
Report Highlights:
- By product, the bottles segment held a significant share of the market in 2022. The segment will maintain its growth owing to the rising consumption of beverages and promotion of recyclability of glass bottles. The box segment will be the most lucrative segment of the market during the forecast period owing to the rising demand for sustainable packaging solutions.
- By material, with an added focus on the creation of paper bags by numerous fashion brands, the paper segment is expected to dominate the global market. The plastic segment, on the other hand, has a significant market share, and the rising production of financially viable and compostable plastic packaging for food products is expected to maintain the segment's dominance during the forecast period. The growing emphasis on sustainable glass packaging for alcoholic beverages is expected to fuel the glass material segment's growth.
- By end-user, the food & beverages segment is the largest segment of the global packaging material market. The emerging food industry with increasing demand for ready-to-eat/packaged food materials is supplementing the segment’s growth. The household products segment is predicted to hold a noticeable share of the market during the forecast period, the rising demand for sanitation products for household purposes, especially post-Covid pandemic, is observed as a significant factor in supporting the segment’s growth.
Market dynamics:
Driver:
Growing food and beverages industry
The food industry is constantly evolving, and consumer preferences for food packaging are also changing. Consumers are increasingly looking for convenient and sustainable packaging options that are eco-friendly, easy to use, and visually appealing. This drives the demand for innovative packaging materials that meet these requirements, such as biodegradable or compostable packaging, recyclable packaging, and reusable packaging. Food companies need to adapt to these changing consumer preferences, which in turn drives the growth of the packaging material market as they seek new and innovative packaging solutions.
The rising food and beverages market is a driving factor for the growth of the packaging material market owing to the increasing demand for packaged food materials that require prolonged shelf life, including sauces, jams, ready-to-eat food products, and other fast-food products. Extending the shelf-life of food products is a critical factor for food manufacturers and retailers to reduce food waste and meet consumer demands for longer-lasting products.
Restraint:
Regulations and standards
Governments and regulatory bodies around the world impose various regulations and standards on packaging materials to ensure safety, quality, and sustainability. Compliance with these regulations can be challenging for packaging material manufacturers, creating a restraint in terms of meeting regulatory requirements and maintaining competitiveness in the market. In addition, compliance with these stringent policies can be time consuming and costly for manufacturers. The risk of financial penalties and loss limits multiple players from entering the market. Moreover, diverse regulatory landscapes in various countries limit market players from entering the international market for their packaging materials. Such limitations, along with multiple regulatory hurdles, are observed to act as a significant restraint for the market’s growth.
Opportunity:
Rising demand for Lightweight and Cost-effective Packaging
As transportation costs continue to rise, there is a demand for lightweight packaging materials that can reduce shipping costs. Packaging materials that are lightweight yet durable and cost-effective can be advantageous for businesses that want to optimize their supply chain and reduce transportation expenses. Moreover, the rising focus on consuming less energy during the manufacturing and transportation process can be significantly achieved by lightweight and cost-effective packaging. The emerging e-commerce businesses, along with online food and beverages delivery businesses, are expected to fuel the demand for lightweight and cost-effective packaging. The enormous demand for lightweight packaging opens a plethora of opportunities for manufacturers with cost-effective manufacturing processes.
Challenge:
Technological limitations
Developing packaging materials that are more environmentally friendly and sustainable, such as bioplastics or compostable materials, may require technological advancements to improve their performance, cost-effectiveness, and scalability. Packaging materials constantly evolve with technological advances, such as barrier coatings, active and intelligent packaging, and nanotechnology. Packaging materials need to provide appropriate barrier properties to protect the contents from moisture, oxygen, light, and other environmental factors. However, achieving optimal barrier properties can be challenging, especially for specific applications.
However, there may be technological limitations in terms of scalability, cost-effectiveness, and performance of new packaging materials, which could impact their adoption and market penetration; such limitations are observed to act as a significant challenge for the market’s growth. Research and development efforts are critical to addressing and overcoming these technological limitations in the packaging material market.
Related Reports
- Packaging Foams Market - The global packaging foams market was valued at USD 17.1 billion in 2022 and is expanding around USD 28.7 billion by 2032 with a CAGR of 5.31% from 2023 to 2032.
- Aseptic Packaging Market - The global aseptic packaging market was valued at USD 61.3 billion in 2022 and is expanding around USD 147.6 billion by 2032 with a CAGR of 9.18% from 2023 to 2032.
- Airless Packaging Market - The global airless packaging market was valued at USD 5.79 billion in 2022 and is expanding around USD 9.46 billion by 2032 with CAGR of 5.03% from 2023 to 2032.
- Industrial Packaging Market - The global industrial packaging market was valued at USD 69.52 billion in 2022 and is expanding around USD 123.21 billion by 2032 with a CAGR of 5.89% from 2023 to 2032.
Recent developments in the packaging material market
- In October 2022, Nestle Confectionery announced the industry’s leading packaging innovations by moving towards recyclable paper packaging for its KitKat wrapped sweets. The recent innovation has been done by KitKat’s team in the UK; the packaging will also provide information about the recycling locator tool to guide consumers about the nearest recycling point.
- In October 2022, a global leader in sterilizing packaging solutions, Sterimed, announced the launch of its new substrate for rigid packaging needs. Polybond CGP 85, launched by Sterimed, represents a new, innovative, and sustainable packaging solution for the healthcare industry.
- In August 2022, a global leader in packaging solutions, Mondi announced its collaboration with Essity to create new recyclable packaging solutions for feminine care products; Essity uses packaging bags that are made of 50% renewable materials. With this collaboration, the company aims to achieve 100% recyclability by using up to 85% biomass.
Market Segmentation
By Material
- Paper
- Cardboard
- Rigid plastic
- Flexible plastic
- Wood
- Textile
- Glass
- Metal
By Product
- Bag
- Pouch
- Box
- Bottles
- Cans and Jars
- Containers
- Wraps
- Drums
- IBCs
By End-User
- Food & Beverage
- Healthcare
- Household products
- Chemicals
- Cosmetics
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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