Protective Packaging Market, by Material (Foam Plastics, Paper & Paperboard), Type (Flexible, Rigid, Foam), Function (Cushioning, Blocking & Bracing, Void Fill), Application (Food & Beverage, Consumer Electronics), and Region - Global Forecast to 2022
“Growth in demand from the food & beverage industry to drive the market for protective packaging”
The global market for protective packaging is projected to grow from USD 24.31 billion in 2017, to reach USD 32.02 billion by 2022, at a CAGR of 5.67%. The protective packaging market is driven by factors such as growth in demand for sustainable packaging, increase in demand for protective packaging, cost-effectiveness, and reduced packaging waste. Factors such as growth in demand from the food & beverage sector and preference for convenient packaging are driving the demand for protective packaging. Emerging markets, such as the Asia Pacific region, have contributed to an increase in the application of protective packaging in packaging products. Stringent government regulations related to the environmental impact of packaging waste is a restraining factor for the protective packaging market.
“Flexible protective packaging segment, by type, projected to grow at the highest CAGR during the forecast period”
The flexible protective packaging, by type, is projected to grow at the highest CAGR between 2017 and 2022. The increase in demand from consumer electronics and healthcare industries is driving the expansion of flexible protective packaging in the protective packaging market. It also provides good barrier resistance properties from damage such as shock and vibration. Flexible protective packaging is increasingly being adopted by several industries for packaging food, beverages, fertilizers, pet food, and cosmetics.
“Asia Pacific to gain maximum traction during the forecast period”
The Asia Pacific region is projected to be the fastest-growing market during the forecast period, followed by North America. In the Asia Pacific region, China is the largest consumer of protective packaging, followed by India. China, with its growing food & beverage, healthcare, and consumer electronics industries, is expected to drive the protective packaging market. India, with its growing inclination toward convenient product packaging, is expected to influence the protective packaging market in the Asia Pacific region.
Breakdown of primaries
Primary interviews were conducted with a number of industry experts to collect data related to different aspects of protective packaging. The distribution of primary interviews is as follows:
• By Company Type: Tier 1 – 31%, Tier 2 – 37%, and Tier 3 – 32%
• By Designation: C level – 65% and Manager level – 35%
• By Region: North America – 25%, Europe – 28%, Asia Pacific – 22%, South America – 10%, and Middle East & Africa – 15%
The various suppliers of protective packaging and related products in the report are as follows:
1. Smurfit Kappa Group (Ireland)
2. Sealed Air Corporation (US)
3. Sonoco Products Company (US)
4. WestRock (US)
5. Huhatamaki (Finland)
6. Ranpak (US)
7. Pregis Corporation (US)
8. Pro-Pac Packaging (Australia)
9. Storopack Hans Reichenecker (Germany)
10. Dow (US)
11. DS Smith (UK)
The report defines, segments, and projects the protective packaging market size on the basis of type, material, function, application, and region. The study analyzes competitive developments such as acquisitions, expansions, and new product launches in the protective packaging market.
This report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the protective packaging market comprehensively and provides the closest approximation of the revenue numbers for the overall market and the subsegments across the different verticals and regions.
2. This report will help stakeholders to understand the market and provide them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to better understand their competitors and gain more insights into their position in the business.