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The packaging market size is forecast to increase by USD 268.37 billion at a CAGR of 4.29% between 2023 and 2028. One of the key factors driving the market is the rise in the need for innovative packaging. The main advantage of proper packaging helps attract consumers through its visual appeal, highlighting the brand. In addition, the rising awareness among brand owners and marketing experts regarding the importance of packaging such as thermoformed packaging to attract consumer attention is leading to its introduction. Furthermore, there is a rise in the demand for multi-packs and single-serve and miniaturized packaging for various products. A key factor shaping the market is the emergence of tamper-proof packaging and antimicrobial packaging. Maintaining product integrity is crucial in several industries, including food, beverage, and healthcare.
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In the market, various industries such as food and beverages, pharmaceuticals, and personal care rely on wrapping solutions like high-barrier films, stand-up pouches, metal tins, and glass jars for flexible packaging, ensuring quality and presentation in the organized retail sector through aesthetically appealing displays in supermarkets, hypermarkets, and department stores, including fiber-based egg cartons and foam egg packaging.
The packaging market forecast report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
The packaging market research and growth report also includes an in-depth analysis of drivers, trends, and challenges. In the board segment of the market, there is a growing focus on sustainable and innovative solutions driven by advanced film technology. As industries like automotive seek lightweight foam plastics for efficient packaging, the demand for alternatives such as corrugated boxes and biodegradable materials rises. Stringent regulations prompt the adoption of sustainable options like recycled paper and compostable packaging. Rigid protective packaging ensures product safety while minimizing environmental impact. From wrapping to rigid protection, the industry continues to evolve towards eco-friendly practices and solutions to meet consumer demands and regulatory standards.
The board segment is estimated to witness significant growth during the forecast period. Board segment, also referred to as paperboard, is a thick paper-based material and has certain attributes including foldability and rigidity. In addition, paperboard is lightweight and strong, and it can be used for packaging. Furthermore, different types of paperboards that are used for these applications include folding boxboards, chipboards, bleached paperboards, craft boards, laminate boards, and container and packaging.
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The board segment was the largest segment and was valued at USD 329.11 billion in 2018. Moreover, bleached paperboard is one of the most widely used types of paperboard. In addition, it is used for applications such as medical, cosmetic, frozen food packaging, and candy boxes. Furthermore, the growth in its demand has helped to increase the need for paperboard. In addition, manufacturers focus on personalized packaging with innovative designs and graphics to attract consumers. Hence, such factors are fuelling the growth of this segment, which in turn will drive packaging market growth during the forecast period.
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APAC is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Several developing economies, including China and India, are expected to emerge as major revenue contributors to the market in the region, fuelled by the rapidly expanding end-user industries such as e-commerce, FMCG, and personal care. APAC also has a very high concentration of manufacturing industries, which, in turn, increases the need for packaging.
Moreover, the e-commerce industry is growing in countries such as China, India, and Japan. In addition, the growth of this business sector is attributed to the rise in population in the region, which has created an increase in the overall demand for goods through online channels. Furthermore, this is a significant aspect of the e-commerce industry, as products are prone to damage during transportation. Hence, these factors are driving packaging market growth in APAC during the forecast period.
The market is witnessing dynamic growth driven by the need for innovative solutions that cater to evolving consumer preferences and sustainability goals. A notable trend in this market is the emergence of tamper-proof packaging, addressing concerns around product safety and integrity. However, a significant challenge facing the industry is the high cost of recycling rigid plastic products, which limits the adoption of sustainable packaging options. Despite this challenge, advancements in paperbox and paperboard technology and advanced film technology offer opportunities for cost-effective and sustainable solutions. Acquisitions by key players in the industry reflect a strategic move towards expanding capabilities and offering greenhouse gas emission reduction through slimline collection and lightweight tube closure solutions.
Additionally, the automotive industry's demand for lightweight foam plastics and corrugated boxes drives innovation in sustainable options, highlighting the importance of reducing environmental impact while meeting consumer needs. By leveraging sustainable packaging solutions and embracing recycled paper and other eco-friendly materials, the market can navigate challenges and drive packaging market growth while contributing to environmental conservation efforts.
One of the key factors driving the market is the rise in the need for innovative packaging. The main advantage of proper packaging helps attract consumers through its visual appeal, highlighting the brand. In addition, the rising awareness among brand owners and marketing experts regarding the importance of packaging to attract consumer attention is leading to the introduction of innovative solutions. Furthermore, there is a rise in the demand for multi-packs and single-serve and miniaturized packaging for various products.
Additionally, multi-pack is the type that holds multiple items together and is widely used for beverage cans and bottles. In addition, single-serve is highly popular for packing food and beverage products. Furthermore, aligned with market growth analysis, the focus on health, convenience, and environmental sustainability among consumers has led to an increase in the demand for single-serve packaging. Hence, such factors are driving packaging market growth during the forecast period.
A key factor shaping the market is the emergence of tamper-proof packaging. Maintaining product integrity is crucial in several industries, including food, beverage, and healthcare. In addition, the reputational risks are increasing as the regulatory environment becomes increasingly complex and demanding. Furthermore, the end-user industries, such as food, beverage, and healthcare, are facing threats from criminal damage, theft, and counterfeiting.
Moreover, aligning with market trends and analysis, this has increased the need for tamper-proof packaging. In addition, it is designed to provide maximum protection during the storage and transit of high-value or vulnerable goods. Furthermore, tamper-proof shows the indication of entry or tampering, as it can provide visible evidence to consumers that this has been tampered with. Hence, these factors are driving packaging market growth during the forecast period.
The high cost of recycling rigid plastic products is one of the key challenges hindering the market. Recycling different rigid plastic products, including plastic containers, requires substantial capital and investments owing to the high procurement cost, expenditure on energy, and the collection and sorting of scrap or discarded plastic waste. In addition, the recycling of rigid plastic products, such as bottles, involves various steps, such as a collection of the bottles after use, paying the customer for the scrap, transporting it to the recycling unit, and cleaning and crushing it.
Moreover, for most small- and medium-scale manufacturing facilities, the manufacturing of new rigid plastic products is more economical than recycling. In addition, the cleaning of used plastic bottles and these materials requires a large amount of water and involves further recycling, such as crushing and melting, which require energy and workforce involvement. Hence, the recycling of rigid plastic products is costlier than manufacturing them from new raw materials, which may impede packaging market growth during the forecast period.
The packaging market report encompasses the entire market adoption cycle, ranging from the initial innovator phase to the subsequent laggard stage. It highlights adoption rates across various regions, determined by penetration levels. Additionally, the packaging market research and growth report outlines essential purchasing factors and factors influencing price sensitivity. This market analysis and report helps companies in assessing and formulating effective growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Amcor Group GmbH: The company offers packaging-products such as metal-free laminates, amsky blister system, vento, formpack cold form blister, amlite recyclable, amprima, and more.
The packaging market forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Ball Corp., Berry Global Inc., Constantia Flexibles Group GmbH, Crown Holdings Inc., Gerresheimer AG, Huhtamaki Oyj, International Paper Co., Mondi Plc, Oji Holdings Corp., Pregis LLC, Pretium-Packaging, Sealed Air Corp., Smurfit Kappa, Sonoco Products Co., Stora Enso Oyj, Tetra Laval SA, UPM Kymmene Corp., WestRock Co., and Winpak Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The packaging market is witnessing a significant shift towards flexible packaging solutions, driven by the demand for lightweight and cost-effective options across various sectors, such as food and beverages, pharmaceuticals, and the industrial goods sector. This trend is further accentuated by the rise of the organized retail sector, including supermarkets, hypermarkets, and department stores, which prioritize quality, presentation, and aesthetically appealing display. With increasing environmental consciousness and growing consumer awareness, there's a pressing need for eco-friendly alternatives. Manufacturers are turning towards sustainable packaging materials such as recyclable packaging materials, biodegradable plastics, and compostable packaging, aligning with corporate sustainability commitments and stringent regulations. Technological advancements in printing technology, including flexography and digital printing, are enabling customized and eye-catching designs for beauty and personal care products, enhancing their market appeal.
Moreover, innovations like high-barrier films and stand-up retort pouches ensure product freshness and longevity, meeting the demands of discerning consumers. From metal tins and glass jars to fiber-based egg cartons and foam egg packaging, the industry continues to evolve, offering rigid protective packaging solutions for diverse applications while striving to reduce greenhouse gas emissions and promote sustainable practices. The packaging market is witnessing significant growth due to the increasing demand for eco-friendly packaging, driven by environmental concerns and regulatory pressures. Companies are focusing on packaging material that offers both sustainability and cost-effective attributes. Paper and paperboard are gaining popularity as preferred materials, replacing plastic in many sectors. These materials provide eco-friendly packaging solutions while maintaining product safety and quality. The shift toward paper and paperboard reflects a broader trend of reducing the environmental impact of packaging. As businesses adopt innovative practices, the packaging market is expected to grow, with a strong emphasis on cost-effective attributes and sustainable packaging material choices.
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Market Scope |
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Report Coverage |
Details |
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Page number |
192 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.29% |
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Market growth 2024-2028 |
USD 268.37 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.93 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 41% |
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Key countries |
US, Canada, China, India, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Amcor Group GmbH, Ball Corp., Berry Global Inc., Constantia Flexibles Group GmbH, Crown Holdings Inc., Gerresheimer AG, Huhtamaki Oyj, International Paper Co., Mondi Plc, Oji Holdings Corp., Pregis LLC, Pretium-Packaging, Sealed Air Corp., Smurfit Kappa, Sonoco Products Co., Stora Enso Oyj, Tetra Laval SA, UPM Kymmene Corp., WestRock Co., and Winpak Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our packaging market growth and forecasting report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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