The global packaging market size reached a size of USD 1.24 trillion in 2024 and is projected to grow to USD 1.69 trillion by 2034, expanding at a CAGR of 3.16%. The Asia-Pacific region leads the market, with North America expected to grow significantly during the forecast period. The paper & paperboard segment dominated the market, while rigid packaging holds the largest share in terms of packaging type. The flexography printing technology is leading the industry, and the food & beverages sector remains the primary end-user. Major companies such as Smurfit Kappa, Mondi PLC, and WestRock Company are actively contributing to market advancements.
Top Companies in Packaging Market
Latest Announcements by Packaging Industry Leaders
- In September 2024, The CEO of Veritiv, Sal Abbate, stated that the Veritiv company are positioned to offer a broad range of goods and value-added solutions that satisfy even the most intricate packaging and supply chain requirements since Veritiv company brought together two prosperous companies that share a dedication to innovation, sustainability, and providing outstanding client experiences. The Veritiv company value provide to clients will be greatly increased by the merger of Veritiv and Orora Packaging Solutions.
New Advancements in Packaging Industry
- In November 2024, Indorama Ventures, Suntory, Neste, ENEOS, Mitsubishi Corporation, and Iwatani created the "world first" bio-PET container, which is made from used cooking oil and is thought to lower CO2 emissions. The Suntory Group will start distributing bio-PET bottles for a few chosen beverages in Japan this month; the initial launch will include about 45 million bottles. In the future, more products are expected to use these bottles.
- In October 2024, Accredo Packaging, packaging company, revealed the introduction of the first 100% biobased resin pouch with a zipper closure, in partnership with Fresh-Lock closures, a division of Reynolds Consumer Products. Compared to traditional packaging, this product is a significant step forward in more environmentally friendly packaging, meeting the growing demand for more ecologically friendly alternatives. The pouchs entirely renewable content, which is made from sugarcane-derived resin, helps firms achieve their sustainability objectives by reducing their environmental effect.
- In June 2024, Mondelèz, a major maker of fast-moving consumer goods, and Saica Group, one of the top providers of packaging solutions, have partnered to introduce a new paper-based product aimed at multipacking items for the chocolate, biscuit, and confectionery industries. The novel paper-based packaging can be either coated or uncoated, depending on the final appearance that is wanted, and is made to be recyclable in the paper waste stream. It is also appropriate for the heat sealable packing process.
- In October 2024, Paboco, manufacturing company and Blue Ocean Closures, packaging company revealed the launch of the first paper bottle and fiber-based cap that are ready for the market. With consumer goods incorporating the new packaging anticipated to debut in early 2025, this invention is currently accessible. The entire box, including the HDPE barrier, weighs less than 16 grams. The entire box can be recycled as paper due to its low material usage. A fiber-based cap that fits a variety of bottle types was provided by Blue Ocean Closures in an effort to lessen dependency on plastic.
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