As the pandemic continues to challenge the market, Argus will discuss their forecast for 2022 on Tuesday, December 14th at 2 pm Eastern Time.
Seattle, December 2, 2021/PRNewswire/ - According to Coherent Market Insights, the global protective packaging market is estimated to be worth 46.368 billion yuan, with a compound annual growth rate of 5.3% by the end of 2027.
Corrugated cardboard boxes are a primary protective packaging, but secondary components may include air pillows, void fillers, and packaging inserts. Corrugated cardboard boxes can protect products from impacts and dents, while other materials such as fillers and air pillows can provide additional protection when the goods arrive. Another important aspect of protective packaging is the weight of the material. The use of durable, lightweight, and recyclable packaging helps reduce the overall weight of the goods. The design of protective packaging is an essential element of the success of any business. Appropriate packaging helps to avoid this problem and improve the customer's first impression of receiving the product. Can be divided into foam, paper and plastic.
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The growing demand for protective packaging in a wide range of industries such as automobiles and pharmaceuticals is driving the growth of the protective packaging market. Factors such as ensuring a positive customer experience and meeting their requirements are other major factors driving the growth of the protective packaging market.
Due to its sustainability, material cost reduction, operational throughput and supply chain cost reduction advantages, major players are rapidly adopting protective packaging. This is expected to promote market growth. In addition, major players are focusing on improving their bottom line and retaining long-term customers, which is further expected to accelerate market growth.
The expansion of online retail channels is expected to bring bright market opportunities in the near future. According to the Retailers Association of India (RAI), the retail industry achieved 93% of pre-COVID sales in February 2021; consumer durables and fast food restaurants (QSR) increased by 15% and 18%, respectively. After experiencing an unprecedented 19% decline in the January-March 2020 quarter, the fast-moving consumer goods industry showed signs of recovery in the July-September 2020 quarter, with a year-on-year growth of 1.6%.
The continuous development of environmental protection packaging by major players is expected to provide profitable growth opportunities. For example, in May 2019, Macfarlane Packaging, the largest distributor of protective packaging materials in the UK, launched innovative packaging products designed specifically for the retail and industrial markets. Similarly, in October 2021, Smurfit Kappa launched a circular packaging solution for the fast-growing online health and beauty market. The customizable e-health and beauty product portfolio includes sustainable paper packaging solutions, ideal for transporting vulnerable products such as perfumes, cosmetics, skin care and hair care products, as well as vitamins, supplements and sports nutrition products Designed tamper-proof packaging.
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The major players in the market are focusing on expanding the production capacity of protective packaging, which is expected to become one of the market trends. For example, in November 2021, global protective packaging manufacturer Pregis announced the start of production at its new 265,000 square foot manufacturing facility in Arlington, Texas. The new plant is now producing the Pregis EverTec mailer, a durable, lightweight, roadside recyclable paper pad transportation solution.
The rapid urbanization process, the improvement of living standards and the growth of consumer disposable income are expected to promote the growth of the protective packaging market. According to data from the World Economic Forum, since 1950, the world's urban population has increased nearly six times, from 751 million to 4.2 billion in 2018. It is estimated that from now to 2050, more than one-third of the urban growth is expected to occur in just three countries: India, China and Nigeria. By 2050, it is estimated that India will increase by 416 million urban residents, China will increase by 255 million, and Nigeria will increase by 189 million.
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Coherent Market Insights is a global market intelligence and consulting organization focused on helping many of our clients achieve transformational growth by helping them make key business decisions. We are headquartered in India, with sales offices in Global Financial Capital in the United States, and sales consultants in the United Kingdom and Japan. Our customer base includes participants from various business verticals in more than 57 countries/regions around the world.
Mr. Shah Senior Client Partner-Business Development Coherent Market Insights Tel: United States: +1-206-701-6702 United Kingdom: +44-020-8133-4027 Japan: +81-050-5539-1737 India: +91-848 -285-0837 Email: sales@coherentmarketinsights.com Website: https://www.coherentmarketinsights.com Follow us: LinkedIn | Twitter
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