The market for packaging peanuts is anticipated to reach US$ 1.3 billion in 2022 and grow at a CAGR of 4.9% during the following five years (2022 to 2032). By the end of 2032, the global market for packaging peanuts is anticipated to reach a value of US$ 2.1 billion.
Innovative packaging techniques like packing peanuts are employed in many industries to safeguard delicate goods during shipping and transportation. These protective packaging techniques guarantee that shipped goods reach their destination without incident.
The global packaging peanuts industry is anticipated to grow quickly during the forecast period as a result of an increase in the use of packaging peanuts for protecting fragile and sensitive products across industries like electrical & electronics, automotive, pharmaceutical, and furniture & home décor.
The rapidly expanding electronics industry continues to have a particularly strong need for packaging peanuts. Many electronic devices are introduced to the market as a result of ongoing advancements in technology. As social media usage spreads across the globe, more people are choosing to use technology like phones and other wireless devices. To stay current with shifting trends, consumers are experimenting with every new product.
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Consumers are purchasing electronic devices via e-commerce websites. Discounts offered by online shopping websites are attracting consumers to buy more products through online mode. Also, the ease of choosing products in the comfort of the home that too with too many options available has increased e-commerce sales, especially after the pandemic situation.
The products need to be delivered to the consumer without any damage which propels the demand for protective packaging including packaging peanuts. Packaging peanuts blocks and braces products inside the carton, and thus provide resistance to shocks and high pressure. This helps in delivering the product in the right condition to the consumer. Thus, with the increased e-commerce sales for electronics products, the demand for packaging peanuts is expected to boost during the forecast period.
Furthermore, growing popularity of biodegradable and compostable packaging peanuts worldwide will further aid in the expansion of the global market over the next ten years.
Key Takeaways from Packaging Peanuts
- Based on material, the starch-based polymers segment is expected to register a CAGR of 5.1% during the forecast period.
- By application, the void-filling segment is projected to expand by 1.8x the current market value during the forecast period.
- Based on end use, the electrical & electronics and furniture & home décor segments are collectively projected to hold around 61% of the market value share by the end of 2022.
- Europe and North America together hold the largest share of the global packaging peanuts market and the trend is expected to continue over the next ten years.
- The U.S. packaging peanuts market is expected to grow 1.5 times the current market value during the forecast period.
- India holds around 46% share of the South Asia packaging peanuts market.
“The need for protective and safe packaging for delivering the products with minimum shipping and labor cost and the rapidly growing e-commerce market are emerging as key factors expected to boost the packaging peanuts market. Also, growing popularity of the 100% recycled packaging peanuts will create a growth opportunity for the target market over the next ten years,” – says an FMI analyst
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Rise in Spending on Furniture & Home Décor Products Bolstering Demand for Packaging Peanuts
Nowadays, most people have upgraded their lifestyles and decorated their living spaces. People are earning more money and hence their spending capacity has also changed. Many brands have come up with home decor items in the market and consumers are now more interested in keeping their space lavish. So, the demand for house furnishing items or house decoration items is increasing. This in turn is creating high demand for packaging peanuts and the trend is expected to continue during the forecast period.
These days, online shopping has become the most followed trend, especially after the pandemic. Since people are busy with their work and may not have time for visiting, they are ordering decorative items from e-commerce websites such as Pepperfry, Amazon, etc. The manufacturer or supplier has to make sure that the product should reach safely to its destination without any damage. This is prompting them to use packaging solutions like packaging peanuts.
Who is Winning?
Storopack Hans Reichenecker Gmbh, Willard Packaging Company, Styro Insulations Mat. Ind. LLC., Nefab Group, Stream Peak International PTE Ltd., and Styro Insulations Mat. Ind. LLC are the key players operating in the packaging peanuts market. Also, some of the other noticeable players in the market include Test Valley Packaging, Pioneer Packaging, Puffy Stuff Inc., President Container Inc., AP Packaging Corp, and others
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Packaging Peanuts Industry by Category
By Material:
- Expanded Polystyrene
-
- Virgin
- Recycled
- Starch-based Polymers
By Application:
- Cushioning
- Void Filling
By End Use:
- Electrical & Electronics
- Automotive & Allied Industries
- Construction & Building
- Pharmaceuticals
- Furniture & Home Décor
- Other Consumer Goods
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