Portland, OR -- (SBWIRE) -- 07/10/2017 -- According to a new report published by Allied Market Research, titled, "Packaging and Protective Packaging Market by Material, Function, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023" the global packaging and protective packaging market was valued at $757 billion in 2016, and is projected to reach $1,014 billion by 2023, registering a CAGR of 4.3% from 2017 to 2023. In 2016, the paper & paperboard packaging material segment accounted for approximately one-third share of the global market, in terms of revenue.
Packaging and protective packaging is designed to protect the consumer and industrial goods from shock & vibration and atmospheric, magnetic, and electrostatic forces. Various boxes, storage containers, packing materials, liners, and spacers made of plastic & plastic foams, paper & paperboards, metals, glass, and woods are used for packaging. Various functions of packaging include electrical insulation, thermal insulation, fireproofing, moisture & vapor protection, shock & vibration damping, and UV & weather resistance. Other types of packaging create a protection barrier from oxygen, moisture, and dust to retain the freshness and efficacy of food products. The type of product being packaged and the environmental conditions from which the product must be protected determine the material and type of packaging to be employed.
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Growth in participation of third-party logistic companies, which use packaging and protective packaging for safe distribution of fragile, perishable, high, or low value-added products, positively impacts the market growth. Increase in manufacturing activities globally to meet the rising demand of the population has led to increased consumption of packaging, which is further expected to fuel the market growth during the forecast period.
In 2016, paper & paperboard packaging accounted for the highest share in the market, and is expected to maintain its dominance during the forecast period. This is attributed to its extensive applications across several industrial such as food, beverages, healthcare, consumer goods, cosmetic, and industrial. For example, it is used to package fruits, vegetables, ice-cream, and meat in food industry; milk, juice, and soda in beverages industry; and pharmaceutical products, medicines, and medical equipment in healthcare industry. Paper & paperboards are recyclable, and thus are considered as a sustainable packaging solution, which is expected to boost the market growth in the future.
Volatile organic compound (VOC) emission during the manufacturing and curing processes of plastic and plastic foam-based packaging has led to the formulation of various regulations on packaging manufacturers. Moreover, regulatory norms on packaging and protective packaging related to food contact application and pharmaceutical products may hamper the market growth. However, increase in R&D activities by various market players to produce biodegradable packaging and protective packaging is expected to provide opportunities for the packaging manufacturers.
Key Findings of the Packaging and Protective Packaging Market:
- Asia-Pacific is expected to maintain its dominant position in the market, in terms of value, during the forecast period, followed by Europe.
- Paper & paperboard packaging material generated the highest revenue in 2016, and is projected to grow at a CAGR of 4.2% during the forecast period.
- Food industry is the largest application segment, registering a significant CAGR.
LAMEA accounted for approximately one-tenth share of the global packaging and protective packaging market in 2016.
- The Asia-Pacific packaging and protective packaging market is anticipated to grow at the highest CAGR.
North America accounted for approximately one-fourth share of the market, and is expected to grow at a CAGR of 4.0% during the forecast period.
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Asia-Pacific and LAMEA collectively contributed to about 50% share of the global market, in terms of revenue, in 2016. The key players operating in the global packaging and protective packaging market are Smurfit KAPPA Group PLC, Rocktenn Company, Sealed Air Corporation, Sonoco Products Company, Huhtamaki OYJ, DS Smith PLC, Pregis Corporation, Pro-Pac Packaging Limited, Storopack Hans Reichenecker GmbH, and The DOW Chemical Company.
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