The packaging supplies market is estimated to be worth $248 billion in 2022 and to reach US$ 399.5 billion in 2032, growing at a 4.9% CAGR, according to a study by FMI.
The expansion of the new markets into e-retail spaces by the new markets consumes a variety of package types depending on the product. In order to increase sales of packaging supplies globally, packaging supply providers concentrate on developing dependable and long-lasting packaging alternatives that can withstand a variety of environmental conditions.
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The adoption of cutting-edge packaging materials for easier delivery in the future, interesting pricing ranges, and innovative packaging alternatives are driving packaging supply sales. the government’s campaigns to raise awareness of substitute materials for packaging.
The consumption of packaging supplies is coming from end users such as food and beverage producers, healthcare providers, and cosmetic manufacturers, which is boosting and extending the packaging supplies market in new geographies. The manufacturing facilities have benefited from government research and development resources in developing fresh, sector-specific packaging supply solutions.
The sales of packaging supplies are being fueled by the expanding population, evolving economic structures, and changing lifestyles, together with the increased penetration of e-retail. This is improving the packaging experience for packaging supplies.
The three main blow moulding technologies—injection, extrusion, and injection stretch blow molding—are employed with the modern food and beverage packaging systems to assist produce superior food shipments. As a result, end users who use product-driven packaging solutions adopt a better solution-based strategy, boosting the sales of packaging supplies in new areas.
The sale of packaging supply solutions is being constrained by environmental issues as well as the impact of COVID-19 on offline markets. People frequently search for substitute packaging options because bioplastics utilised in packaging supplies are uncommon.
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KEY TAKEAWAYS:
- The packaging supplies market analysis explains that the market is categorized product type, material type, end-use industry and sales category.
- The product type category is segmented into rigid, semi-rigid, flexible while material type category is divided into rigid plastic packaging, paper, cardboard/fiberboard.
- The end user industry is segmented into food and beverages, healthcare, cosmetic, personal & homecare while the sales category is divided into B2B sales and B2C sales.
- The cosmetics segment is the largest segment and will hold the biggest sector of the market in the forecast period. The analysis shows that the cosmetics segment is set to thrive at CAGR of 4.4%.
- Factors behind the growth of this segment are the use of expensive packaging supplies as cosmetics are fragile and can easily be destroyed if not packed right, e-commerce platforms use lightweight paper packaging for the cosmetic items.
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COMPETITIVE LANDSCAPE:
Some of the packaging supplies market competitors listed in the FMI’s study on Packaging supplies market are –
- The Packaging Company
- Packhelp
- Ruskin Group
- Purple Co,
- Moraya Packaging,
- Pratt Industries, Inc.
- Mondi Group plc,
- WestRock Company
- Oji Holdings Corporation,
- DS Smith Packaging Limited
- Tat Seng Packaging Group
Key Segments:
By Product Type:
- Rigid
- Semi-Rigid
- Flexible
By Material Type:
- Rigid Plastic Packaging
- Paper
- Cardboard/Fiberboard
By End Use Industry:
- Food and Beverages
- Healthcare
- Cosmetic
- Personal & Homecare
By Sales Category:
- B2B
- B2C
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
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