(I-BusinessNews.Com, September 21, 2022 ) The global protective packaging market size was valued at USD 28.31 billion in 2021 and is projected to register a CAGR of 5.6% during the forecast period 2022-28. Packaging is the act of enclosing objects in packages with the help of protective coverings or other exterior coverings, providing security, safety, information, and other benefits. Protective packaging helps food products maintain their freshness and suppleness while extending their shelf life without the use of preservatives.
The primary drivers of development are anticipated to be factors including rising global manufacturing production, ongoing technological advancements, and consumer expenditure on packaged goods. Additionally, a sizable demand from the e-commerce sector, particularly in the Asia Pacific, is expected to drive demand throughout the projection period. Furthermore, Protective packaging market growth is significantly aided by technological advancements in the packaging industry. The market for protective packaging is expanding quickly due to a number of factors, including the rising demand from the food and beverage & healthcare industries as well as consumer preference for easy packaging.
The development of the protective packaging industry is being hampered by the adoption of stringent private and governmental laws by various nations. Numerous materials, including plastics, glass, metals, plastic foams, and water, are used in the manufacturing of packaging & packaged goods.
Market trends for Protective Packaging Market:
• New retail tactics are being driven by the ongoing change in consumer purchasing habits brought on by the economic downturn in order to deal with demand volatility, margin pressures, and rising competition.
• Rising demand for goods from abroad and emerging countries like India, Brazil, & France are the drivers driving up online expenditure.
The global Protective Packaging Market on the basis of Material Type is segregated into Plastics and Foam Plastics, Paper and Paperboard, and Others. On the basis of Packaging Type, the market is categorized into Foam Protective Packaging, Flexible Protective Packaging, and Rigid Protective Packaging. On the basis of Function, the market is divided into Cushioning, Insulation, Blocking and Bracing, Void Fill, and Wrapping. On the basis of Application, the market is fragmented into E-commerce, Electronics and Appliances, Automotive, Food and Beverages, Machinery, and Others.
Owing to the growing demand from the online retail sector for the security of transported goods, Asia-Pacific now holds a monopoly on the protective packaging market. Protective packaging market growth is anticipated to be aided by increased customer spending, ongoing automation developments, and improved manufacturing activities in the area. The presence of big population economies is fostering the development of the e-commerce sector, which is anticipated to have a positive impact on the expansion of the protective packaging market in the region throughout the course of the forecast period.
The major players operating in the protective packaging market are Sealed Air Corporation, Crown Holdings Inc, Sonoco Products Company, Winpack Ltd, Smurfit Kappa Group, DS Smith Plc, WestRock Company, Schur Flexibles Holding GesmbH.
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