HomeBusiness NewsEvolving Consumer Demands: How They're Influencing the Protective Packaging Market

Evolving Consumer Demands: How They’re Influencing the Protective Packaging Market

The global protective packaging market size was valued at USD 36.31billionin 2022. The industry is expected to expand from USD 38.52billionin 2023 to USD 61.44billionby 2030, exhibiting a CAGR of 6.90% over the study period. Protective packaging offers products enough buffering and protects them from sustaining destruction and damage. The market growth can be credited to the growing smartphone penetration and rising demand for consumer electronics. This factor is increasing the need for protective packaging of the products. Fortune Business Insights™ provides this information in its research report titled “Protective Packaging Market, 2023-2030”.

Segmentation:

Excellent Packaging Barrier in Plastics to Foster Segment Growth

In terms of material, the market is divided into paper & paperboard and plastics. The plastics segment has the largest protective packaging market share. The superior packaging barrier in plastic materials is driving the segment growth.

Improved Recyclability of Flexible Solutions to Propel Segment Growth

Based on product type, the market is segmented into foam, flexible, and rigid. The flexible segment accounts for the largest market share. The improved recyclability and sustainability of flexible protective packaging solutions are proliferating segment growth.

Deployment of Wrappings in Multiple Products to Escalate Segment Growth

With respect to function type, the market is categorized into insulation, wrapping, cushioning, void fill, cushioning, and blocking & bracing. The wrapping segment accounts for the largest protective packaging market share. Protective wrappings, such as paper or bubble wrap, can be deployed for multiple products of various sizes. This factor is boosting the wrapping segment growth.

Ability of the Product to Preserve Freshness to Spur Food & Beverage Segment Growth

With respect to end-use industry, the market is categorized into e-commerce, automotive, personal care & cosmetic, consumer electronic, automotive, pharmaceutical, and others. The food & beverage segment has the largest market share. The product helps in retaining the freshness and quality of frozen meals, bakery products, and dairy items. This factor is impelling the food & beverage segment growth.

From the regional perspective, the market is divided into Europe, the Asia Pacific, Latin America, the Middle East & Africa, and North America.

Report Coverage:

The report encompasses the driving and restraining factors affecting the market expansion. It further highlights the latest trends, COVID-19 impact on the market growth, and the competitive strategies adopted by leading market players to outshine the competition.

Source- https://www.fortunebusinessinsights.com/protective-packaging-market-107319 

Drivers and Restraints:

Surging Deployment of the Product in International Trade to Foster Market Growth

The protective packaging market growth is driven by a growth in the uptake of the product in international trade. Protective packages are developed to protect items from physical harm and damage.

Despite an expanding scope for the adoption of the product, tightening regulations on the use of plastic in packaging may hinder market growth.

Regional Insights:

Asia Pacific Leads Due to Growth in E-commerce Business

Asia Pacific protective packaging market accounts for the largest share. The e-commerce business is expanding in the region, which bolsters the deployment of the product for safe transportation and shipping.

North America accounts for the second largest share due to the robust presence of top packaging firms.

Competitive Landscape:

Prominent Companies Focus on Capacity Expansion Strategies to Strengthen Their Geographical Presence

The leading companies operating in the market are deploying various competitive strategies to enhance their market position. Joint ventures, partnerships, and mergers and acquisition strategies are a few of them. Several companies are also emphasizing capacity expansion strategies to extend their geographical footprint.

Key Industry Development:

  • November 2022 – Sonoco, a leading name in the diversified packaging space, announced its plan to expand Sonopost®cornerpost manufacturing in 

List of Key Players Mentioned in the Report:

  • Smurfit Kappa (Ireland)
  • Westrock Company (U.S.)
  • Sealed Air Corporation (U.S.)
  • Sonoco Product Company (U.S.)
  • Huhtamaki (Finland)
  • DS Smith PLC (U.K.)
  • Pregis LLC (U.S.)
  • Pro-Pac Packaging Limited (Australia)
  • Storopack (Germany)
  • Intertape Polymer Group (U.S.)