Packaging Solution Market Size was valued at USD 1125.2 Billion in 2022. The packaging solution industry is projected to grow from USD 1181.4 Billion in 2023 to USD 1745.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.00% during the forecast period (2024 - 2032).Due to market drivers, including increased packaging requirements in the beverage, food, and cosmetics & personal care product industries, the market for packaging solutions is expected to grow significantly.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Packaging Solution Market Trends
The growing use of eco-friendly materials in packaging is driving the packaging solution market CAGR. Reusable, recyclable, biodegradable, non-toxic, and having little effect on the environment is eco-friendly packaging. Paper packaging solutions, including cartons, bags, and pouches, are the sustainable packaging materials with the quickest rate of growth. Additionally, there is a growing need for eco-friendly paper packaging due to the growing trend of online retail and environmental limitations on non-biodegradable and non-recyclable packaging solutions. For instance, Coca-Cola conducted its first test run on paper bottles with an extra-strong paper shell and a thin plastic liner in February 2021. It tested the system with 2,000 bottles in order to assess how well it held up. The company wants to make a bottle that is completely recyclable and made of plastic so that carbonated drinks don't leak gas.
The emerging markets that are infiltrating the e-retail industry and expanding their presence there use a variety of package types depending on the product. sales of packaging solutions are driven by suppliers who concentrate on producing dependable and long-lasting packaging solutions that can withstand a variety of environmental conditions. Sales of packaging solutions are also being driven by the use of cutting-edge packaging materials for future-based easy shipping, intriguing pricing points, and newly available packaging possibilities. Furthermore, the government's campaigns to raise awareness of substitute packaging solutions. This includes edible, carbon-free, biodegradable, and ecologically friendly packaging. Thus, online retailers are always searching for packaging solutions that are manageable, light, and enhance the appearance of their products. This has created opportunities for cutting-edge materials and packaging ideas, especially in the e-commerce industry.
Tamper-proof packaging's introduction has been a major driver of the market for packaging solution. Food, beverage, and healthcare are just a few of the areas where maintaining product integrity is essential. Furthermore, as the regulatory landscape gets more intricate and demanding, reputational hazards rise. In addition, criminal damage, theft, and counterfeiting pose a hazard to the end-user industries, which include food, beverage, and healthcare. Furthermore, tamper-proof packaging is now more necessary and in line with industry trends and analysis. Additionally, its design aims to offer optimal security for sensitive or valuable items both in storage and during transportation. For instance, the child-proof Top Lock Box is a fully plastic-free packaging option that provides a safe, affordable, and environmentally responsible substitute for the standard plastic laundry box. It was produced using paper-based components that are recyclable, renewable, and biodegradable and have earned the Forest Stewardship Council (FSC) certification. Because packaging adds value to a product by protecting it and/or improving its look, these tactics are crucial for the packaging solutions market. Thus, driving the packaging solution market revenue.
Packaging Solution Market Segment Insights
Packaging Solution Material Insights
The packaging solution market segmentation, based on material, includes Paper and Paperboard, Plastic, Metal, Glass and Others. The plastic segment dominated the market. The versatility, durability, lightweight nature, and affordability of plastic packaging materials have led to their widespread usage. Numerous sectors, including food and beverage, personal care, pharmaceuticals, and more, rely on plastic for its vast array of packaging solutions, which include bottles, containers, bags, films, and wraps.
Packaging Solution Packaging Type Insights
The packaging solution market segmentation, based on packaging type, includes New and Recycled. The new category generated the most income. Over time, new developments and market niches are created in the packaging sector, which is always changing. Potential growth drivers for a new segment could include developments in smart packaging, sustainable packaging, or other disruptive technologies.
Figure 1: Packaging Solution Market, by Packaging Type, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Packaging Solution End-user Industry Insights
The packaging solution market segmentation, based on end-user industry, includes Food and Beverage, Healthcare, Personal Care, Industrial, and Others. The food and beverage category generated the most income. There are several reasons for this, such as the growing world population, rising disposable incomes, evolving consumer lifestyles, and altering trends in food consumption. Packaging is essential for maintaining freshness, maintaining product integrity, and improving the customer experience as consumers seek convenience, safety, and sustainability from the food and beverage goods they purchase.
Packaging Solution Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American packaging solution market area will dominate this market. This dominance is due to a number of causes, including the strong retail and consumer goods sectors, technical breakthroughs, strict laws, sustainability measures, and the rapidly expanding e-commerce market. North America has been at the forefront of packaging solutions, meeting the needs of numerous industries and propelling market expansion in the region due to a robust economy, high consumer spending power, and an emphasis on innovation.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: PACKAGING SOLUTION MARKET SHARE BY REGION 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe packaging solution market accounts for the second-largest market share. This is explained by the rapidly increasing population and urbanization, which has raised demand for packaged goods across a range of businesses. Furthermore, the need for effective and safe packing solutions has increased due to the growing middle class and their increased spending income, which has spurred the expansion of e-commerce. Further, the German packaging solution market held the largest market share, and the UK packaging solution market was the fastest growing market in the European region.
The Asia-Pacific Packaging Solution Market is expected to grow at the fastest CAGR from 2024 to 2032. This is partly due to the region's rapidly urbanizing population, robust manufacturing and export sectors, expanding disposable incomes, and expanding consumer markets. Moreover, the Asia-Pacific packaging solutions market has been growing as a result of the region's expanding economies, like China and India, which have seen notable industrial growth and investments. Moreover, China’s packaging solution market held the largest market share, and the Indian packaging solution market was the fastest growing market in the Asia-Pacific region.
Packaging Solution Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the packaging solution market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the packaging solution industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the packaging solution industry to benefit clients and increase the market sector. In recent years, the packaging solution industry has offered some of the most significant advantages to medicine. Major players in the packaging solution market are attempting to increase market demand by investing in research and development operations, including Sealed Air Corporation, Ball Corporation, Mondi Group, International Paper Company, WestRock Company, Smurfit Kappa Group PLC, DS Smith Plc, Silgan Holdings Inc., Crown Holdings, Inc., and Amcor PLC.
Crown Holdings Inc. (Crown) offers packaging solutions. It is responsible for the creation, production, and delivery of consumer goods and metal packaging items. Beverage cans, glass bottles, food cans and closures, aerosol cans, specialized packaging items, and transit packaging are among the products offered by the company. Additionally, it offers industrial goods like plastic film consumables, steel and plastic strap consumables, and protective packaging made of paper.
Solutions for paper packaging are offered by Smurfit Kappa Group Plc (Smurfit). Along with other paper-based packaging materials, it produces, sells, and distributes corrugated containers and container boards. Materials offered by the company include kraftliners, corrugated and packaging materials, paper bags, protective packaging items, container boards, and graphic and solid boards. Additionally, it provides point-of-sale displays, bag-in-box, pulp, testliners, preprinted liners, packaging machines, recovered papers, retail packaging, and postal packaging.
Key companies in the packaging solution market include
Sealed Air Corporation
Ball Corporation
Mondi Group
International Paper Company
WestRock Company
Smurfit Kappa Group PLC
DS Smith Plc
Silgan Holdings Inc.
Crown Holdings, Inc.
Amcor PLC
Packaging Solution Industry Developments
August 2022: Amcor PLC purchased a state-of-the-art flexible packaging facility in the Czech Republic. Because of the site's advantageous position, Amcor is better able to satisfy growing customer demand throughout its flexible packaging network throughout Europe.
March 2022: In order to grow its business, Crown Holdings, Inc. is constructing a new beverage can facility in Peterborough, UK. Its position in the European region will be strengthened by this expansion.
February 2021: Smurfit Kappa Group PLC introduced a new packaging solution for its environmentally friendly TopClip product, which packages drinks multipacks using paper instead of plastic shrink wrap. This product guarantees that it is appropriate for beverage companies of all sizes and will expand the range of end-to-end solutions that Smurfit Kappa offers for TopClip.
Packaging Solution Market Segmentation
Packaging Solution Material Outlook
Paper and Paperboard
Plastic
Metal
Glass
Others
Packaging Solution Packaging Type Outlook
New
Recycled
Packaging Solution End-user Industry Outlook
Food and Beverage
Healthcare
Personal Care
Industrial
Others
Packaging Solution Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 1125.2 Billion |
| Market Size 2023 | USD 1181.4 Billion |
| Market Size 2032 | USD 1745.5 Billion |
| Compound Annual Growth Rate (CAGR) | 5.00% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Material, Packaging Type, End-user Industry, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Sealed Air Corporation, Ball Corporation, Mondi Group, International Paper Company, WestRock Company, Smurfit Kappa Group PLC, DS Smith Plc, Silgan Holdings Inc., Crown Holdings, Inc., and Amcor PLC |
| Key Market Opportunities | Increased customization and modification choices |
| Key Market Dynamics | Improved chances for branding and product protection Technological developments in equipment and packaging materials |
Frequently Asked Questions (FAQ) :
The packaging solution market size was valued at USD 1181.4 Billion in 2023.
The market is projected to grow at a CAGR of 5.00% during the forecast period, 2024-2032.
North America had the largest share in the market
The key players in the market are Sealed Air Corporation, Ball Corporation, Mondi Group, International Paper Company, WestRock Company, Smurfit Kappa Group PLC, DS Smith Plc, Silgan Holdings Inc., Crown Holdings, Inc., and Amcor PLC.
The plastic category dominated the market in 2023.
The new category had the largest share in the market.
Assistant Manager - Research High acumen in analyzing complex macro & micro markets with more than 6 years of work experience in the field of market research. by implementing her analytical skills in forecasting and estimation into market research reports, she has expertise in packaging, construction, and equipment domains. she handles a team size of 20-25 resources and ensures smooth running of the projects, associated marketing activities, and client servicing.
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