The global retail e-commerce packaging market was valued at $19,022.7 million in 2019, and it is expected to attain a revenue of $68,388.1 million by 2030. Furthermore, the market will progress at a CAGR of 12.1% from 2020 to 2030, as per the forecast of P&S Intelligence, a market research company based in India. The factors driving the expansion of the market are the increasing population in several countries and the growing affordability of smartphones and internet connections.
According to the United Nations Department of Economic and Social Affairs (UNDESA), the total population across the globe will rise from 7.6 billion in 2019 to 8.6 billion by 2030, 9.8 billion by 2050, and 11.2 billion by 2100. Moreover, the global population will witness the addition of around 83 million people every year. This will push up the demand for several consumable and non-consumable products, that are majorly sold through various online channels.
According to the World Trade Organization, the imposition of strict lockdowns and social distancing regulations in various countries in order to mitigate the spread of the virus has massively boosted the popularity of video streaming services, online shopping, video and film streaming services, internet telephony and teleconferencing, and social media platforms. This has consequently propelled the business-to-consumer (B2C) sales of food products, medical supplies, and various household items, thereby fueling the growth of the market.
Depending on material type, the market is divided into envelopes, boxes, and others, such as bubble wraps, tapes and labels, and air cushions categories. Amongst these, the boxes category contributed the highest revenue to the market from 2014 to 2019. Geographically, the Asia-Pacific (APAC) region held the largest share in the retail e-commerce packaging market in 2019, and this trend will continue in the coming years as well, primarily due to the thriving e-commerce industry in the region.
Hence, it can be said without any hesitation that the market will surge sharply in the forthcoming years, mainly because of the increasing penetration of the internet and smartphones and the ballooning popularity of online shopping around the world.
Source: www.psmarketresearch.com
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