Packaging Products Global Market Report 2024

The packaging products market size has grown strongly in recent years. It will grow from $100.8 billion in 2023 to $109.99 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth observed in the historical period can be attributed to environmental awareness, changing consumer preferences, cost trends, regulatory compliance, and the emphasis on brand image and differentiation.

The packaging products market size is expected to see strong growth in the next few years. It will grow to $149.11 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The anticipated growth in the forecast period can be attributed to sustainability initiatives, the expansion of e-commerce, changing demographics, the emphasis on supply chain resilience, and the importance of brand transparency. Major trends in the forecast period include the adoption of personalized and customizable packaging, the integration of digital printing technology, the use of recyclable and biodegradable materials, the implementation of augmented reality in packaging, and a focus on supply chain resilience and packaging safety.

The anticipated growth of e-commerce platforms is poised to propel the expansion of the packaging products market in the foreseeable future. E-commerce, involving the electronic purchase and sale of products and services, along with the exchange of payments or data, primarily occurs over the internet. The surge in e-commerce activities necessitates a substantial quantity of packaging products, as they play a crucial role in transporting products to customers who make online purchases. As of January 2023, data from a report shared by tidio, a Poland-based digital product company, indicated a remarkable increase in online purchases, totaling 2.14 billion shoppers. This growth is significant when compared to just a few years ago, reflecting the increasing prevalence of digital consumers. With a global population of 7.9 billion, approximately 27% of all individuals are now engaged in digital consumerism. In 2021, the number of digital buyers globally reached 2.14 billion, up from 1.92 billion in 2019. Consequently, the burgeoning growth of e-commerce platforms stands as a key driver fueling the expansion of the packaging products market.

The anticipated increase in the demand for processed foods is poised to drive the growth of the packaging products market in the foreseeable future. Processed foods, characterized by various mechanical, physical, or chemical alterations from their original form, rely on packaging products to preserve freshness, ensure hygiene, and enhance consumer convenience. This contributes significantly to the overall appeal and success of processed food products in the market. As of December 2023, data from the United States Department of Agriculture, a U.S.-based federal agency, revealed a noteworthy increase in the total value of processed food products exported from the United States. The figure reached $38.17 billion, reflecting an 11.20% growth from $34.24 billion in 2021. In 2022, Canada exported processed food products valued at $11.65 billion, while Mexico exported processed food products worth $5.65 billion. Consequently, the escalating demand for processed foods emerges as a key driver propelling the growth of the packaging products market.

The packaging products market is witnessing a significant trend towards product innovations, with major companies actively engaged in the development of groundbreaking solutions to enhance their market positions. As an exemplar, in October 2022, Huhtamaki Oyj, a Finland-based consumer packaging company, introduced ICON packaging. This innovative packaging option, designed specifically for ice cream, is constructed from 95% renewable bio-based material. ICON packaging utilizes pioneering paper technology, making it recyclable in cities across the United States with paper product recycling programs, initially targeting ice cream containers and lids. To further promote awareness and understanding of the sustainability benefits associated with ICON packaging, Huhtamaki leverages Connected Packaging solutions, embedding a QR code into the packaging design. This code directs consumers to the ICON landing page, serving as a comprehensive approach to educate and engage consumers while demonstrating the company's commitment to innovation and environmental responsibility.

Prominent companies within the packaging products market are intensifying their efforts to gain a competitive advantage by placing a heightened emphasis on the introduction of recyclable packaging products. Recyclable packaging products are materials and containers designed to be collected, processed, and reused as raw materials for the production of new packaging or other items. As an example, in August 2023, Amcor PLC, an Australia-based packaging company, unveiled AmFiber Performance Paper Packaging. This novel packaging solution has received pre-qualification from How2Recycle and adheres to repulpability standards for curbside recycling. It is widely recyclable and can be processed in most paper recycling waste streams. AmFiber Performance Paper not only provides enhanced barrier properties and shelf life but is also suitable for various food products. The packaging solution is compatible with existing flexible packaging equipment, achieving machine speeds comparable to plastic-based alternatives, showcasing Amcor's commitment to both sustainability and technological advancements.

In October 2022, Berlin Packaging LLC, a U.S.-based packaging services provider, successfully acquired Bark Packaging Group for an undisclosed sum. This strategic acquisition aims to strengthen Berlin Packaging Group's presence in Northern Europe, enabling the company to expand its range of products and services for clients in the region. Bark Packaging LLC, based in the Netherlands, specializes in providing industrial, flexible, and UN-certified packaging solutions.

Major companies operating in the packaging products market report are Aetna Group, International Paper Co., Ball Corporation, Amcor PLC, Berry Global PLC, Tetra Pak Inc., Crown Holdings Inc., Stora Enso Oyj, Mondi PLC, Graphic Packaging Holding Company, Avery Dennison Corporation, Packaging Corporation of America, Owens-Illinois Group Inc., Sealed Air Corp., Huhtamaki Oyj, Krones Group, Reynolds Group Inc., Coesia Group, Marchesini Group, Gerresheimer AG, Yunnan Energy New Material Co. Ltd., Altair Product Design Inc., Adelphi Group of Companies, Oliver Packaging & Equipment Company, American Thermal Instruments Cavu Group, Sun Packaging Technologies Inc., Merlin Packaging Technologies, Graham Packaging Company, Bosch Packaging Technology, Fuji Machinery Co. Ltd.

Asia-Pacific was the largest region in the packaging products market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global packaging products market report during the forecast period. The regions covered in the packaging products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the packaging products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The packaging industry comprises various major types, such as paper and cardboard, rigid plastic, metal, flexible plastic, glass, wood, textiles, and other variations. Cardboard, a sturdy material sourced from wood, is distinct from paper, which is thinner and mainly utilized for writing purposes. Products within these material categories encompass bottles, cans, containers, jars, bags, pouches, and wraps, catering to a wide range of end-users in the food, beverages, healthcare, cosmetics, household items, and chemical industries.

The packaging products market research report is one of a series of new reports that provides packaging products market statistics, including packaging products industry global market size, regional shares, competitors with a packaging products market share, detailed packaging products market segments, market trends and opportunities, and any further data you may need to thrive in the packaging products industry. This packaging products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The packaging products market consists of sales of paperboard, steel, and aluminum packaging products. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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