Allied Market Research published a report, titled, “Packaging Products Market by Product Type (Plastic Strapping, Stretch Wrapping, Steel Strapping, and Tapes): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the “packaging products market” was valued at $24.4 billion in 2022, and is estimated to reach $36.3 billion by 2032, growing at a CAGR of 4.1% from 2023 to 2032.
Prime Determinants of Packaging Products market growth
The global packaging product market has experienced growth due to several factors such as the rise in innovations in packaging technology and the e-commerce boom. However, fluctuation of raw material prices of packaging products hinders the market growth to some extent. Moreover, the rise in adoption of sustainable practices offers remunerative opportunities for the expansion of the packaging product market.
The packaging products market report provides an overview of the industry’s competitive landscape, aimed at assisting key players in enhancing their revenue share and maintaining competitiveness. The analysis employs Porter’s Five Forces model and a PESTEL breakdown to identify the industry’s competitive dynamics. Additionally, the study identifies key investment opportunities for stakeholders within the sector. These analytical frameworks are evaluated based on their CAGR and relative revenue. The study also emphasizes top entities, detailing their financial growth on a global scale.
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅: https://www.alliedmarketresearch.com/request-sample/A310178
According to a report published by Allied Market Research, the industry is projected to showcase an impressive CAGR of 4.1% with an absolute revenue of $36.3 billion by 2032. It provides size estimates and forecasts for the packaging products market by evaluating various segments based on product type. Additionally, it includes a geographical analysis of these segments. Each section is examined at the regional level to gain a thorough understanding of the sector.
Top market players
- Polymer Group Inc.
- FROMM Group
- Saint-Gobain
- Hangzhou Youngsun Intelligent Equipment Co., Ltd
- Berry Global Inc.
- signode industrial group LLC
- 3M Company
- Pacific Steel Strapping Corporation
- Tesa SE
- National Industries Inc.
Regional analysis
Regional analysis in the report enables businesses to understand the distinct preferences and behaviors of consumers in various regions. This insight is influenced by local cultural values, levels of technological adoption, and socioeconomic factors. As per the study, Asia-Pacific generated the largest revenue of more than two-fifths in 2022 and is predicted to maintain its leadership by 2032. Also, the same region is estimated to register the fastest CAGR of 4.4% throughout the forecast timeframe.
The rapid urbanization and industrialization in developing countries within this region have significantly boosted demand for the e-commerce sector, driven by the presence of companies like Amazon, Flipkart, and food delivery services. This trend positively impacts the demand for packaging products.
Technological advancements in the market
The Internet of Packaging is revolutionizing traditional packaging by improving brand-consumer interactions through technologies such as QR codes, RFID, and NFC. This smart packaging acts as a container and as a data channel and digital interface, providing security, authenticity, and connectivity.
Additionally, augmented reality in packaging enhances customer engagement by granting access to exclusive content, discounts, and tutorials. Furthermore, advancements in IoT allow packaging to incorporate diagnostic and indicator features, keeping consumers updated on the real-time status of their products.
Nanotechnology is vital at various stages of the packaging supply chain, enhancing materials, product safety, authentication, and tracking. By integrating nanoparticles into polymer chains, it boosts the barrier properties and strength of packaging materials. Additionally, it provides effective solutions for tracking and addressing counterfeiting challenges for both brands and packaging companies.
𝐃𝐨 𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A310178
Industry snapshot
In August 2024, a leading player in Kashmir’s dairy industry, Khyber Agro Pvt Ltd, launched a new 1 kg curd product packaged in eco-friendly buckets.
During the same time, a food and beverage packaging manufacturer based in Lake Forest, Pactiv Evergreen Inc., Illinois, introduced Recycleware reduced-density polypropylene (RDPP) meat trays.
Again, in August 2024, a producer of compostable packaging solutions, Pakka, announced its second collaboration with a nutrition company renowned for its date-based healthy food products Brawny Bear. This partnership led to the launch of Date Energy Bars, which are India’s first energy bars featuring compostable flexible packaging.
Want to Access the Statistical Data and Graphs, Key Players’ Strategies: https://www.alliedmarketresearch.com/packaging-products-market/purchase-options
To sum up, the AMR report on the global packaging products sector offers comprehensive insights into industry dynamics, key developments, regional trends, and the competitive landscape. This information empowers businesses and investors to make informed decisions, identify growth opportunities, and formulate strategies to succeed in the changing market.
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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