February 2024
07 Sep 2024
The global packaging material market revenue was valued at USD 1.03 trillion in 2023 and is poised to grow from USD 1.05 trillion in 2024 to USD 1.44 trillion by 2034, at a CAGR of 3.2% during the forecast period 2024 – 2034. The increasing demand for packaged food and beverages has contributed to the growth of the packaging material market.
The packaging material market deals with the material used to protect, enclose, and present products for use, sale, distribution, and storage. Packaging materials play an important role in various industries, such as electronics, cosmetics, pharmaceuticals, food and beverages, and more. They have come in a wide range of types, with their suitability and characteristics for different applications. The increasing growth of e-commerce platforms and increasing efficient packaging solutions to ensure safe product delivery are anticipated to enhance the growth of the market.
In addition, the rising technological advancements in packaging technology, such as active packaging and tamper-proof seals, enhance food safety. Growing urbanization and global population and increasing customer consciousness related to product safety and quality are further expected to drive the growth of the packaging material market during the forecast period.
Rapid expansion of the e-commerce industry
The rapid expansion of the e-commerce platform has activated a significant growth in the demand for packaging solutions and products, reshaping the packaging industry to the extreme. This transformation is enhanced by various interrelated factors, such as the increment of online shopping landscapes, which has led to significant growth in the volume of products being delivered and shipped directly to customers’ doorsteps. There is a heightened need for efficient and robust packaging solutions, with consumers embracing the accessibility and convenience of online shopping that can withstand the accuracy of transportation while safeguarding products against tampering and damage.
In addition, the rapid expansion of the e-commerce platform has become an accelerating force behind the increasing demand for efficiency and sustainability, fueling innovation and packaging materials across the packaging supply chain. As e-commerce constantly reshapes suppliers, packaging material manufacturers and the retail landscape must remain responsive to the evolution of this rapidly growing and dynamic market, which is further expected to drive the growth of the packaging material market.
However, fluctuations in raw material prices may restrain market growth. The packaging materials, such as glass, metals, cardboard, paper, and plastics, are heavily based on raw materials sourced from natural resources such as metals, minerals, wood pulp, and petroleum. Any instability and volatility in the prices of these raw materials can impact negatively on the packaging industry. Fluctuations in raw material costs directly impact the manufacturing costs of packaging materials. These fluctuations may also restrain investments in research and development activities aimed at sustainability and innovation in packaging materials. These factors may restrain the growth of the packaging material market.
Report Attribute | Key Statistics |
Market Revenue in 2024 | USD 1.05 Trillion |
Market Revenue by 2034 | USD 1.44 Trillion |
Market CAGR | 3.2% from 2024 to 2034 |
Quantitative Units | Revenue in USD million/billion, Volume in units |
Largest Market | Asia Pacific |
Base Year | 2023 |
Forecast Period | 2024 to 2034 |
Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Recent Breakthrough in the Packaging Material by Orlandi
Recent Breakthrough in the Packaging Material by Parkside
North America is expected to grow fastest during the forecast period. The increasing demand for sustainable packaging materials, such as recycled materials and bioplastics, is increasing due to increasing environmental concerns. Additionally, strict government regulations on packaging materials, such as composability and recyclability, are driving the market growth in the region. The U.S. and Canada are the leading and fastest-growing countries in North America. The U.S. has the biggest market for packaging materials.
Asia Pacific dominated the packaging material market in 2023 and is expected to sustain its position during the forecast period. The market growth in the region is enhanced by the higher plastic consumption in various industries. Rising industrialization and urbanization in developing countries of the region are demanding innovative packaging materials, expected to enhance the market's growth. In addition, the increasing availability of low-price supplies required in financially viable packaging solutions contributed to driving the market growth in the region. China, India, Japan, and South Korea are the leading countries in the Asia-Pacific region.
China is the second biggest market in the packaging industry. China used millions of tons of paperboard and paper for packaging. According to the National Bureau of Statistics, billions of books, newspapers, and magazines are used for packaging materials in China. China has stepped up its recovery activities and recycles more than millions of tons of waste paper.
Development in smart packaging
Smart packaging involves the incorporation of indicators, sensors, and other intelligent features into packaging materials to offer additional functionality beyond traditional protection and containment. These features can include traceability, OR codes for tracking, tamper-evident seals, freshness indicators, and temperature monitoring. By adopting smart technology with packaging materials, retailers and manufacturers can enhance consumer satisfaction and engagement, reduce waste through better inventory management, improve supply chain visibility, and enhance product safety. These major factors are expected to enhance the growth of the packaging material market in the coming future.
Market Segmentation
By Material
By Product
By End-User
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