SEATTLE, Dec. 2, 2021 /PRNewswire/ -- According to Coherent Market Insights, The global protective packaging market is estimated to account for 46,368.9 Mn in terms of value, witnessing a CAGR of 5.3% by the end of 2027.
A corrugated cardboard box is one type of primary protective package, but secondary components may include air pillows, void fillers, and packaging inserts. A corrugated cardboard box can protect products from impacts and dents, while additional materials like void fillers and air pillows can provide additional protection in the event of a shipment's arrival. Another important aspect of protective packaging is the weight of the material. Using durable, lightweight, recyclable packaging can help reduce the overall weight of the shipment. The design of protective packaging is an essential element of any business's success. Proper packaging helps avoid this issue and improves the first impression of customers receiving the products. It can be classified into foamed plastic, paper, and plastic.
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Growing demand for protective packaging from a wide range of industries such as automotive, pharmaceutical, etc. is driving growth of the protective packaging market. Factors such as ensuring a positive customer experience and meeting their requirements are other major factors augmenting growth of the protective packaging market.
Key players are rapidly adopting protective packaging due to its advantages such as sustainability, material cost reduction, operational throughput, and supply chain cost reduction. This is expected to augment growth of the market. Moreover, key players are focussing on improving their bottom line and retaining long-term customers which is further projected to accelerate growth of the market.
Expansion of online retail channels is expected to bring bright market opportunities in the near future. According to the Retailers Association of India (RAI), the retail industry achieved 93% of pre-COVID sales in February 2021; consumer durables and quick service restaurants (QSR) increased by 15% and 18% respectively. After an unprecedented decline of 19% in the January-March 2020 quarter, the FMCG industry displayed signs of recovery in the July-September 2020 quarter with a y-o-y growth of 1.6%.
The increasing development of eco-friendly protective packaging by key players is expected to provide lucrative growth opportunities. For instance, in May 2019, Macfarlane Packaging, the UK's largest distributor of protective packaging materials has launched innovative new packing products designed for the retail and industrial markets. Similarly, in October 2021, Smurfit Kappa has launched circular packaging solutions for the rapidly growing online health and beauty market. The customizable eHealth & Beauty portfolio includes sustainable, paper-based packaging solutions ideal for shipping vulnerable products, such as fragrances, cosmetics, and skin and hair care products, as well as tamper-proof packaging designed for vitamins, supplements, and sports nutrition.
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Key players in the market are focussing on expanding the production capacity of protective packaging which is expected to be one of the trends in the market. For example, in November 2021, Pregis, a global manufacturer of protective packaging announced the production start-up at its new 265,000 square foot manufacturing facility in Arlington, Texas. The new facility is now producing the Pregis EverTec mailer which is a durable, lightweight, curbside recyclable, and paper cushioned shipping solution.
Rapid urbanization, improving living standard, and growing disposable income of the consumer is expected to fuel growth of the protective packaging market. According to the World Economic Forum, since 1950, the world's urban population has risen almost six-fold, from 751 million to 4.2 billion in 2018. It's expected that over a third of the projected urban growth between now and 2050 will occur in just three countries: India, China, and Nigeria. By 2050, it is projected that India could add 416 million urban dwellers, China 255 million, and Nigeria 189 million.
Competitive Landscape:Sonoco Products CompanySealed Air CorporationPackaging Corporation of AmericaACH Foam Technologies, Inc.BASF SECascades Inc.Pregis CorporationRanpak Corp.Storopack Hans Reichenecker GmbHAdvanced Protective Packaging Ltd
Global Protective Packaging Market, By Material Type:
- Foamed Plastic
Global Protective Packaging Market, By Product Type:
- Foam Protective Packaging
- Flexible Protective Packaging
- Rigid Protective Packaging
Global Protective Packaging Market, By Function Type:
- Void Fill
- Blocking & Brace
Global Protective Packaging Market, By Region:
- North America
- By Country:
- Rest of Europe
- Asia Pacific
- By Country:
- South Korea
- Rest of Asia Pacific
- Latin America
- By Country:
- Rest of Latin America
- Middle East & Africa
- By Country:
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
Senior Client Partner – Business Development
Coherent Market Insights
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SOURCE Coherent Market Insights