Update News: Demand From E-Commerce Sector Has Driven The Growth Of Protective Packaging Market
Global Protective Packaging Market: Key Highlights
- According to the new market research report “Protective Packaging Market by Material Type (Foam, Paper & Paperboard, Foam, Plastic, Others), by Product Type ( Flexible, Rigid, Foam), by Function (Void-fill, Insulation, Wrapping, Cushioning, Others), by End-User (Consumer Electronics, Automotive, Pharmaceuticals, Food & Beverages, and Others), by Region (North America, Asia Pacific, Europe, Middle East & Africa, South America) — Global Forecast ss(2020 to 2027)”, the global protective packaging market is estimated to reach USD 39.7 Billion by 2027 at a CAGR of around 3.9% during the review period.
- Inclination towards consumer satisfaction for delivering the product without any damage to the product
- Increasing urbanization and industrialization coupled with increasing population may drive the need for protective packaging
- Increasing focus on extending the shelf life of products, coupled with the growing demand for eco-friendly materials & growing consumer awareness on product quality are some of the factors are expected to drive the product market
- Government regulation towards recyclable packaging materials is one of the major restraining factor of the product market
Global Protective Packaging Market: Key Market Dynamics
- Consumer inclination towards online shopping coupled with increasing disposable income, increased standard of living, and other has surged the demand for the product market
- Need form the food & beverage industry to protect the shelf life of product and protection from external damages during storage and shipment
- Growing environmental concerns regarding for use of recyclable packaging materials is may hinder the growth of product market
Global Protective Packaging Market: Regional Overview
- Asia Pacific
The Asia Pacific is an expected prominent market region, owing to the strong presence of manufacturer suppliers of protective packaging. Growing household appliances, rising consumer electronics, and increasing population are some of the other factors expected to drive the market growth. Moreover, the online shopping trend at a large number of consumers is realizing and appreciating the many advantages it offers. This can be attributed to the internet penetration, the demand for purchasing online boils down to lower prices, convenience and the availability of greater options.
In Europe, protective packaging is expected to grow at a steady growth during the forecasted period. This is attributed to the e-commerce sector which has established a significant sales forum for a wide range of products such as home & beauty care products, consumer electronics, and food & beverage. According to The Centre for Retail Research Limited, the total online retail sales in Europe was USD 264.46 billion in 2018 and is expected to increase in the forecast period. Thus, the rise in online sales will drive the market for protective packaging solutions in order to ensure the safety of the product during storage and shipment.
Global Protective Packaging Market: Key Players Overview
- Sonoco Products Company:
Sonoco Products Company was incorporated in 1899, is one of the global providers of a variety of consumer packaging, protective packaging, industrial products, and display & packaging supply chain services. In 2018, the protective solution segment of the company was USD 43 million, comprising 9.8% of the company’s operating sales. In September 2019, the company introduced EnviroSens sustainable packaging initiative. This invented product will help to reduced environmental impact, optimized package-to-product ratio and shipping optimization, increased use of recycled content, recyclability, fiber sourcing, composability, and the use of bio-based materials.
- Pregis LLC:
Pregis LLC is engaged in giving packaging solutions to a tough business challenge. The company has a strong network of fabricators, distributors, and converting partners to provide a good service to its customers. Easypack, Sharp, and pregis films are the renowned brands of the company. In June 2019, Pregis LLC has invested in a new 50,000 square-foot innovation headquarters designed to help solve protective packaging challenges.
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