The global packaging peanuts market is forecast to generate revenue of US$ 656.3 million by 2034, expanding at a CAGR of 2.60%. Reach a valuation of US$ 507.7 million in FY 2024.
Furthermore, with rising penetration of e-commerce platforms and growing adoption of electronic devices worldwide.
Packaging peanuts are innovative packaging solutions used across various industries to prevent damage to fragile objects during shipping and transportation. These protective packaging solutions ensure that the shipped products will reach their destination safely.
Growing usage of packaging peanuts across industries like electrical & electronics, automotive, pharmaceutical, and furniture & home décor for protecting fragile and sensitive products is expected to drive the global packaging peanuts industry swiftly during the forecast period.
Demand for packaging peanuts remains particularly high in the fast growing electronics industry. Continuous development in advanced technology brings multiple electronic devices into the market. Adoption of electronics such as phones and other wireless devices is increasing as the usage of social media is getting all over the world. Consumers are trying their hand at every new product to stay updated with changing trends.
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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.
“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.
Packaging Peanut Market by Categories
Categorization of Packing Peanut Industry by Material:
- Expanded Polystyrene
- Virgin
- Recycled
- Starch-based Polymers
Bifurcation of Packing Peanut Industry by Application:
- Cushioning
- Void Filling
Varied End Users of Packing Peanuts:
- Electrical and Electronics
- Automotive and Allied Industries
- Construction and Building
- Pharmaceuticals
- Furniture and Home Décor
- Other Consumer Goods
Different Markets for Packing Peanut are:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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