NEWARK, Del, Nov. 29, 2023 (GLOBE NEWSWIRE) -- The protective packaging market is expected to be worth US$ 29.7 billion in 2024. By 2034, the market is projected to reach US$ 47.8 billion. The adoption of protective packaging solutions in various industries is likely to expand at a CAGR of 4.70% from 2024 to 2034.
The rising product demand from various industries, like pharmaceutical, automotive, electrical home appliances, etc., is enhancing the global market valuation. These industries are actively seeking effective packaging solutions that are not only sustainable but can also prevent the products from getting damaged during transit. Thus, the demand for protective packaging solutions is increasing, driving growth in the market.
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The post-pandemic boom in the pharmaceutical industry is a significant driver for the rapid market expansion. Medications, vaccines, medical devices, etc., are all packaged using protective packaging solutions to ensure maximum integrity during shipping. The demand for protective packaging has been at an all-time high in the past couple of years, largely due to the growing eCommerce sector in developing economies.
The electronics manufacturing industries in Asian countries like Korea, Taiwan, and South Korea are the major consumers of protective packaging solutions. These business units use void-filling materials, bubble wrap, and other protective packaging techniques to keep fragile electronics safe while they are exported to various countries. Apart from this, the demand for protective packaging in the food and beverage industry is also on the rise, driven by the need to preserve the freshness and quality of products during transportation and storage.
“Individuals and businesses are becoming increasingly conscious of their carbon footprint, demanding packaging solutions made from sustainable materials. This presents an excellent opportunity for players in the protective packaging industry to tap into new markets and widen their consumer base”, says a Senior Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Takeaways from the Protective Packaging Market
- Plastic protective packaging solutions command a substantial market share of 52.10% in 2024, emerging as the predominant choice.
- Protective packaging for void-filling secures a robust market lead, claiming a solid 26.60% market share in 2024.
- The protective packaging market in India is predicted to grow at a remarkable CAGR of 6.10% through 2034.
- The protective packaging market in China is predicted to rise at a stable 5.50% CAGR through 2034.
- The protective packaging market in Thailand has the potential to increase at 5.00% CAGR through 2034.
- The South Korean protective packaging market is predicted to rise by 4.30% CAGR through 2034.
- The protective packaging market in the United Kingdom is predicted to grow at a CAGR of 4.00% through 2034.
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Competitive Landscape of the Protective Packaging Market
The protective packaging market has constantly been evolving, and brands continuously keep up with the changing trends and consumer preferences. International and domestic players dominate the global market for protective packaging.
Key players in the market are manufacturing and logistical companies requiring large quantities of packaging solutions. Their presence brings a long list of challenges for small and new enterprises, like lower profit margins, lack of research and development facilities, and limited financial resources for marketing and outreach. Small enterprises in this market cater to local manufacturers due to their limited production capabilities.
Key Companies
- Sealed Air Corporation
- Sonoco Products Company
- Smurfit Kappa Group PLC
- WestRock Company
- Huhtamaki OYJ
- DS Smith PLC
- Intertape Polymer Group Inc.
- Pregis Corporation
- Pro-Pac Packaging
- Storopack Hans Reichenecker
- Dow
Recent Developments
- In November 2022, Huhtamaki concluded the expansion of its packaging facility in Nules, Spain, meeting the rising demand for sustainable paper-based packaging.
- In 2023, Sonoco Products completed its acquisition of RTS Packaging, LLC from joint venture partner WestRock, strengthening its recycled fiber-based packaging solutions in the Americas.
- In 2023, Ireland's Smurfit Kappa acquired U.S. rival WestRock, creating the world's largest paper and packaging company to navigate challenges on both sides of the Atlantic.
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Market Segmentation:
By Type:
- Rigid Protective Packaging
- Flexible Protective Packaging
- Foam Protective Packaging
By Material:
- Foam Plastics
- Paper & Paperboard
- Plastics
- Others
By Function:
- Cushioning
- Blocking & Bracing
- Void Fill
- Insulation
- Wrapping
By Application:
- Food & Beverage
- Industrial Goods
- Healthcare
- Automotive
- Cushioning
- Household Appliances
- Others
By Region:
- North America
- Latin America
- Middle East and Africa
- Asia Pacific
- Europe
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show - Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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