New York, NY -- (SBWire) -- 09/09/2020 --As per a study conducted by P&S Intelligence, the global retail e-commerce packaging market is projected to reach a value of $68,388.1 million by 2030, rising from $19.022.7 million in 2019, progressing at a 12.1% CAGR during the forecast period (2020–2030). The market is being driven by the changing consumer preferences, surging population, and growing affordability of internet connections and mobile phones across the globe. In terms of material type, the market is bifurcated into envelopes and boxes, between which, the boxes bifurcation held the largest share of the market in 2019.
The bifurcation is further predicted to account for the largest revenue share of the retail e-commerce packaging market during the forecast period as well. Companies focus on packaging that can protect contents from different kinds of damage while it is being delivered, since delivering a product just one time costs 2–3 times less than it does for second or multiple deliveries. Since boxes offer strength and durability, along with ensuring consumer retention rate and reducing return ratio, enterprises are increasingly making their use.
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On the basis of end user the retail e-commerce packaging market is categorized into furniture & home furnishing, consumer electronics, food & beverages, fashion & apparel, and cosmetics & personal care. Among these, the cosmetics & personal care industry is predicted to advance at the fastest CAGR during the forecast period, which can be owing to the increasing disposable income of people. Consumers across the globe are buying these products online, since they are provided with increased number of choices and can select products according to their specific needs.
Geographically, the retail e-commerce packaging market was dominated by Asia-Pacific in 2019. The market is registering growth in the region due to the expanding e-commerce industry, particularly in India and China. Other than this, the surging population and growing adoption of latest technologies in APAC are also driving the growth of the market. Apart from this, Middle East & Africa is predicted to progress at the fastest pace during the forecast period, which can be attributed to changing policies of governments, majorly in the U.A.E. and Saudi Arabia.
The emergence of affordable smartphones and internet connections is a key factor resulting in the rising demand for retail e-commerce packaging. Owing to technological advancements, the number of people who can afford electronics such as smartphones has risen considerably over the past few years. Moreover, access to internet has also increased in the past few years, which is why a larger number of people are able to shop online. This is further leading to the expansion of digital industries, including e-commerce, which, in turn, is driving the demand for packaging solutions.
Browse report overview with detailed TOC on "Retail E-Commerce Packaging Market Research Report: By Material Type (Boxes, Envelopes), End User (Consumer Electronics, Fashion and Apparel, Cosmetics and Personal Care, Food and beverages, Furniture and Home Furnishing) - Global Industry Analysis and Demand Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/retail-e-commerce-packaging-market-analysis
A major trend being observed in the retail e-commerce packaging market is the movement of companies towards circular economy model. These days, enterprises in the domain are increasingly investing in manufacturing facilities for increasing their productivity. Furthermore, these investments are also aimed towards decreasing the amount of waste, including those produced by corrugated sheets, by making use of it again as raw material for manufacturing packaging materials. The rising pressure from governments is compelling manufacturers to use better alternatives for producing packaging materials.
In conclusion, the market is being driven by the growing utilization of internet and smartphones and rising investment in industries for reducing the amount of waste that is generated.
Market Segmentation:
Based on Material Type
Boxes
Envelopes
Based on End User
Consumer Electronics
Fashion and Apparel
Cosmetics and Personal Care
Food and beverages
Furniture and Home Furnishing
Geographical Analysis
North America
U.S.
Canada
Europe
Germany
U.K.
France
Spain
Italy
Asia-Pacific (APAC)
China
Japan
India
South Korea
Latin America (LATAM)
Brazil
Mexico
Middle East and Africa (MEA)
South Africa
Gulf Cooperation Council (GCC)
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Retail E-Commerce Packaging Market to Witness 12.1% CAGR During 2020–2030