2024 Packaging Research Review

Report Highlights

• The global market for sustainable packaging is estimated to increase from $278.1 billion in 2023 to reach $391.1 billion by 2029, at a compound annual growth rate (CAGR) of 6.0% from 2024 through 2029.
• The global market of plastics for healthcare packaging is expected to grow from $32.1 billion in 2023 and should reach $46.1 billion by the end of 2028, at a CAGR of 7.5% during the forecast period of 2023 to 2028.
• The global market for sustainable plastic packaging was valued at $81.6 billion in 2023. The market is expected to grow from $86.6 billion in 2024 to $122.4 billion by the end of 2029, at a CAGR, of 7.2% from 2024 to 2029.

Research Review Scope

Packaging imparts a physical barrier between a product and the external environment, thus ensuring hygiene and limiting the risk of product wastage due to contamination. It is vital for efficient transportation. Beyond protection and convenience, packaging also acts as a medium of communication between the consumer and manufacturer (particularly for FMCGs).

Packaging can be categorized into three major types: primary, secondary, and tertiary packaging. Primary packaging comprises the actual product and can also form consumer packaging, which is utilized for display at the point of sale (POS). The secondary packaging is of a higher dimension and consists of a number of single packaging, whereas the tertiary packaging is utilized for storage and distribution.

The packaging industry plays a distinct role as it creates wealth through a broad range of manufacturing activities, and it also preserves the wealth and value created by other industries.

Moreover, packaging plays a significant and intermediate role in marketing. The role of modern packaging has expanded beyond product preservation and transportation. Significant technological innovations have also been employed to enhance brand image. Packaging stands for a spectrum
of materials, printing techniques, advanced manufacturing and production technologies. It is required to cater to diverse clients and consumers.

The global packaging industry is also witnessing a transformative shift towards eco-friendly and sustainable packaging. An increasing number of customers demand optimized or right-sized, recyclable packaging that ensures damage-free delivery and minimizes waste. Companies are actively engaged in eliminating unnecessary packaging, leading to reduced waste & carbon, and are optimizing the type, material, and weight of additional packaging.

Research Reviews from BCC Research provide market professionals with concise market coverage within a specific research category. This 2024 Research Review of packaging provides a sampling of the type of quantitative market information, analysis, and guidance that BCC Research has been developing since its inception in 1971 to help its customers make informed business decisions. This Research Review includes highlights and excerpts from the following reports published by BCC Research in 2023:

• PLS121B Sustainable Packaging: Global Markets
• PLS007G Plastics for Healthcare Packaging.
• PLS122B Sustainable Plastic Packaging: Global Markets.

After you survey the excerpts in this Research Review, we encourage you to follow up on these topics by checking out the full market research reports associated with each topic. BCC Research looks forward to serving your market intelligence needs in the future.