Packaging Market Size is Set to Grow by USD 268.37 Billion from 2024-2028
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The global packaging market size is estimated to grow by USD 268.37 billion from 2024-2028, according to Technavio’s latest market research report titled Global Packaging Market 2024-2028. The market is estimated to grow at a CAGR of 4.29% during the forecast period.
Market Driver
The global food delivery and takeaway market is booming due to urbanization, busy lifestyles, and widespread mobile phone use. Increased online platforms drive online food ordering, preferred for convenience and discounts. Many restaurants offer competitive prices through online services, supported by efficient supply chains. Dark kitchens, producing food for delivery, further fuel market growth. Key players like Delivery Hero and Uber Eats dominate, with Australia's market seeing significant growth. Packaging products like containers and cups are essential for delivered food, indicating anticipated growth in the packaging market.
Key companies profiled in the report
Amcor Group GmbH, Ball Corp., Berry Global Inc., Constantia Flexibles Group GmbH, Crown Holdings Inc., Gerresheimer AG, Huhtamaki Oyj, International Paper Co., Mondi Plc, Oji Holdings Corp., Pregis LLC, Pretium Packaging, Sealed Air Corp., Smurfit Kappa, Sonoco Products Co., Stora Enso Oyj, Tetra Laval SA, UPM Kymmene Corp., WestRock Co., and Winpak Ltd.
Board
The board segment, or paperboard, is set to grow notably in the forecast period due to its foldability, rigidity, and suitability for packaging. Valued at USD 329.11 billion in 2018, it offers various types like folding boxboards, chipboards, and bleached paperboards, widely used in medical, cosmetic, and food packaging. Increasing demand for personalized packaging with innovative designs and graphics enhances consumer attraction. This growing demand for paperboard, especially bleached paperboard, is expected to drive market growth, supported by its lightweight and strong attributes.
Research Analysis
In the diverse landscape of packaging options catering to various industries such as food, beverages, personal care, and retail, the emphasis on quality, presentation, and eco-friendliness is paramount. Food packaging, in particular, occupies a significant niche within this market. From high-barrier films to stand-up retort pouches, the range of options is extensive. Materials such as paper, glass, and metal offer versatility and durability, meeting the demands of different products and consumer preferences. Printing technologies, including flexography and digital, contribute to enhancing branding and visual appeal.
In the realm of beauty and personal care, trends like slimline collections and fiber-based egg cartons showcase innovation in both design and sustainability. Emerging technologies such as advanced film technology and lightweight foam plastics address evolving consumer needs while minimizing environmental impact.
Regulations governing packaging materials underscore the importance of biodegradability and recyclability, driving the industry towards more sustainable practices. Additionally, rigid protective packaging and e-commerce solutions like PaperBox cater to the diverse requirements of modern supply chains and retail environments.
Overall, the packaging market continues to evolve, driven by a combination of consumer preferences, technological advancements, and regulatory mandates, with food packaging playing a central role in this dynamic landscape.
Market Research Overview
In the dynamic landscape of packaging solutions, Paper and Paperboard Container and Packaging stand out as versatile options. From food to personal care and department store items, their presence is undeniable. These containers offer a balance of quality, presentation, and eco-friendliness, meeting the demands of discerning consumers and regulatory standards alike. Whether it's high-barrier films, stand-up retort pouches, or sleek fiber-based egg cartons in beauty and personal care, paper and paperboard containers excel in delivering both functionality and aesthetics.
Moreover, in the era of advancing technology, these containers aren't lagging behind. They embrace printing technologies like flexography and digital printing, ensuring vibrant and customizable designs that enhance brand identity. Additionally, they adapt to emerging trends such as lightweight foam plastics, catering to evolving consumer preferences and sustainability concerns.
In the realm of e-commerce and protective packaging, PaperBox solutions offer a robust answer to diverse needs. From rigid protection to eco-friendly wrapping, they provide a comprehensive solution that aligns with modern demands for convenience and sustainability.
