NEWARK, Del, July 23, 2024 (GLOBE NEWSWIRE) -- The multi-functional packaging market has experienced significant growth, with a current valuation of USD 12.5 billion and an estimated increase to over USD 19.3 billion by 2034. The industry is poised to report a CAGR of 4.1% through 2034. This growth is driven by the rising demand for packaging solutions that offer more than just product containment and protection.
The rise of e-commerce has further amplified the need for visually appealing and functional packaging to ensure products stand out and provide a memorable unboxing experience. Premium-looking packaging is particularly in high demand in economies with strong gift-giving cultures, such as the United States, the United Kingdom, Germany, and Japan. In these markets, consumers are willing to pay a premium for packaging that enhances the aesthetic appeal and perceived value of gifts.
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Factors such as convenience, sustainability, and technological advancements have also fuelled the adoption of multi-functional packaging. Features like resealability, easy-open mechanisms, and portion control meet modern consumers' needs for convenience and usability. The integration of smart features like QR codes allows for enhanced consumer engagement, product authentication, and access to additional information.However, challenges such as high production costs, technological compatibility issues, and limited consumer awareness in economically disadvantaged regions are hindering market progress.
Report Attribute Details:
| Historical Period | 2019-2023 |
| Base Year | 2024 |
| Forecast Period | 2024-2034 |
| Multi-Functional Packaging Market Size 2024 | USD 12.9 billion |
| Multi-Functional Packaging Market, CAGR | 4.1% |
| Multi-Functional Packaging Market Size 2034 | USD 19.3 billion |
“Companies in the multi-functional packaging industry must develop packaging solutions that offer convenience, sustainability, and improved product protection. They can also invest in research and development to create packaging that meets the evolving needs of consumers”, says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Takeaways from the Market Study:
- The plastic segment dominates the global multi-functional packaging market with a share of 28% in 2024.
- Based on the end use, the food segment leads the multi-functional packaging market with a share of 24% in 2024.
- The multi-functional packaging market in India is anticipated to grow at a CAGR of 4.3% through 2034.
- The multi-functional packaging market in China is estimated to rise at a 4.2% CAGR through 2034.
- The multi-functional packaging market in Thailand has the potential to increase at 4.2% CAGR through 2034.
- The United States multi-functional packaging market is predicted to rise by 3.9% CAGR through 2034.
- The multi-functional packaging market in the United Kingdom is very likely to grow at a CAGR of 3.6% through 2034.
Competitive Landscape:
The competitive landscape of the multi-functional packaging market is quite dynamic and challenging. Many companies are vying for market share by offering innovative and sustainable packaging solutions that cater to the evolving demands of consumers. This has led to an increased focus on research and development to create packaging that not only provides convenience and product protection but also aligns with sustainability initiatives. Companies are also differentiating themselves by emphasizing on cost-effectiveness, design versatility, and eco-friendly materials.
Significant Companies in the Multi-functional Packaging Industry:
- Amcor
- Sealed Air
- Berry Global
- Sonoco
- Schur Flexibles
- Mondi
- Westrock
- Graphic Packaging Holding Company
- Ball Corporation
Recent Developments:
- In November 2023, Sabert Europe introduced a 'fully recyclable' multi-functional packaging- Tray2Go for sushi, chilled food-to-go, confectionery, and bakery items, featuring sustainable materials and secure stacking.
- In September 2023, Mondi launched Hug-IT, a sustainable paper sleeve for Coca-Cola HBC Austria, replacing plastic shrink wrap with Mondi's Advantage SpringPack Plus.
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Market Segmentation Analysis:
By Packaging Type:
The multi-functional packaging market is segmented into flexible packaging and rigid packaging. Flexible packaging, known for its adaptability and efficiency, is gaining traction due to its lightweight nature and ability to conform to various shapes.
This type is particularly favored in the food and beverage industries where ease of handling and extended shelf life are critical. On the other hand, rigid packaging offers superior protection and durability, making it suitable for applications where product integrity and strength are paramount, such as in the electronics and industrial sectors. Both types of packaging are evolving with technological advancements, integrating features like resealability and portion control to meet consumer demands for convenience and sustainability.
By End Use:
The end-use segmentation of the multi-functional packaging market encompasses a wide range of industries including food, beverage, pharmaceutical, personal care, electronics, industrial, and automotive. In the food and beverage sectors, packaging that extends shelf life and ensures safety is highly valued, driving the demand for innovative solutions. The pharmaceutical industry benefits from packaging that enhances product protection and supports regulatory compliance.
Personal care products require packaging that maintains product integrity while offering aesthetic appeal. Electronics and industrial sectors prioritize durability and protection during transportation. The automotive industry looks for packaging that can withstand harsh conditions and ensure part safety. Each of these sectors is increasingly adopting multi-functional packaging to enhance product value and meet consumer expectations.
Key Segments of the Multi-functional Packaging Industry:
By Packaging Type:
The packaging type segmentation consists of flexible packaging and rigid packaging.
By End Use:
The end-user segments include food, beverage, pharmaceutical, personal care, electronics, industrial, and automotive.
By Material Type:
The multi-functional packaging market is also divided by material type, comprising plastic, paper, glass, metal, and biodegradable materials.
By Region:
Key countries of North America, Latin America, Europe, East Asia, South Asia, Middle East and Africa (MEA), and Oceania have been covered in the report.
Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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