Packaging Market Size (2024 - 2029)

The market size of the global packaging industry is projected to grow significantly due to changes in substrate choice, expansion of new markets, and changing ownership dynamics. The rise in consumption of sweets and confectionery is driving the need for flexible plastic packaging solutions. The majority of flexible packaging is used for food, contributing to the robust growth of this industry. The market is also influenced by sustainability trends such as recycling and using bio-degradable forms of PET. Product innovation and construction of new production facilities for paper packaging are strategies being employed by companies to maintain their market position. However, the expansion of non-recyclable, non-biodegradable plastic packaging solutions could potentially restrain market growth. The COVID-19 pandemic has led to new trends such as contactless delivery and increased the demand for glass containers for vaccine storage.

Market Size of Packaging Industry

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Packaging Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 1.14 Trillion
Market Size (2029) USD 1.38 Trillion
CAGR (2024 - 2029) 3.89 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Global Packaging Industry Major Players

*Disclaimer: Major Players sorted in no particular order

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Packaging Market Analysis

The Packaging Market size is estimated at USD 1.14 trillion in 2024, and is expected to reach USD 1.38 trillion by 2029, growing at a CAGR of 3.89% during the forecast period (2024-2029).

  • Over the past decade, the global packaging market has grown steadily, driven by substrate preference shifts, new markets, and evolving ownership structures. Flexible packaging, high-barrier films, and stand-up retort pouches are increasingly challenging traditional formats like metal tins and glass jars, especially in the food sector.
  • Digital printing in the packaging sector is set for significant growth, propelled by its capacity to deliver high-quality, customizable, and cost-efficient solutions. The incorporation of smart packaging technologies is set to revolutionize the sector.
  • RFID tags, QR codes, and sensors bolster traceability, quality control, and consumer interaction. With the evolution of the Internet of Things (IoT), smart packaging solutions are becoming pivotal in the packaging industry.
  • Rising retail sales will encourage manufacturers to innovate packaging to attract consumers. Creative and visually appealing packaging designs can help products stand out on store shelves and capture consumer attention, leading to a higher adoption of advanced packaging solutions. According to the United States Census Bureau, retail sales in the United States were USD 7.242 trillion in 2023. When compared to 2019, the sales value was USD 5.396 trillion.
  • Conversely, the rise in the use of non-recyclable, non-biodegradable plastic packaging is leading to a surge in carbon emissions, potentially acting as a growth deterrent. In response, major players such as Amazon, Google, and Tetrapak are pivoting toward achieving net-zero carbon emissions, a move that's set to define their future capital investments.

Packaging Industry Segmentation

Packaging refers to wrapping or bottling products to protect them from damage during transportation and storage. It keeps a product safe and marketable and helps to identify, describe, and promote it.

The packaging market is segmented by packaging type (plastic packaging (rigid plastic packaging (material type, product type, end-user industry, region), flexible plastic packaging (material type, type, end-user industry, region)) paper and paperboard (product type, end-user, region), metal packaging (product type, region), container glass (end-user, region). The market sizes and forecasts are provided in terms of value in (USD) for all the above segments.

By Packaging Type
Plastic Packaging
Rigid Plastic Packaging
By Material Type - (PE - HDPE & LDPE, PP, PET, PVC, PS and EPS)
By Product Type - (Bottles and Jars (Containers), Caps and Closures, Bulk-Grade Products - IBC, Crates & Pallets, Others)
By End-User Industry - (Food, Beverage, Industrial and Construction, Automotive, Cosmetics and Personal Care, Other End-user Industries)
Flexible Plastic Packaging
By Material Type - (PE, BOPP, CPP, Others)
By Product Type - (Pouches, Bags, Films and Wraps)
By End User Industry - (Food, Beverage, Pharmaceutical, Cosmetics and Personal Care)
By Region - (North America, Europe, Asia Pacific, Middle East and Africa (GCC, United Arab Emirates, KSA, Rest of GCC, Rest of Middle East and Africa), Latin America)
Paper and Paperboard
By Product Type - (Folding Carton, Corrugated Boxes, Single-use Paper Products (Bags, Cups, Others))
By End-user (Food, Beverage, Industrial & Electronic, Cosmetics & Personal Care, Healthcare, Others (Household Care, Transit (Transportation of Automobile Components, Machinery, etc.))
By Region - (North America, Europe, Asia Pacific, Middle East and Africa (GCC, United Arab Emirates, KSA, Rest of GCC, Rest of Middle East and Africa), Latin America)
Metal Packaging
By Product Type - (Cans (Food, Beverage, Aerosols, Others), Caps and Closures, Other Product Types)
By Region - (North America, Europe, Asia Pacific, Middle East and Africa (GCC, United Arab Emirates, KSA, Rest of GCC, Rest of Middle East and Africa), Latin America)
Container Glass
By End-user - (Food, Beverage (Alcoholic, Non-Alcoholic), Personal Care and Cosmetics, Pharmaceuticals)
By Region - (North America, Europe, Asia Pacific, Middle East and Africa (GCC, United Arab Emirates, KSA, Rest of GCC, Rest of Middle East and Africa), Latin America)

Packaging Market Size Summary

The Packaging Market is projected to experience substantial growth in the coming years. This growth is attributed to several factors such as changes in substrate choice, expansion into new markets, and evolving ownership dynamics. Traditional packaging methods are being replaced by flexible packaging, high-barrier films, and stand-up retort pouches, which are challenging rigid pack formats like metal tins and glass jars for a wide range of food products. Furthermore, the rising consumption of sweets and confectionery has led to an increase in demand for flexible plastic packaging solutions. The packaging industry is also experiencing a surge in sustainability trends, with recycling and the use of bio-degradable forms of PET expected to rise over the forecast period. Companies are focusing on product innovations to maintain a significant position in the market. For instance, the introduction of recyclable, high-barrier, polymeric mono-material packaging solutions for pharmaceutical products. Additionally, vendors are focusing on expanding their market presence by constructing new production facilities for paper packaging. However, the increasing use of non-recyclable, non-biodegradable plastic packaging solutions could potentially restrain market growth.

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Packaging Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.2.1 Bargaining Power of Suppliers

      2. 1.2.2 Bargaining Power of Consumers

      3. 1.2.3 Threat of New Entrants

      4. 1.2.4 Threat of Competitive Rivalry

      5. 1.2.5 Threat of Substitutes

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Market Drivers (Paper and Glass)

    5. 1.5 Market Challenges (Plastic)

    6. 1.6 Coverage of Per Capita Packaging Consumption in Major Countries Across the World

    7. 1.7 Market Opportunities

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Packaging Type

      1. 2.1.1 Plastic Packaging

        1. 2.1.1.1 Rigid Plastic Packaging

          1. 2.1.1.1.1 By Material Type - (PE - HDPE & LDPE, PP, PET, PVC, PS and EPS)

          2. 2.1.1.1.2 By Product Type - (Bottles and Jars (Containers), Caps and Closures, Bulk-Grade Products - IBC, Crates & Pallets, Others)

          3. 2.1.1.1.3 By End-User Industry - (Food, Beverage, Industrial and Construction, Automotive, Cosmetics and Personal Care, Other End-user Industries)

        2. 2.1.1.2 Flexible Plastic Packaging

          1. 2.1.1.2.1 By Material Type - (PE, BOPP, CPP, Others)

          2. 2.1.1.2.2 By Product Type - (Pouches, Bags, Films and Wraps)

          3. 2.1.1.2.3 By End User Industry - (Food, Beverage, Pharmaceutical, Cosmetics and Personal Care)

        3. 2.1.1.3 By Region - (North America, Europe, Asia Pacific, Middle East and Africa (GCC, United Arab Emirates, KSA, Rest of GCC, Rest of Middle East and Africa), Latin America)

      2. 2.1.2 Paper and Paperboard

        1. 2.1.2.1 By Product Type - (Folding Carton, Corrugated Boxes, Single-use Paper Products (Bags, Cups, Others))

        2. 2.1.2.2 By End-user (Food, Beverage, Industrial & Electronic, Cosmetics & Personal Care, Healthcare, Others (Household Care, Transit (Transportation of Automobile Components, Machinery, etc.))

        3. 2.1.2.3 By Region - (North America, Europe, Asia Pacific, Middle East and Africa (GCC, United Arab Emirates, KSA, Rest of GCC, Rest of Middle East and Africa), Latin America)

      3. 2.1.3 Metal Packaging

        1. 2.1.3.1 By Product Type - (Cans (Food, Beverage, Aerosols, Others), Caps and Closures, Other Product Types)

        2. 2.1.3.2 By Region - (North America, Europe, Asia Pacific, Middle East and Africa (GCC, United Arab Emirates, KSA, Rest of GCC, Rest of Middle East and Africa), Latin America)

      4. 2.1.4 Container Glass

        1. 2.1.4.1 By End-user - (Food, Beverage (Alcoholic, Non-Alcoholic), Personal Care and Cosmetics, Pharmaceuticals)

        2. 2.1.4.2 By Region - (North America, Europe, Asia Pacific, Middle East and Africa (GCC, United Arab Emirates, KSA, Rest of GCC, Rest of Middle East and Africa), Latin America)

Packaging Market Size FAQs

The Packaging Market size is expected to reach USD 1.14 trillion in 2024 and grow at a CAGR of 3.89% to reach USD 1.38 trillion by 2029.

In 2024, the Packaging Market size is expected to reach USD 1.14 trillion.

Packaging Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)