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Description
Protective Packaging Market size was valued at USD 28,312.0 million in 2021 and is poised to grow at a CAGR of 5.6% during the forecast period 2022 to 2028. Packaging innovations reduce production and delivery costs, as well as attractive designs, enables differentiate brands and expected to drive sales, add substantial value to consumer products. Furthermore, due to the utilization of recyclable materials, an increase in R&D spending is likely to contribute to protective packaging market growth. Increased use of protective mailers by businesses to incorporate inflated air cushions and fill the vacant material. The global population will continue to grow, and the rate of urbanization will accelerate, particularly in emerging countries. This corresponds to higher consumer earnings for spending on consumer goods, as well as increased access to modern retail channels and a growing middle-class desire to engage with global brands and shopping habits. Rising life expectancy will result in an older population, which will raise demand for healthcare and pharmaceutical excipients products, particularly in key developed nations. Simultaneously, easy-to-open solutions and packaging tailored to the needs of the elderly are expected to offer lucrative opportunities for the market players. Surge in the number of small families, which is driving demand for goods packaged in smaller portion sizes, as well as greater convenience features like resealability or microwave ability.
Recent Key Developments of Protective Packaging Market:
In July 2021, Smurfit Kappa acquired Cartonbox, a folding carton company located in Monterrey, in the North-East of Mexico. This will enable the company to improve its position in Mexico’s paper packaging solutions market and expand its footprint to four folding carton locations.
