Global Packaging Market

The global packaging market is projected to expand at a robust CAGR during the forecast period, between 2021 and 2028. Packaging refers to the wrapping or bottling of products in order to protect them from damage during transportation and storage. It preserves a product safe and marketable while also assisting in the description, identification, and promotion of the product. Industrial items are bulky, heavy, sensitive to external atmosphere, and environmentally dangerous. As a result, it is important to preserve the product for a longer period of time during transit and storage, particularly with hermetically sealed packaging that is protected from external contamination. Industrial packaging differs from other types of packaging in terms of strength, thickness, and amount of protection provided for long-term storage.

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Market Trends, Drivers, Restraints, and Opportunities:

• Increasing building & construction activity is one of the primary factors driving the market.
• Growth in the food and beverage sector to meet the need of a growing population fuels the market.
• Increasing growth of exports, which necessitates superior packaging requirements for the international market, is one of the key factors projected to drive the market.
• Rising demand for recycled and sustainable packaging for healthcare, food, and homecare, and personal applications are projected to boost the market.
• Rising raw material costs and rapidly changing technologies restrain the market.
• Rising packaging technologies provide immense opportunities for market expansion.

Scope of the report:

The report on the packaging market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Packaging Market Segment Insights:

The crates/totes segment is projected to hold significant market share

Based on products, the packaging market can be segmented into crates/totes, drums, IBCs, pails, and sacks. The crates/totes segment is projected to hold significant market share. Advances in the consumer goods and food import and export industries, as well as growing technological explorations, are expected to drive the segment during the forecast period, in addition to the wide range of applications of crates packaging in an enormous range of products such as vegetables, fruits, glassware, meat, antiques, utensils, and more. Increasing adoption for crates packaging in agrochemical, cosmetics, pharmaceutical, and other applications is likely to drive the market during projected period.

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The paperboard segment is anticipated to account for a substantial share

On the basis of materials, the market can be fragmented into fiber, metal, paperboard, plastic, and wood. The paperboard segment is anticipated to account for a substantial share, due to its recyclable and eco-friendly nature, low carbon footprint, and adaptability, it is suitable for use in food packaging. The key factor driving the market is increased use of paper in the packaging of various easily eatable foods, drinks, and fresh vegetables.

The food & beverage segment is estimated to expand at a high CAGR

In terms of applications, the packaging market can be segregated into automobile, agriculture & horticulture, building & construction, chemical & pharmaceutical, engineering, food & beverage, metal products, oil & lubricant, plastics & rubber, and others. The food & beverage segment is estimated to expand at a high CAGR during the forecast period. Fruits & vegetables have perishable features because they degrade when exposed to moisture, hence they require flexible packaging. Changing consumer lifestyle, as well as increased consumption of sausages, bread, and other snacks, is projected to drive the segment.

Asia Pacific is expected to dominate the market

In terms of regions, the market is categorized as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the market, due to expanding urban population and retail infrastructure development, which is likely to support China, Japan, and India's growing demand for packaged goods. Growing disposable income and customer need for environment friendly packaging that is easy to handle and inexpensive is anticipated to drive the market.

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Segments

• Crates/Totes
• Drums
• IBCs
• Pails
• Sacks

• Fibre
• Metal
• Paperboard
• Plastic
• Wood

• Automobile
• Agriculture & Horticulture
• Building & Construction
• Chemical & Pharmaceutical
• Engineering
• Food & Beverage
• Metal Products
• Oil & Lubricant
• Plastics & Rubber
• Others

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

• Vetter Pharma International
• Sealed Air Corporation
• International Paper
• WestRock Company
• Amcor plc
• Oji Holdings Corporation
• BALL CORPORATION
• Smurfit Kappa
• Stora Enso
• Constantia Flexibles

Competitive Landscape

Key players in the packaging market include Vetter Pharma International; Sealed Air Corporation; International Paper; WestRock Company; Amcor plc; Oji Holdings Corporation; BALL CORPORATION; Smurfit Kappa; Stora Enso; and Constantia Flexibles. These players are actively engaged in several market development activities including collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to increase their market share.