Meticulous Research®— leading global market research
company, published a research report titled,' Transit Packaging Market by Type
(Primary Packaging, Secondary Packaging, Tertiary Packaging, Ancillary
Packaging), Sector (Food & Beverage, Pharmaceuticals, Retail &
E-Commerce), and Geography - Global Forecast to 2030.'
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According to this latest publication from Meticulous
Research®, the transit packaging market is projected to reach $152.7 billion by
2030, at a CAGR of 5.8% from 2023–2030. The growth of the transit packaging
market is driven by the rapid growth of the e-commerce sector, the surging use
of transit packaging in the food & beverage sector, the growing adoption of
corrugated boxes across various sectors, and the increasing demand for transit
packaging in the pharmaceuticals sector. However, the increasing overall
packaging costs due to dynamic regulatory policies restrain the growth of the
transit packaging market. The growing need for eco-friendly packaging solutions
and the rising demand for customized packaging are expected to create market
growth opportunities. However, additional distribution channel costs are a
major challenge for the players operating in this market. The internet of
packaging and digital printing are the latest trends in the transit packaging
market.
The transit packaging market is segmented by type (primary
packaging [pouches, bags & sacks, cartons, foils, laminates, and wraps],
secondary packaging [crates, trays], tertiary packaging [fiber boards,
containers, pallets], ancillary packaging [printing & labeling, straps
& tapes, cushioning material]), and sector (food & beverage, retail
& e-commerce, paints & chemicals, building & construction,
pharmaceuticals, electricals & electronics, automotive, industrial machinery
& equipment, and other sectors). The study also evaluates industry
competitors and analyzes the market at the regional and country levels.
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Based on type, the transit packaging market is segmented
into primary packaging, secondary packaging, tertiary packaging, and ancillary
packaging. In 2023, the primary packaging segment is expected to account for
the largest share of the transit packaging market. The large market share of
this segment is attributed to the rising need to protect and preserve finished
products, the growing e-commerce sector, and the rising demand for primary
packaging in the food & beverage and pharmaceutical sectors. In addition,
the benefits offered by primary packaging solutions, such as convenience, easy
handling, proper display, safety, and stacking, further support the growth of
this segment.
However, the secondary packaging segment is slated to
register the highest CAGR during the forecast period. The growing demand for
eco-friendly packaging solutions, the rising need for the safe transportation
of products, and the rising demand for customized packaging are expected to
support the rapid growth of this segment.
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Based on sector, the transit packaging market is segmented
into food & beverage, retail & e-commerce, paints & chemicals,
building & construction, pharmaceuticals, electricals & electronics,
automotive, industrial machinery & equipment, and other sectors. In 2023,
the food & beverage segment is expected to account for the largest share of
the transit packaging market. The large market share of this segment is
attributed to the rising demand for convenient and sustainable packaging
solutions, the growth of the packaged foods industry in emerging economies, the
increasing need to extend the shelf life of F&B products, and the
increasing demand for hygienic food packaging.
However, the pharmaceuticals segment is slated to register
the highest CAGR during the forecast period. The rising demand for drug
delivery devices and blister packaging, growing consumer awareness regarding
healthier lifestyles. rising demand for primary pharmaceutical packaging, and
growing healthcare expenditures in emerging economies are expected to support
the growth of this segment.
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Based on geography, the transit packaging market is
segmented into North America, Europe, Asia-Pacific, Latin America, and the
Middle East & Africa. In 2023, Asia-Pacific is expected to account for the
largest share of the transit packaging market. The region’s large market share
is attributed to the surging use of transit packaging in the region’s food
& beverage sector, the growing need for eco-friendly packaging solutions,
and the presence of prominent players in the region. Also, leading players are
undertaking initiatives to drive the growth of the transit packaging market.
For instance, in December 2022, Amcor plc (Switzerland) opened its new
state-of-the-art manufacturing plant in Huizhou, China. With an investment of
almost $100 million, the 590,000-square-foot plant is the largest flexible
packaging plant (by production capacity) in China. [AD1]
Moreover, Asia-Pacific is expected to record the highest
growth rate during the forecast period. The rapid growth of this regional
market is attributed to the growth in regional economies and the expanding
e-commerce sector, especially in China, Japan, South Korea, and India.
Key Players:
The key players operating in the transit packaging market
are WestRock Company (U.S.), International Paper (U.S.) Greif, Inc. (U.S.),
Sonoco Products Company (U.S.), Mondi Group plc (U.K.), Smurfit Kappa Group plc
(Ireland), DS Smith Plc (U.K.), Packaging Corporation of America (U.S.), Crown
Holdings, Inc. (U.S.), Nefab Group AB (Sweden), Corplex (France), Smithpack
Limited (U.K.), STI-Gustav Stabernack GmbH (Germany), GWP Group (U.K.), and
Eltete TPM Ltd (Finland).
TOP 10 COMPANIES IN TRANSIT PACKAGING MARKET
>> https://meticulousblog.org/top-10-companies-in-transit-packaging-market/?utm_source=blog&utm_medium=social&utm_campaign=product&utm_content=18-01-2024
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