Packaging Market Size to Grow by USD 268.37 billion from 2024 to 2028, Market Growth at 4.29% CAGR expected during the forecast period, Technavio

NEW YORK, March 11, 2024 /PRNewswire/ -- The Packaging market size is forecast to increase by USD 268.37 billion, at a CAGR of 4.29% between 2023 and 2028. Insights on market size historic period (2017 to 2021) and Forecast (2023 to 2027) before buying the full report.

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The rise in the need for innovative packaging is a key factor in driving the market growth:

Proper packaging enhances visual appeal, attracting consumers and highlighting brands. Growing awareness among brand owners emphasizes innovative packaging. Demand rises for multi-packs and single-serve, aligning with health, convenience, and sustainability trends. Multi-packs hold multiple items, while single-serve packs food and beverages, driving market growth.

• A key factor shaping the market is the emergence of tamper-proof packaging. 
• The high cost of recycling rigid plastic products is one of the key challenges hindering the market. 

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Vendor Analysis
Vendor Landscape - The global packaging market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer packaging in the market are 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. and others.

• Amcor Group GmbH: The company offers packaging products such as metal-free laminates, amsky blister system, vento, formpack cold form blister, amlite recyclable, amprima, and more.

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Segment Overview
Technavio has segmented the market based on type, Type (Board, Rigid plastic, Flexible, Metal, and Glass), End-user (Food, Beverage, Healthcare, Personal care, and Others), and Geography (APAC, North America, Europe, Middle East and Africa, and South America). 

• The board segment, known as paperboard, is forecasted for significant growth. Offering foldability and rigidity, paperboard is lightweight and ideal for packaging. Types include folding boxboards, chipboards, and bleached paperboards. Bleached paperboard finds extensive use in medical, cosmetic, and food packaging, driving demand. Personalized packaging trends with innovative designs further propel segment growth.

Geography Overview
By geography, the global packaging market is segmented into APAC, North America, Europe, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global packaging market.

• APAC is projected to contribute 41% to global market growth. Key drivers include emerging economies like China and India, witnessing rapid growth in end-user sectors like e-commerce and FMCG. With a high concentration of manufacturing industries, packaging demand is on the rise. Additionally, the flourishing e-commerce industry in countries like China, India, and Japan further fuels market growth, driven by increased online shopping and the need for secure packaging during transportation.

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Related Reports: 

The Mexico packaging market size is estimated to grow at a CAGR of 3.51% between 2022 and 2027. 

The Secondary packaging market size is estimated to grow at a CAGR of 4.04% between 2022 and 2027. 

Analyst Review:

The packaging market encompasses various sectors, including food, beverages, cosmetics, and pharmaceuticals, each requiring specialized packaging solutions to meet industry-specific needs. From flexible to rigid packaging, materials such as paper, plastic, glass, and metal are utilized, with a growing emphasis on sustainable and eco-friendly options like biodegradable packaging. Innovations in packaging technology continue to drive the industry forward, offering solutions that prioritize functionality, durability, and safety while also addressing environmental concerns. Customization plays a crucial role in brand packaging, with companies investing in unique designs, labeling, and graphics to enhance product visibility and consumer appeal.

Moreover, packaging serves multiple purposes, from protecting products during storage and transportation to ensuring convenience and usability for end consumers. However, the industry faces challenges such as meeting regulatory standards, optimizing costs, and addressing packaging waste. Despite these challenges, there are abundant opportunities for growth, driven by increasing demand across various sectors, evolving consumer preferences, and advancements in packaging technology. Companies are leveraging strategic partnerships and investments to innovate and stay competitive in this dynamic market landscape, capitalizing on emerging trends and opportunities for market expansion.

Market Overview:

The packaging market is diverse and dynamic, encompassing various sectors such as food packaging, beverage packaging, cosmetic packaging, and pharmaceutical packaging. Sustainable packaging solutions are gaining traction due to increasing environmental concerns, driving the demand for eco-friendly and biodegradable packaging materials. Packaging design plays a crucial role in attracting consumers and differentiating brands in the market. Flexible and rigid packaging options offer versatility and protection for products, while packaging machinery and technology enable efficient production processes. With evolving trends and regulations, the packaging industry continues to innovate to meet changing standards and consumer demands. This competitive landscape presents both challenges and opportunities for packaging brands and companies seeking strategic partnerships and investments to optimize packaging strategies and enhance market competitiveness.

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SOURCE Technavio