Recently, Allied Market Research published an extensive study on the packaging and protective packaging market which covers various aspects of the industry. As per the report, the sector accounted for $1.0 trillion in 2021 and is set to gather a revenue of $1.5 trillion by 2031, at a CAGR of 4.3% during 2021-2031. The study classifies the industry into several segments based on material, function, and application. Each of these segments is analyzed in detail to help companies formulate comprehensive growth strategies in the near future. 

Major Questions Covered in the AMR Report 

A Comprehensive Study of the Evolving Industry Dynamics 

The AMR report emphasizes growth drivers, market restraints, and investment opportunities in the industries to aid businesses in making the right decisions in the long run. In the past few years, there has been an overall increase in awareness regarding environmental sustainability. As a result of this, the demand for eco-friendly packaging materials has surged significantly. This change in consumer preferences is anticipated to help the packaging and protective packaging market. Additionally, the growing pace of urbanization and industrialization has modified the daily routines of people living in cities. To suit their fast-paced lifestyles, individuals are increasingly opting for packaged foods and beverages which has also contributed to the growth of the industry.  

However, the high cost of sustainable packaging and the volatility of prices of raw materials used in these solutions are anticipated to restrict the expansion in the future. Nonetheless, technological advancements in smart and active packaging are projected to create numerous investment opportunities in the market. 

The AMR study also provides information on the performance of the market in various regions including North America, LAMEA, Europe, and Asia-Pacific. The socioeconomic, cultural, demographic, political, and administrative factors influencing the market are highlighted in the report. By region, Asia-Pacific is expected to have the largest revenue share in the packaging and protective packaging industry. The surge in demand for packaged foods in the emerging economies of India and China is anticipated to create favorable conditions for the growth of the sector. 

Increasing Role of Smart Devices and IoT in the Sector 

The advent of IoT technology has revolutionized the packaging and protective packaging market significantly. IoT-powered devices are now used by companies for real-time monitoring of the products from the point of manufacturing to their delivery to the customers. This helps in identifying any defects in packaging and ensuring that high-quality packaged items are being delivered to the customers. Moreover, these smart gadgets are also deployed in warehouses to manage the inventory seamlessly and reduce the wastage of raw materials, thereby ensuring resource optimization. 

Top Players in the Market 

The AMR report provides a comprehensive analysis of the competitive scenario of the industry with the help of tools such as Porter’s five forces. The leading companies in the market are profiled for this exercise. Some of these players include: 

To sum it up, the packaging and protective packaging industry is anticipated to witness substantial growth in the coming period, owing to the rising environmental awareness and the integration of IoT-powered devices. The in-depth analysis and insights offered by the AMR report enable companies to formulate holistic strategies and expand their footprint in the sector.