Transit Packaging Market to be Worth $152.7 Billion by 2030 - Market Size, Share, Forecasts, & Trends Analysis Report by Meticulous Research®
REDDING, Calif., March 16, 2023 /PRNewswire/ -- According to a new market research report titled, 'Transit Packaging Market by Type (Primary Packaging, Secondary Packaging, Tertiary Packaging, Ancillary Packaging), Sector (Food & Beverage, Pharmaceutical, and Retail & E-Commerce), and Geography—Global Forecast to 2030', the global transit packaging market is projected to reach $152.7 billion by 2030, at a CAGR of 5.8% from 2023–2030.
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Transit packaging is the packaging used to protect products from the manufacturer to the end user during transportation. The main purpose of transit packaging is to ensure that the product arrives at its destination in good condition and without any damage. Transit packaging can include cardboard boxes, plastic containers, bubble wraps, packing peanuts, foam inserts, and pallets, among others.
The growth of the transit packaging market is driven by the surging use of transit packaging in the food & beverage sector, the growing adoption of corrugated boxes across various sectors, the rising demand for transit packaging in the pharmaceutical sector, and the rapidly growing e-commerce sector. However, the increasing overall packaging costs due to dynamic regulatory policies may restrain the market's growth. The growing demand for eco-friendly packaging solutions and customized packaging is 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.
Growing Demand for Transit Packaging in the Pharmaceuticals Sector is Driving the Growth of the Transit Packaging Market
In recent years, especially considering the surge in the international business of pharmaceutical products, the need for transporting specialized pharmaceutical products has risen considerably, as needs its packaging and logistics. Transit packaging is very helpful in efficient storage and easy handling and decreases the chances of product contamination. It protects the product from physical damage as well as biological degradation. Also, transit packaging is a crucial part of pharmaceutical products. It provides proper and clear labeling of correct information.
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Besides, major officialdoms such as World Health Organization (WHO) are actively working towards reducing vaccine wastage worldwide. This has also initiated various programs to monitor vaccine usage and ensure optimum consumption. Programs like these also aim to focus on proper handling and transporting vaccines. Thus, the growing need for protecting, preserving, and storing various pharmaceutical products is expected to create transit packaging market growth opportunities.
The COVID-19 pandemic has significantly burdened global healthcare networks and systems, affecting critical, life-saving operations and processes. Therefore, pharmaceutical facilities are increasingly adopting transit packaging solutions to reduce the stress on existing infrastructure and improve supply chain efficiency. Moreover, key global players are redefining their business strategies to improve productivity. For instance, in June 2020, Softbox Systems Ltd. (U.K.) launched its ECO packaging solution for the pharma cold chain industry. This ECO packaging solution is designed to transport wide-stability temperature-sensitive pharmaceutical products. Such developments are expected to boost the demand for transit packaging solutions across the pharmaceutical sector, creating market growth opportunities.
The global transit packaging market is segmented by type (primary packaging [pouches, bags & sacks, cartons foils, and laminates and wraps], secondary packaging [crates, trays], tertiary packaging [fiber boards, containers, pallets], ancillary packaging [printing & labeling straps & tapes cushioning material]), sector (food & beverage, retail & e-commerce, paints & chemicals, building & construction, pharmaceuticals, electrical & electronics, automotive, industrial machinery & equipment, and other sectors). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on type, in 2023, the primary packaging segment is expected to account for the largest share of the global transit packaging market. The large market share of this segment is attributed to the increasing focus on solution-centric capabilities and the rising demand to protect and preserve the finished products. However, the secondary packaging segment is slated to register a higher CAGR during the forecast period. The rising need for the safe transportation of products and the rising demand for customized packaging are expected to support the growth of this segment.
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Based on sector, in 2023, the food & beverage segment is expected to account for the largest share of the global 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 food industry in emerging economies, and the increasing demand for shelf-life extension of foods.
However, the pharmaceutical segment is slated to register a higher CAGR during the forecast period. The rising demand for drug delivery devices and blister packaging and the rising demand for primary pharmaceutical packaging is expected to support the growth of this segment. In addition, serialized tracking and tracing of drugs, a rapidly growing drug delivery market, growing pharmaceutical R&D spending, and the use of innovative packaging are expected to drive the growth of the segment during the forecast period.
Based on geography, in 2023, Asia-Pacific is expected to account for the largest share of the transit packaging market. The presence of prominent players in the transit packaging market is expected to contribute to the high revenue share of this region. Furthermore, the surging usage of transit packaging in the food and beverage sector, growing demand for eco-friendly packaging solutions, and the rapidly growing e-commerce sector are driving the growth of the transit packaging market in Asia-Pacific.
However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The infrastructural growth in APAC, especially in China, South Korea, Japan, and India, the rapid growth rate of developing economies, the growing healthcare expenditure in emerging economies, and government initiatives to increase the adoption of sustainable transit packaging solutions create huge opportunities for the transit packaging market.
The key players operating in the global 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).
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Scope of the Report:
Transit Packaging Market, by Type
- Primary Packaging
- Pouches
- Cartons
- Bags & Sacks
- Wet Strength Paper Bags
- Woven Sacks
- Paper Bags
- Foils, Laminates and Wraps
- Shrink Wraps
- Cling Film
- Bubble Wraps
- Secondary Packaging
- Crates
- Trays
- Tertiary Packaging
- Pallets
- Fiber Board
- Containers
- Bulk Containers
- Wooden Containers
- Ancillary Packaging
- Printing & Labeling
- Straps & Tapes
- Cushioning Material
Transit Packaging Market, by Sector
- Food & Beverage
- Retail & E-commerce
- Paints & Chemicals
- Building & Construction
- Pharmaceuticals
- Electrical & Electronics
- Automotive
- Industrial Machinery & Equipment
- Other Sectors
Transit Packaging Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- Rest of the Middle East & Africa
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Pharmaceutical Packaging Market by Type (Bottle, Vial, Blister Pack, Ampoule, Pre-filled Syringe), Material (Plastic [PE, Polyvinyl chloride, PP, PET], Paper, Glass, Metal), Dosage Form (Oral, Parenteral, Topical), End User—Global Forecast to 2029
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