Wilmington, Delaware, Oct. 27, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “U.S. Packaging and Protective Packaging Market By Material (Paper and Paper Board, Rigid Plastics, Flexible, Metal, Glass, and Others), By Function (Cushioning, Blocking and Bracing, Void-fill, Insulation, Wrapping, and Others), and By Application (Food, Beverage, Healthcare, Cosmetics, Industrial, and Others): Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the U.S. packaging and protective packaging market was valued at $185.3 billion in 2022 and is estimated to reach $247.2 billion by 2032, exhibiting a CAGR of 2.9% from 2023 to 2032.
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Prime determinants of growth
The U.S. packaging and protective packaging market is driven by robust demand from the healthcare sector. The rapid increase in the population, rise in pharmaceuticals R&D, up-gradation in technology, increased focus in the healthcare field in the U.S., and rise in the incidence rate of chronic disorder has led the healthcare sector to witness significant growth. Packaging and protective packaging products are widely used in the healthcare sector to protect pharmaceutical products and to ensure that they are stored correctly. Furthermore, the increase in incidence of contagious diseases and viruses has surged the demand for sterile medical equipment and products that are well-packed to ensure zero-contact with external environment. These factors altogether escalate the growth of the U.S. packaging and protective packaging market in the healthcare sector. However, stringent government regulations on volatile organic compounds (VOCs) emission may restrain the growth of the U.S. packaging and protective packaging market.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $185.3 billion |
| Market Size in 2032 | $247.2 billion |
| CAGR | 2.9% |
| No. of Pages in Report | 126 |
| Segments covered | Material, Function, and Application. |
| Drivers | Increase in trends toward packed food products Robust demand from the healthcare sector Active participation by third-party logistics companies Improvement in manufacturing activities E-commerce dominance |
| Opportunities | Increase in R&D activities to produce biodegradable packaging |
| Restraints | Stringent government regulations on volatile organic compound (VOC) emission |
Covid-19 Scenario
- The U.S. packaging and protective packaging market had minor impact due to the wake of the COVID-19 pandemic, owing to the disruptions in the supply chain for various personal hygiene, medical products, and other consumer goods. Furthermore, to control the surge of novel coronavirus cases, there was a drastic shift of investments from other sectors toward healthcare.
- Moreover, several packaging and protective manufacturing companies had either shut down or shrank their operations due to the risk of infection among the workforces. This had temporarily hampered the demand and supply chain of packaging materials amid the COVID-19 pandemic.
- However, growth in awareness related to personal care & healthcare activities has surged the demand for various anti-bacterial creams, and other products during the COVID-19 pandemic, which in turn has increased led the packaging and protective packaging market to witness significant growth. Furthermore, several packaging and protective packaging manufacturing companies have adopted safety strategies and techniques, which in turn has increased the demand for packaging and protective packaging products as the market starts stabilizing.
The paper and paperboard segment to maintain its lead position during the forecast period.
Based on material, the paper and paperboard segment accounted for the largest share in 2022, contributing one-third of the U.S. packaging and protective packaging market revenue. Major applications of paperboard in packaging include frozen food packaging, beverage cartons, pharmaceutical packaging, aseptic drink boxes, cosmetic & perfume packaging, candy boxes, paper goods packaging, and cereal boxes. Increase in demand for paper & paperboard packaging, especially from the food & beverage industry, and strict regulations on the use of plastic bags are anticipated to augment the demand for paper & paperboard for packaging applications during the forecast period.
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The insulation segment to maintain its lead position during the forecast period.
Based on the function, the insulation segment accounted for the largest share in 2022, contributing to two-seventh of the U.S. packaging and protective packaging market revenue. The increase in demand for frozen food, fish, meat, vegetables, fruits, medical supplies, and others in the U.S. have surged the potential application of insulation packaging that keep the product at a stable temperature regardless of the condition of packaging. This factor may act as one of the key drivers responsible for the growth of the U.S. packaging and protective packaging market for insulation packaging.
The food segment to maintain its lead position during the forecast period.
Based on application, the food segment accounted for the largest share in 2022, contributing to two-fifth of the U.S. packaging and protective packaging market revenue. Active packaging is a major trend witnessed in the U.S. food packaging industry. Active packaging is defined as a package system designed to intentionally incorporate components that would release or absorb substances into or from the packaged food or the environment surrounding the food, and it is anticipated to extend the shelf life or to maintain or improve the condition of the packaged food.
Leading Market Players: -
- Protective Packaging Corporation
- Protective Packaging Ltd
- Universal Protective Packaging, Inc.
- Sealed Air
- Sonoco Products Company
- Ivex
- Armor Protective Packaging
- Polymer Packaging, Inc.
- PALLITE GROUP
- ProtecPac
The report provides a detailed analysis of these key players in the U.S. packaging and protective packaging market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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