The major divers in the global retail e-commerce packaging market are the increasing number of smartphones, rising internet penetration, and shifts in shopping trends. By 2030, the market is predicted to reach $74,873 million, advancing at a CAGR of 12.1% in the coming years. The outbreak of COVID-19 had drastically changed the current market dynamics which in turn, had resulted in a paradigm shift in the tastes and preferences of consumers. Lockdowns were imposed in several economies, confining the consumers within their homes. Moreover, there is rising adoption of e-commerce platforms after the spread of the virus.
Within the material type, the overall retail e-commerce packaging market is divided into envelopes, boxes, and others. Among these, the boxes division holds the largest share, and it will continue to exhibit the same trend in the forecast period. This can be attributed to its durable and high-strength packing. Therefore, there is a skyrocketing demand for such products where there is a surging requirement for boxes among consumers and e-commerce corporations. Moreover, since there are stringent government policies to meet the sustainability standards, there is an inclination toward sustainable products by renowned e-commerce corporations.
APAC will hold the biggest revenue share in the coming years. Being home to some of the most populous countries, such as Japan, India, and China, APAC will dominate the retail e-commerce packaging market. This can be credited to the rising deployment of the latest technologies, coupled with a snowballing e-commerce industry. Furthermore, China is expected to be the protagonist in this regional market. By 2034, India is predicted to attain the position of the second-largest e-commerce market after China, overcoming the e-commerce forces of the U.S. according to India Brand Equity Foundation.
Hence, the rising population levels will drive the market. The world’s population will witness a steep rise from approximately 7.7 billion in 2020 to around 8 billion in 2030 as per the United Nations Department of Economic and Social Affairs. This trend will not stop in 2030, with the population reaching a 9.8-billion figure by 2050.
