Global Retail E-Commerce Packaging Market Revenue To Surge Above $60,000 By 2030

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 o 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. 

Another major factor fueling the growth of the retail e-commerce packaging market is the increasing affordability of smartphones and internet connections, mainly because of technological advancements and innovations and the surging competition in the telecommunications industry in several countries. This is, in turn, driving the advancement of several digital industries such as e-commerce, which is subsequently propelling the demand for packaging products across the world, thereby powering the expansion of the market.

Besides the aforementioned factor, the changing buying behavior customers, the growing popularity of online channels, and the mushrooming adoption of advanced technologies by millennials are also driving the progress of the e-commerce industry and thus, fueling the sales of packaging products. In addition to these factors, the COVID-19 pandemic is also powering the growth of the retail e-commerce packaging market. This is because the pandemic is driving the penetration of the internet and smartphones and digitization all over the world.

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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