The increasing global population is the biggest reason behind the surging requirement for both non-consumable and consumable products across the world. As per the findings of the United Nations Department of Economic and Social Affairs (UNDESA), “the global population is rising at a high pace, and it is expected to reach 8.6 billion in 2030, 9.8 billion in 2050, and 11.2 billion in 2100, from 7.6 billion in 2019, with roughly 83 million people being added every year”.
As a result of this rapid rise in population, the requirement for various products will surge, which will, in turn, fuel the demand for retail e-commerce packaging solutions across the globe. This because most of the consumable and non-consumable items are sold through online channels these days. In addition to the ballooning population, the increasing penetration of the internet and the rising usage of smartphones are massively boosting the demand for retail e-commerce packaging.
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This is because many people are nowadays preferring to shop online, owing to the availability of internet connection, the convenience of home delivery, and great discounts provided by the e-commerce companies on various products. Furthermore, the COVID-19 pandemic has massively pushed up the popularity of online shopping, which has, in turn, augmented the growth of e-commerce companies. As per the World Trade Organization, “the enforcement of social distancing, lockdowns, and other measures, in response to the COVID-19 pandemic, has led consumers to ramp up online shopping activities, social media usage, internet telephony and teleconferencing usage, and video and film streaming”.
Because of the aforementioned reasons, there has been a sharp rise in the online sales of household items, food products, and medical supplies in the last few months, which has subsequently caused a steep surge in the requirement for retail e-commerce packaged items. As a result, the value of the global retail e-commerce packaging market is predicted to rise from $19,022.7 million to $68,388.1 million from 2019 to 2030. Moreover, the market is predicted to advance at a CAGR of 12.1% between 2020 and 2030.
Depending on material type, the retail e-commerce packaging market is divided into envelopes, boxes, and others, that include bubble wraps, tapes and labels, and air cushions. Out of these, the boxes division recorded the highest growth in the market in the past and this trend is likely to continue in the coming years as well. This is ascribed to the fact that the products packaged in boxes are better protected from any kind of damage, on account of the higher durability and strength offered by boxes in comparison to the other packaging materials.
Fashion and apparel, food and beverages, cosmetics and personal care, furniture and home furnishing, and consumer and electronics are the main end users of the retail e-commerce packaging solutions. Amongst these, the cosmetics and personal care products will generate considerably high requirement for e-commerce packaging in the future years, primarily because of the soaring disposable income of people around the world. Moreover, people are increasingly preferring to buy these products online because of the availability of a wide range of products in various digital platforms.
Geographically, the Middle East and Africa (MEA) retail e-commerce packaging market will be very prosperous in the forthcoming years, as per the forecast of the market research firm, P&S Intelligence. This is attributed to the rising focus of the governments of the MEA countries such as the U.A.E. and Saudi Arabia on diversifying their economy, which is heavily dependent on the revenue generated from the sales of oil and gas. In addition to this, major e-commerce companies are rapidly setting up their warehouses and plants in this region, which is, tremendously boosting the advancement of the market in the region.
Therefore, the requirement for retail e-commerce packaging solutions will skyrocket all over the world in the upcoming years, primarily because of the increasing penetration of the internet and the rising popularity of online shopping.
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