Secondary Packaging Market Analysis: In-Depth Insights on Industry Size, Share, and Growth
The global secondary packaging market size was USD 501.27 billion in 2023. The market is set to rise from USD 519.41 billion in 2024 to USD 720.70 billion by 2032 at a CAGR of 4.18% during 2024-2032.
The external packaging of primary packaging is known as secondary packaging. Growing usage of paper & paperboard materials and increased preference for sustainable packaging solutions are fostering market expansion.
Information Source: https://www.fortunebusinessinsights.com/secondary-packaging-market-107321
List of Key Players Profiled in the Market Report
Amcor plc (Switzerland)
International Paper Company (U.S.)
Berry Global Inc. (U.S.)
Mondi (U.K.)
DS Smith (U.K.)
WestRock (U.S.)
Crown Holdings Inc. (U.S.)
UFP Industries, Inc. (U.S.)
Graphic Packaging International, LLC (U.S.)
Huhtamaki Oyj (Finland)
Packaging Corporation of America (U.S.)
Rengo Co. Ltd. (Japan)
Sealed Air Corp. (U.S.)
Smurfit Kappa Group (Ireland)
Stora Enso Oyj (Finland)
Segments
Paper and Paperboard Segment Dominates the Market as They are 100% Recyclable
By material, the market is divided into plastic, paper & paperboard, metal, and others. The paper and paperboard segment holds the highest secondary packaging market share as they are 100% recyclable and do not damage the environment. Increased usage of high demand for boxes and cartons is boosting segment expansion.
Boxes & Cartons Gain Popularity as They are Eco-friendly and Highly Durable
On the basis of product type, the market is categorized into films & wraps, mailers, boxes & cartons, labels, bags & pouches, protective packaging products, and others. Boxes & cartons command the global market as they are the most famous types of product packaging and are widely utilized to transport anything. Boxes & cartons are gaining traction as they are eco-friendly, highly durable, appealing, and customizable.
Rapid Change in Consumer Lifestyles Boosts Secondary Packaging Demand in the Food and Beverage Sector
Based on the end-use industry, the market is segmented into food & beverages, e-commerce, healthcare, electricals & electronics, personal care & cosmetics, automotive, building & construction, and others. The food and beverages segment dominates the market due to rapid changes in consumer lifestyles and purchasing behavior. Surging demand for convenient food products is also driving segment growth.
From the regional ground, the market is classified into Europe, Latin America, North America, Asia Pacific, and the Middle East & Africa.
Report Coverage
The market research report presents a complete market examination, highlighting essential elements, including the competitive environment and noticeable product categories. Furthermore, the report provides valuable insights on market trends and significant industry developments. Apart from the factors above, the report includes several aspects that have fostered market expansion in recent times.
Drivers and Restraints
Rapid Expansion of the E-commerce Sector Propels Market Growth
The rapid expansion of the e-commerce industry is boosting the adoption of boxes, cartons, and other products across the globe. Secondary packages are crucial in keeping transit packaging smooth for creators of essential products, including packaging for food, medical, consumer goods, and pharmaceutical products. The demand for food, specifically from online outlets, is rising enormously. Increased demand for secondary packaging is attributed to the growing emphasis on online food delivery and online shopping of essential products by millennials and the working women population. This factor fosters global secondary packaging market growth.
Nevertheless, varying prices of raw materials are impeding market growth.
Regional Insights
Rising Preference for Online Food Delivery in the U.S. Augments Market Growth in North America
North America emerges as a leading region in the global market due to the rapid expansion of the food and beverages sector. Rising preference for online food delivery, especially in the U.S., is also driving market expansion in the region.
Europe is the second-ruling region in the global market owing to increased focus on sustainability due to rising concerns around the environment. Surging adoption of environmentally friendly packaging solutions propels market growth in the region.
Information Source: https://www.fortunebusinessinsights.com/secondary-packaging-market-107321
Competitive Landscape
Key Players Offer Innovative Packaging Solutions to Boost Their Market Positions
Some of the key players in the market are Amcor plc, International Paper Company, Berry Global Inc., Mondi, DS Smith, and WestRock. Top secondary packaging solution providers reign supreme in the market by offering innovative packaging solutions.
Key Industry Development
November 2023: Macfarlane Packaging introduced its most sustainable stock box variety. The double-wall secondary packaging boxes are created from 100% recycled material and are 100% Forest Stewardship Council certified. Single-wall boxes are made with 90% recycled material.