According to a new report, published by KBV research, The Global Industrial Packaging Market size is expected to reach $83.3 billion by 2031, rising at a market growth of 4.0% CAGR during the forecast period.
The Crates/Totes segment is anticipating a CAGR of 3.8% during (2024 - 2031). Crates and totes can be customized to meet specific industry needs, such as varying sizes, shapes, and load capacities. This versatility makes them suitable for various applications, including food and beverage, automotive parts, pharmaceuticals, and electronics. Crates and totes are often compatible with automated handling systems like conveyors and sorting machines.
The Plastic Segment is leading the Global Industrial Packaging Market by Material in 2023; thereby, achieving a market value of $36.6 billion by 2031. Plastic is significantly lighter. This lightweight feature lowers transportation and handling costs while minimizing the overall environmental impact of logistics. Reduced weight also contributes to lower fuel consumption during transport. Plastic packaging can be easily customized in shape, size, color, and design.
The Food & Beverages segment is registering a CAGR of 3.5% during (2024 - 2031). Ensuring food safety and maintaining product quality are paramount in the food and beverages industry. Industrial packaging provides essential protection against contamination, spoilage, and degradation. Packaging solutions, such as vacuum-sealed bags, modified atmosphere packaging, and tamper-evident containers, help preserve the freshness and safety of food products. Packaging is crucial in extending the shelf life of food and beverage products.
Full Report: https://www.kbvresearch.com/industrial-packaging-market/
The Asia Pacific region dominated the Global Industrial Packaging Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $33,187.7 million by 2031.The North America region is exhibiting a CAGR of 3.4% during (2024 - 2031). Additionally, The Europe region would exhibit a CAGR of 3.6% during (2024 - 2031).
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