The global packaging peanuts market is poised for substantial growth, with a projected valuation of US$ 1.3 billion in 2022. This positive trajectory is expected to continue, with a forecasted Compound Annual Growth Rate (CAGR) of 4.9% over the period from 2022 to 2032. By the close of the forecast period, the overall sales of packaging peanuts are predicted to reach a robust valuation of US$ 2.1 billion.
One of the primary drivers behind this growth is the increasing utilization of packaging peanuts across diverse industries, including electronics, automotive, pharmaceuticals, and building & construction. As a result, the demand for packaging peanuts is anticipated to gain significant momentum, with the top three countries alone projected to account for approximately 25-30% of the market by the end of 2022.
In terms of material, the starch-based polymers segment is expected to experience remarkable growth, with a projection of 1.6 times the current market value during the forecast period. This surge can be attributed to the escalating global demand for sustainable and eco-friendly packaging solutions.
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Key Trends Shaping the Global Market for Packaging Peanuts
Development of Recyclable & Biodegradable Packaging Peanuts to Boost Market Through 2032
Numerous manufacturers have recognized the importance of adopting environmentally conscious practices, leading to the development of compostable and biodegradable packaging peanuts. This significant shift has expanded their presence in the market, with many packaging companies now converting recycled materials into sustainable packaging solutions.
The advent of starch-based packaging peanuts has revolutionized the landscape of peanut packaging, offering eco-friendly and sustainable alternatives. As a result, a surge in demand for these environmentally responsible options is anticipated. Biodegradable packaging peanuts are instrumental in mitigating environmental hazards, as they readily dissolve in water and do not contribute to plastic pollution.
In contrast, packaging peanuts produced from virgin materials present challenges in terms of disposal and recyclability. Such products are known to create several environmental concerns. Moreover, the growing implementation of rules and regulations aimed at reducing plastic usage is poised to have a detrimental impact on the market for virgin polymer-based packaging peanuts.
Drivers:
- Protective Packaging Demand: The primary driver for the Packaging Peanuts Market is the need for effective protective packaging. E-commerce, shipping, and logistics industries rely on packaging peanuts to safeguard fragile and delicate items during transit. The growth of online shopping has significantly increased the demand for protective packaging solutions.
- Lightweight and Cost-Efficient: Packaging peanuts are lightweight, which helps reduce shipping costs, making them an attractive option for businesses looking to cut down on transportation expenses. Their cost-effectiveness is a key driver for their widespread use in packaging.
- Versatility: Packaging peanuts are versatile and can be used for cushioning a wide range of products, from electronics to glassware. Their adaptability to various shapes and sizes makes them a preferred choice for protecting items with different packaging requirements.
- Eco-Friendly Alternatives: The market has witnessed a shift toward eco-friendly and biodegradable packaging peanuts, addressing concerns about environmental sustainability. This transition is driven by both consumer preferences and regulations promoting sustainable packaging practices.
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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.
Key Players
- Willard Packaging Company
- Test Valley Packaging
- Pioneer Packaging
- Puffy Stuff Inc.
- Styro Insulations Mat. Ind. LLC.
- President Container Inc.
- AP Packaging Corp
- Polar Tech Industries
- Johnpac LLC
- Supply One Inc.
- Eco Packaging Solutions
- Nefab Group
- Stream Peak International PTE Ltd.
- Green Light Packaging Ltd
Packaging Peanuts Market 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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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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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