Rising E-commerce platforms coupled with multiple packaging options and safe and secure shipment packaging is proliferating the demand for the packaging supplies, enhancing the end user's shopping and shipping experience.
NEWARK, DE / ACCESSWIRE / August 28, 2024 / The packaging supply market is set to achieve a valuation of USD 263.9 billion in 2024, with an anticipated CAGR of 3.1% during the forecast period from 2024 to 2034. By 2034, the market is projected to reach a robust USD 358.1 billion.
A significant driver of this growth is the expansion of the e-commerce industry, which is expected to significantly increase the demand for packaging solutions. The surge in online orders is prompting businesses to adopt innovative strategies to ensure packaging that is not only efficient and sustainable but also visually appealing.
The shift towards online shopping and the rising consumer preference for sustainable packaging are key factors propelling market growth. As e-commerce continues to evolve, packaging supplies are poised to play a crucial role in enhancing the overall shopping and shipping experience for end users.
Packaging supplies market adoption trends show that the consumption of packaging supplies is from the end-users like food and beverages, healthcare, and cosmetics, enhancing and expanding the packaging supplies market in new regions. The government's research and development space has helped the manufacturing units in creating new, industry-specific packaging supplies solutions. This pushes the packaging supplies market. The recovering hotel and restaurant business also consumes a big chunk of packaging supplies as it is used in FMCG product packaging, fresh food delivery, and electronic gadgets
Sustainable Practices Drive Significant Growth in the Packaging Supplies Market
The packaging supplies market is experiencing a transformative shift towards sustainability, driven by an increasing focus on eco-friendly practices and materials. This evolution is characterized by the adoption of sustainable products, such as recyclable materials and bioplastics with low carbon footprints, reshaping the industry landscape.
Leading companies including Amazon, Google, and Tetrapak are at the forefront of this change, prioritizing net-zero carbon emissions and sparking a surge in demand for packaging solutions that are low-toxicity, recyclable, biodegradable, and reusable. This commitment to sustainability is not only influencing corporate practices but also setting new industry standards.
As consumer awareness and preference for environmentally responsible products continue to rise, manufacturers are responding by innovating packaging designs that align with eco-conscious values. The growing retail sector is further driving this trend, with visually appealing and innovative packaging options capturing consumer attention and boosting the adoption of advanced, sustainable solutions.
What are the Key Dynamics Governing the Growth of the Packaging Supplies Market?
A global study on the Packaging supplies market shows that the market's growth is attributed to the new e-commerce platforms integrating with e-retail spaces, and new packaging technology coming in is fueling the sales of packaging supplies. The high penetration of organized online retail across the world pushes people to shop online as it is more convenient and accessible for end users. The benefits and sustainability attached to the packaging supplies drive the demand for new and durable packaging types.
FMCG industry has its own space for packaging supplies that use new innovative packaging solutions like edible, modified atmosphere, and bioplastic packaging. While the rising grocery shopping online pushes the new packaging solutions, it focuses on paper and environmentally friendly packaging.
The rising pollution intrigues vendors to adopt and create single-use and biodegradable packaging solutions. This helps the packaging supplies market by curbing pollution. E-commerce packs the products and items in lightweight packaging that is also durable. Some of these packages are extrusion-based products, wraps & films, bags, and pouches.
The new food and beverage packaging systems are helpful in creating better food shipments and are used with three key types of blow molding technology, injection, extrusion, and injection stretch blow molding. This enhances the solution-based strategy of end users that adopt product-driven packaging solutions, fueling the sales of packaging supplies in new regions.
Environmental concerns, along with covid-19's impact on the offline markets, are restricting the sales of packaging supplies solutions. Bioplastics' use in packaging supplies is rare, and people tend to look for alternative packaging solutions. Environmental concerns push the vendors to adopt innovative solutions such as active packaging, modified atmosphere, edible, biodegradable, and paper, expanding the market size.
Explore In-Depth Analysis: https://www.futuremarketinsights.com/reports/packaging-supplies-market
Key Takeaways from Global Packaging Supply Market
The packaging supplies market is expected to grow at a CAGR of 2.6% from 2019 to 2023, reaching USD 256.2 billion by 2023.
Spain is projected to lead the demand for packaging supplies in Europe, with a CAGR of 2.4% expected by 2034.
China's demand for packaging materials is set to grow significantly, with a projected CAGR of 4.1% from 2024 to 2034, driven by positive trends in manufacturing and e-commerce.
In India, the demand for paper-based goods, used in various sectors, is anticipated to grow at a CAGR of 5.1% by 2034.
Competitive Landscape
The demand for packaging materials in industries like as consumer goods, pharmaceuticals, and food and beverage has resulted in a significant increase in the packaging business in recent years. They are vital for meeting regulatory requirements, extending product shelf life, and improving visual appeal. These supplies are expected to play an important part in all packaging operations.
As customers become more environmentally conscious, market participants are expected to shift to more sustainable and convenient packaging options.
Businesses are approaching the global market through specialist areas like industrial applications and custom packaging. The expanding usage of digital packaging technologies has created a demand for supplies that improve product quality and longevity on flexible substrates.
"The growing population, rising economical structures and changing lifestyle coupled with higher penetration of e-retail across are fueling the sales of packaging supplies, enhancing the packaging experience for packaging supplies." - Says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Players of Packaging Supply Industry
Mondi Group Plc
Westrock Company
Oji Holdings Corporation
DS Smith Packaging Ltd
Pratt Industries
The Packaging Company
Packhelp
Ruskin Group
Purple Co
Moraya Packaging
Tet Seng Packaging
Recent Industry Developments in Packaging Supply Market
In July 2024, Volpak and Lecta collaborated to test sustainable materials for packaging applications. This move aligns with consumer demand for eco-friendly packaging, driven by regulatory pressures and increasing preference for minimal or recyclable packaging.
In June 2024, Mamata Machinery Ltd planned to launch an initial public offering (IPO) offering USD 88,157 equity shares. The sale aims to boost visibility, provide liquidity, and establish a public market for the company's plastic bags, pouch-making machines, and packaging equipment.
In June 2024, ACG Packaging Materials won the First Export Award for its plastic packaging products recognizing its efforts in maintaining the quality and integrity of pharmaceutical and nutraceutical products, offering a wide range of films and foils.
Key Segments of Packaging Supply Industry
By Materials:
Based on the materials, the industry is divided into plastic, paper and paperboard, glass, metal, and others.
By Function:
In terms of functions, the industry is segregated into flexible packaging, rigid packaging, protective packaging, and specialty packaging.
By End Use:
Based on the End Use Industries of the supplies, the demand is categorized into food and beverages, healthcare and pharmaceuticals, cosmetic and personal care, industrial, consumer goods, logistics and transportation.
By Sales Channels:
In terms of sales channels, the industry is categorized into direct sales, distributors, retail, and e-commerce.
By Region:
Key countries of North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East and Africa (MEA), have been covered in the report.
Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail's strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor's Degree in Mathematics.
Have a Look at Related Research Reports on the Packaging Domain:
Consumer electronics packaging refers to the materials and methods used to protect, display, and transport consumer electronics products, such as smartphones, laptops, cameras, and other gadgets, from the manufacturer to the end consumer.
Global sales revenue of the medical device packaging market is projected to be USD 38.57 billion in 2023. The market is slated to increase at a CAGR of 5.4% to reach a valuation of USD 65.26 billion by 2033.
Blister packaging is a type of packaging commonly used for small consumer goods, pharmaceuticals, and medical devices. It consists of a pre-formed plastic cavity or pocket, usually made from materials like PVC, PET or aluminum, which holds the product.
The global sanitary food & beverage packaging market is likely to reach USD 40.72 billion in 2023. The market is expected to surpass USD 52.55 billion by 2033, exhibiting a CAGR of 2.6% between 2023 and 2033.
Sachet packaging trends are shifting towards eco-friendly materials, innovative designs, and enhanced functionality, driven by consumer demand for convenience, sustainability, and cost-effective single-use products.
The global lubricant packaging market is estimated to top USD 12.06 billion in 2023 and is projected to reach USD 20.4 billion by 2033, moving forward at a CAGR of 5.4%.
The eye cosmetic packaging sector is experiencing rapid growth, driven by innovative designs and increasing consumer demand for premium, eco-friendly packaging solutions that enhance product appeal and functionality.
The demand for single-portion cosmetic packaging is surging, driven by consumer preferences for convenience, hygiene, and precise application, alongside brands' desire to enhance product presentation and reduce waste.
The rigid industrial packaging market is expected to increase from USD 32,547.1 million in 2023 to USD 50,862.1 million by 2033. The market is likely to capture a 4.6% CAGR from 2023 to 2033.
The rise in demand for authentic beauty products is driving significant growth in anti-counterfeit cosmetic packaging, ensuring product integrity and consumer trust in an increasingly competitive market.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn | Twitter | Blogs | YouTube
SOURCE: Future Market Insights, Inc.
View the original press release on accesswire.com
