Packaging Tapes Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

Packaging Tapes Market Trends

Booming E-Commerce Industry

• According to the State of Commerce report, it is observed that around 56% of consumers globally are spending less time in physical stores and more time online for their shopping needs.
• E-commerce provides a platform not only for the big players but also the small and medium-scale industries to reach out to their targetted consumers more effectively while also helping to save up on expenses associated with a physical store like real estate mortgage, in-store labor cost, and other expenses.
• The global e-commerce industry is currently estimated to be valued at around USD 5.5 trillion. It is expected to grow with a CAGR of over 10% by the next three years.
• The global user penetration is expected to rise from 50.9% to 64.5% during the forecast period, indicating the rising population of online shoppers.
• The ease of buying and returning and the option to choose from a wide variety of products to suit their best interests are some of the major factors pushing the shift from store shopping to online shopping.
• Thus, with the rise in the e-commerce industry, the demand for packaging tape is expected to grow during the forecast period.

Asia-Pacific Region Set to Lead Globally

• Asia-Pacific has a major share in the global e-commerce industry, with China being the world's largest e-commerce market. Out of the total retail industry in China, currently, e-commerce has a share of 52%.
• Currently, the Chinese e-commerce market is estimated to be valued at around USD 1,761 billion and is expected to grow further with a CAGR of over 9% in the next five years.
• The growing population and the increasing favoritism for online shopping are expected to be the growth engines for the e-commerce market. User penetration is expected to witness a rise from 57.1% to 70.4% during the forecast period.
• On the other hand, the Indian e-commerce industry is also expected to grow exponentially owing to the increasing online shopping demand and a growing population. Currently, the annual online sales amount to USD 67.5 billion. Similarly, being a developed nation with an urban population and nationwide internet access, the Japanese e-commerce industry is expected to reach USD 43.4 billion over the next two years.
• Similarly, there is a growing consumption of packaged food and beverages in the region. This can be attributed to the growing middle-class population and people's choices to eat healthy, varied kinds of foods and beverages, among others. With the F&B industry catering to these needs with multiple offerings, the demand for packaging tapes is expected to grow in conjunction with the food & beverage packaging industry.
• The growing demand for packaging tapes in the e-commerce and food & beverage industry is expected to help the Asia-Pacific packaging tapes market.

Packaging Tapes Market Competitor Analysis

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• The market estimate (ME) sheet in Excel format
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