Packaging Market Size, Share & Industry Analysis, By Material (Plastic, Paper & Paperboard, Metal, Glass, Wood, and Others), By Product Type (Rigid Packaging and Flexible Packaging), By Packaging Type (Primary Packaging, Secondary Packaging, and Tertiary Packaging), By End-use Industry (Food, Beverages, Cosmetics & Personal Care, Chemicals & Lubricants, Healthcare, Consumer Products, Building & Construction, Electronics, Automotive, and Others), and Regional Forecast, 2024-2032

The global packaging market size was valued at USD 1,052.96 billion in 2023. The market is projected to grow from USD 1,080.13 billion in 2024 to USD 1,452.86 billion by 2032, exhibiting a CAGR of 3.78% during the forecast period.

The global packaging market encompasses a diverse range of products and materials designed to protect, contain, and preserve goods during storage, transportation, and sale. This market plays a crucial role in various industries, including food and beverage, pharmaceuticals, cosmetics, and consumer goods. Thus, it serves as a pivotal component in the supply chain and helps the market grow.

The COVID-19 pandemic had a significant impact on various industries worldwide, including the packaging market. Lockdowns and restrictions on movement caused delays in projects and limited on-site activities, contributing to a drop in sales and production. The pandemic led to disruptions in the supply chain of raw materials due to lockdowns, transportation restrictions, and labor shortages. These disruptions affected the availability and cost of packaging materials, creating challenges for manufacturers.

Packaging Market Trends

Enhanced Product Traceability and Authentication Offered by Smart Packaging is Emerging as Key Trend

There has been a growing emphasis on enhancing product traceability and authentication within the market. This trend has been driven by increased consumer awareness regarding the origin and authenticity of products, especially in industries such as pharmaceuticals, food, and luxury goods. Technologies such as RFID, NFC, and QR codes play a pivotal role in enabling product traceability. RFID, in particular, allows for real-time tracking of products throughout the supply chain, offering precise information on the location and movement of goods.

NFC and QR codes provide consumers with easy access to detailed product information, allowing them to verify the authenticity of the item. The integration of smart packaging technologies makes it significantly more difficult for counterfeiters to replicate products, as each item can be uniquely identified and verified.

These factors are expected to contribute to the growth of the smart packaging market over the coming years.

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Packaging Market Growth Factors

Use of Intelligent Packaging Systems for Controlling, Monitoring, and Optimizing Material Flow to Fuel Market Growth

The use of technology as a medium for tracking and managing raw materials and finished and unfinished goods is on the rise. Manufacturers, distributors, and retailers can access detailed information about the location and condition of their products through the intelligent features of industrial packaging. Intelligent industrial packaging is experiencing faster growth, mostly due to the increasing use of indicators such as time and temperature indicators, product differentiation, traceability, and other interactive features at more reasonable prices. Radio frequency identification (RFID) tags are an innovative form of data information carrier that can identify and trace products, making them a highly effective solution for managing industrial bulk packaging within a warehouse, facility, or during transportation.

For instance, Greif Inc. introduced the first Internet of Things (IoT)- based device to be applied to an IBC, which can track real-time information and check the filling level. These factors increase the demand for intelligent packaging in the industry.

Increasing Demand in Healthcare and Medical Applications is Fueling Market Growth

The healthcare and medical sectors have emerged as major factors driving the growth of the market, especially in the wake of the COVID-19 pandemic. Adhesive tapes play a crucial role in medical device assembly, wound care, surgical procedures, and patient monitoring applications. The rising demand for medical tapes is driven by several factors, including an aging population, rising healthcare expenditures, and advancements in medical technology.

In addition, there is a growing focus on infection prevention and control measures in healthcare settings, driving the demand for antimicrobial and hypoallergenic products. These tapes help minimize the risk of infections and allergic reactions, making them essential for medical applications where hygiene and patient safety are paramount. These factors are proving to be significant market drivers for the adhesive tapes market.

RESTRAINING FACTORS

Environmental Concerns and Economic Fluctuations are Hindering Growth of the Market

The environmental impact of packaging materials, particularly plastics, is a major restraint in the global packaging market growth. The widespread use of non-biodegradable and non-recyclable packaging contributes to pollution and waste management issues. Plastic packaging accounts for a significant portion of global plastic waste. Single-use plastics, in particular, contribute to marine pollution and landfills, causing severe environmental damage. Volatility in the prices of raw materials, such as paper, plastics, and metals, can significantly impact production costs for packaging manufacturers. Economic uncertainty can lead to reduced investment in new technologies and sustainability initiatives, slowing down innovation and adoption of advanced packaging solutions.

Packaging Market Segmentation Analysis

By Material Analysis

Barrier Properties and Food Safety are Contributing to Segment’s Growth

Based on the material, the market is segmented into plastic, paper & paperboard, metal, glass, wood, and others.

The plastic segment by material is the dominating segment of this market. Plastics offer excellent barrier properties against moisture, oxygen, and other contaminants, ensuring the protection and preservation of the packaged contents. Barrier properties help maintain food quality, flavor, and nutritional value, reducing food waste and ensuring consumer safety.

Paper & paperboard is the second-largest segment of this market. Paper and paperboard packaging are highly favored for their environmental benefits. They are biodegradable, recyclable, and derived from renewable resources, making them a sustainable choice for eco-conscious consumers and companies.

By Product Type Analysis

Ease of Use and Material Efficiency of Flexible Packaging Products Make them a Dominating Segment of Market

Based on the product type, the market is segmented into rigid packaging and flexible packaging.

Flexible packaging products are found to be the leading segment in the market. Flexible packaging typically requires less material and energy to produce compared to rigid packaging. This results in lower manufacturing costs, making it an attractive option for companies looking to optimize their budgets. Flexible packaging is lightweight and easy to carry, making it ideal for on-the-go consumers. Products such as snack packs, pouches, and single-serve items benefit from this portability. Flexible packaging can be tailored to a wide range of products, including liquids, solids, powders, and gels. It adapts to various shapes and sizes, providing versatility across industries.

Rigid packaging is the second dominating segment of this market. Rigid packaging offers superior protection for products, especially during transportation and handling. It prevents crushing and provides a sturdy barrier against external forces.

By Packaging Type Analysis

Protection and Efficiency in Logistics of Secondary Packaging Products Make them a Leading Segment of Market

Based on the packaging type, the market is segmented into primary packaging, secondary packaging, and tertiary packaging.

Secondary packaging is the leading segment in the global market. Secondary packaging provides an additional layer of protection for primary packaged goods during storage, transportation, and handling. Secondary packaging safeguards primary packaged items from damage, contamination, and tampering during transit and storage, ensuring product integrity and reducing wastage. The rise of e-commerce has significantly boosted the demand for secondary packaging.

Primary packaging is the second dominating segment of this market. It is essential for direct product containment and protection. It includes immediate packaging that directly holds the product, such as bottles, cans, blister packs, and jars.

By End-use Industry Analysis

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Diversity of Products and Applications in Food & Beverage Industry has Made it Dominating End-use Industry

Based on the end-use industry, the market is segmented into food, beverages, cosmetics & personal care, chemicals & lubricants, healthcare, consumer products, building & construction, electronics, automotive, and others.

Food packaging is the dominating application segment of the packaging industry worldwide. With the growing emphasis on food safety and transparency, the food and beverage industry has embraced packaging solutions to provide consumers with real-time access to product information, sourcing details, and nutritional content.

Healthcare is the second dominating segment of this market. Packaging plays a crucial role in the safe transportation and storage of vaccines, medications, and other temperature-sensitive medical supplies, leading to the growth of this segment.

REGIONAL INSIGHTS

The market is analyzed across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

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Asia Pacific holds the largest market share of the global packaging industry. This region is home to a vast and rapidly growing population. The growing food and beverages industry, driven by a rising middle class and changing consumption patterns, contributes to the demand for packaging.

North America is the second dominating region in the market. North America represents a mature and highly competitive market driven by stringent regulatory standards, technological advancements, and consumer preferences for convenience and sustainability.

Europe, after North America, is also one of the dominant regions and is expected to attain substantial growth over the coming years. Europe’s emphasis on the circular economy encourages the use of recyclable and reusable materials, promoting the use of packaging as a sustainable alternative to single-use packaging.

Latin America exhibits steady growth in the market, driven by increasing urbanization, changing lifestyles, and expanding retail sectors.

The Middle East & Africa region is experiencing growth owing to infrastructure development and a shift in consumer preferences toward eco-friendly products. This leads to increased demand for packaging in logistics and manufacturing.

KEY INDUSTRY PLAYERS

Key Participants in Market Witnessing Significant Growth Opportunities

The global packaging market is highly fragmented and competitive. In terms of market share, the few major players dominate the market by offering innovative packaging in the packaging industry. These major players in the market are constantly focusing on expanding their customer base across the regions and innovation.

Major players in the market include Amcor Plc, Mondi Group, Berry Global Inc., Smurfit Kappa, Ball Corporation, and others. Numerous other key players operating in the industry are focused on delivering advanced packaging solutions.

List of Top Packaging Companies:

• Amcor Plc (Switzerland)


• Mondi Group (U.K.)


• Berry Global Inc. (U.S.)


• Smurfit Kappa (Ireland)


• Ball Corporation (U.S.)


• O-I Glass, Inc. (U.S.)


• Sonoco Products Company (U.S.)


• Schütz GmbH & Co. KGaA (Germany)


• International Paper (U.S.)


• Huhtamaki Inc. (Finland)


• Tetra Pak (Switzerland)


• Schoeller Allibert (Netherlands)


• Silgan Holdings Inc. (U.S.)


• ALLTUB GROUP (France)


• Albéa Group (France)


• 3M Company (U.S.)


• Avery Dennison Corporation (U.S.)


• Nitto Denko Corporation (Japan)


• CCL Industries (Canada)


• Mauser Packaging Solutions (U.S.)


• Gerresheimer (U.S.)


• Constantia Flexibles (Austria)


• Sealed Air Corporation (U.S.)


• Ardagh Group  (Luxembourg)


• Greif, Inc. (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• June 2024 - Mondi completed a USD 129 million investment project in its Kuopio mill, which will increase production capacity by 55,000 tonnes per annum while enhancing efficiency and improving environmental performance.


• May 2024 – Amcor opened its European Innovation Center in Belgium. The facility will partner with brands and retailers from across the region to design packaging that delivers better results for consumers and the environment.


• April 2024 – Berry Global Group, Inc. announced its acquisition of F&S Tool, a specialized provider of high-output, high-efficiency hot runner injection and high-volume compression molding applications.


• February 2024 – Smurfit Kappa announced a USD 58 million investment in a bag-in-box plant in Alicante, Spain. This investment will strengthen the sustainability of the plant’s operations and product portfolio.


• May 2023 – SCHUTZ, a global leader in packaging materials, expanded its product portfolio by adding a new plastic jerrycan series, which seamlessly fits into the company’s successful portfolio of IBCs, plastic, and steel drums.

REPORT COVERAGE

The market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, competitive landscape, product/service types, Porter’s five forces analysis, and leading end-use industries of the product. Besides, it offers insights into the market trends and highlights key industry developments. In addition to the above mentioned factors, it encompasses several factors that contributed to the market's growth in recent years.

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