LONDON–(BUSINESS WIRE)–Dec 29, 2020–
The e-commerce packaging market is expected to grow by USD 45.41 billion during 2020-2024, progressing at a CAGR of almost 20%. The report also throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global E-commerce Packaging Market 2020-2024 (Graphic: Business Wire)
The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios. –Get FREE Sample Report within MINUTES
E-commerce Packaging Market: Growth of e-commerce sector to drive growth
Factors such as the expanding tech-savvy population, increasing Internet penetration, and the rising use of smartphones are fueling the growth of the global e-commerce industry. This is evident in both developed and developing countries such as the US, the UK, China, and India. Besides, benefits offered by e-commerce websites such as user reviews, discounts, and the presence of various multiple payment options, such as credit and debit cards, Internet banking, electronic wallets, and cash-on-delivery (COD) have resulted in a paradigm shift in the purchasing patterns of consumers. These factors have significantly increased the online sales of consumer goods, which has created a strong demand for efficient packaging solutions, thereby driving the growth of the market.
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As per Technavio, the increase in the demand for secondary packaging and protective packaging will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
E-commerce Packaging Market: Increase in the demand for secondary packaging and protective packaging
The growth of the working population worldwide has increased consumer inclination toward online stores that offer convenience. Besides, the increased demand for product protection, sustainability, and efficient branding has increased the use of secondary packaging across industries such as food, beverage, and cosmetics. Also, the rise in manufacturing activities worldwide has increased the demand for secondary packaging solutions such as cardboard cartons, cardboard boxes, and cardboard or plastic crates. Therefore, the increased demand for secondary packaging and protective packaging is expected to positively influence the growth of the global e-commerce packaging market during the forecast period.
“Increasing demand for subscription boxes and rising smartphone penetration will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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E-commerce Packaging Market: Segmentation Analysis
This market research report segments the e-commerce packaging market by Type (Corrugated boxes, Protective packaging, and Polybags) and Geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the e-commerce packaging market in 2020, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the growth in end-user industries such as fast-moving consumer goods (FMCG), electronics, apparel, and personal care.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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CONTACT: Technavio Research
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INDUSTRY KEYWORD: PACKAGING MANUFACTURING
SOURCE: Technavio Research
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PUB: 12/29/2020 09:09 AM/DISC: 12/29/2020 09:09 AM