New York, United States, Nov. 06, 2023 (GLOBE NEWSWIRE) -- The Global Packaging Materials Market Size is to grow from USD 1.12 Trillion in 2022 to USD 1.74 Trillion by 2032, at a Compound Annual Growth Rate (CAGR) of 4.5% during the forecast period.
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Packaging materials are essential components used to protect, contain, and present products. They serve multiple purposes, including preserving freshness, preventing damage during transportation, and conveying branding and information. Common packaging materials include cardboard, paper, glass, and plastics, each with its own benefits and drawbacks. In recent years, there has been a growing emphasis on sustainable packaging solutions. Biodegradable, compostable, and eco-friendly alternatives like bio-based plastics and plant-based fibers have gained popularity. The industry is also exploring innovative materials such as edible packaging and mushroom-based materials to reduce waste and promote a circular economy. Overall, the packaging industry continually adapts to meet consumer demands, balancing functionality, aesthetics, and environmental sustainability.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Packaging Materials Market Size, Share, and COVID-19 Impact Analysis, By Material (Paper, Cardboard, Rigid Plastic, Flexible Plastic, Wood, Textile, Glass, and Metal), By Product (Bag, Pouch, Box, Bottles, Cans & Jars, Containers, Wraps, Drums, and IBCs), By End-User (Food & Beverage, Healthcare, Household Products, Chemicals, and Cosmetics), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032."
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The paper segment is expected to grow at a CAGR of around 4.6% during the forecast period
Based on the material, the global packaging materials market is segmented into paper, cardboard, rigid plastic, flexible plastic, wood, textile, glass, and metal. The paper segment is expected to experience significant growth during the forecast period in the packaging materials market. The increasing emphasis on sustainability and eco-friendly packaging solutions, and paper is a highly recyclable and renewable material. The growing consumer demand for natural and organic products has led to an increased preference for paper-based packaging. Additionally, advancements in paper manufacturing technology have improved the strength, durability, and versatility of paper-based packaging solutions, making them suitable for a wide range of industries. The paper segment's projected growth reflects the market's shift towards more sustainable and environmentally friendly packaging options.
The food & beverage segment held the largest market share with more than 43.8% in 2022.
Based on the end-user, the global packaging materials market is segmented into food & beverage, healthcare, household products, chemicals, and cosmetics. The food and beverages segment has emerged as the dominant force in the global packaging materials market. The constant demand for packaged food and beverages, driven by the growing population and changing consumer preferences, fuels the need for packaging materials. The stringent regulations and safety standards in the food and beverages industry require reliable and efficient packaging solutions. Additionally, the increasing popularity of convenience foods, ready-to-eat meals, and on-the-go beverages further drives the demand for innovative and functional packaging. The food and beverages segment's dominance underscores its crucial role in shaping the packaging materials market on a global scale.
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Europe is predicted to grow at a significant CAGR of around 4.7% over the projected period.
Based on region, Europe is expected to experience substantial growth in the packaging materials market during the forecast period. Several factors contribute to this projected growth, there is a growing emphasis on sustainability and environmental concerns in the region, driving the demand for eco-friendly packaging materials and practices. The stringent regulations and policies promoting recycling and waste reduction further propel the market's expansion. Additionally, the presence of technologically advanced packaging manufacturers and a well-established e-commerce sector drive the adoption of innovative packaging solutions. Furthermore, Europe's strong focus on product safety and quality standards enhances the demand for reliable and secure packaging materials. These factors collectively position Europe for significant growth in the packaging materials market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major players in the Global Packaging Materials Market include Amcor, Ball Corporation, Crown Holdings, International Paper, Reynolds Group, Mondi, Owens-Illinois, Stora Enso, Sealed Air, WestRock, Bemis and other key vendors.
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Recent Developments
- In February 2023, Cruz Foam announced the introduction of a new sustainable packaging material in the shape of foam packaging. The novel packing method is intended for the shipment of delicate and temperature sensitive commodities. Cruz Foam intends to replace bubble wrap, bubble mailers, and other types of plastic packaging.
- In April 2022, Zomato, India's largest food delivery partner, has announced its commitment to using 100% plastic-neutral packaging going forward. The company has set a target to deliver over ten crore orders using sustainable packaging materials. This initiative reflects Zomato's dedication to reducing plastic waste and promoting environmental sustainability in the food delivery industry.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global packaging materials market based on the below-mentioned segments:
Packaging Materials Market, By Material
- Paper
- Cardboard
- Rigid Plastic
- Flexible Plastic
- Wood
- Textile
- Glass
- Metal
Packaging Materials Market, By Product
- Bag
- Pouch
- Box
- Bottles
- Cans & Jars
- Containers
- Wraps
- Drums
- IBCs
Packaging Materials Market, By End-User
- Food & Beverage
- Healthcare
- Household Products
- Chemicals
- Cosmetics
Packaging Materials Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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