Packaging Tapes Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)
Author:Cheshire View:14
The global packaging tapes market is estimated to register a CAGR of over 6% during the forecast period.
The COVID-19 pandemic had a mixed impact on the entire packaging industry. Although demand for luxury, industrial, fashion, and B2B-transport packaging dipped during the pandemic, there was considerable growth in the packaging demand for items like groceries, healthcare and pharmaceutical products, and e-commerce transportation. With commercial activity slowly resuming back to the pre-COVID-19 levels, the demand for packaging tapes is expected to rise further.
The rising global e-commerce business is expected to be a crucial driving factor behind the rising demand for packaging tapes. Considerable growth in the packaged food & beverages segment in the aftermath of COVID-19 is also expected to create additional demand. However, the rising speculation regarding the environmental effects of packaging tapes and the rising environmental regulations are expected to hinder the growth of the market. Increasing research and development of sustainable packaging tapes is expected to serve as a potential opportunity to tap into in the future. The Asia-Pacific region is expected to dominate the global demand for packaging tapes, owing to its rising population and booming e-commerce industry.
This section covers the major market trends shaping the Packaging Tapes Market according to our research experts:
According to the State of Commerce report, it is observed that around 56% of consumers globally are spending less time in physical stores and more time online for their shopping needs.
E-commerce provides a platform not only for the big players but also the small and medium-scale industries to reach out to their targetted consumers more effectively while also helping to save up on expenses associated with a physical store like real estate mortgage, in-store labor cost, and other expenses.
The global e-commerce industry is currently estimated to be valued at around USD 5.5 trillion. It is expected to grow with a CAGR of over 10% by the next three years.
The global user penetration is expected to rise from 50.9% to 64.5% during the forecast period, indicating the rising population of online shoppers.
The ease of buying and returning and the option to choose from a wide variety of products to suit their best interests are some of the major factors pushing the shift from store shopping to online shopping.
Thus, with the rise in the e-commerce industry, the demand for packaging tape is expected to grow during the forecast period.
Asia-Pacific has a major share in the global e-commerce industry, with China being the world's largest e-commerce market. Out of the total retail industry in China, currently, e-commerce has a share of 52%.
Currently, the Chinese e-commerce market is estimated to be valued at around USD 1,761 billion and is expected to grow further with a CAGR of over 9% in the next five years.
The growing population and the increasing favoritism for online shopping are expected to be the growth engines for the e-commerce market. User penetration is expected to witness a rise from 57.1% to 70.4% during the forecast period.
On the other hand, the Indian e-commerce industry is also expected to grow exponentially owing to the increasing online shopping demand and a growing population. Currently, the annual online sales amount to USD 67.5 billion. Similarly, being a developed nation with an urban population and nationwide internet access, the Japanese e-commerce industry is expected to reach USD 43.4 billion over the next two years.
Similarly, there is a growing consumption of packaged food and beverages in the region. This can be attributed to the growing middle-class population and people's choices to eat healthy, varied kinds of foods and beverages, among others. With the F&B industry catering to these needs with multiple offerings, the demand for packaging tapes is expected to grow in conjunction with the food & beverage packaging industry.
The growing demand for packaging tapes in the e-commerce and food & beverage industry is expected to help the Asia-Pacific packaging tapes market.
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