Valued at $23,987.7 million in 2020, the global retail e-commerce packaging market is expected to generate a revenue of $74,873.0 million by 2030. Furthermore, the market will demonstrate a CAGR of 12.1% from 2020 to 2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. The market is being driven by the expansion of the e-commerce industry, on account of the increasing penetration of the internet and the changing buying patterns of people across the world.
Additionally, the mushrooming population all over the world is also positively impacting the e-commerce industry, as people are increasingly buying various products from digital platforms. As per the United Nations Department of Economic and Social Affairs (UNDESA), the global population will surge from 7.7 billion in 2020 to 8.6 billion, 9.8 billion, and 11.2 billion by 2030, 2050, and 2100, respectively, with the addition of nearly 83 million people every year. The rising public preference for shopping from online channels over conventional retail stores is fueling the surge in the retail e-commerce business, thereby propelling the market to new heights.
China is witnessing a sharp surge in e-commerce sales, because of the rising public preference for online shopping, owing to the availability of a diverse range of products at affordable prices on digital platforms. The players operating in the retail e-commerce packaging market are focusing on collaborations and partnerships in order to strengthen their position in the industry. For example, Smurfit Kappa Group Plc entered into a partnership with World Wildlife Fund Colombia in August 2020 to improve forestry conservation efforts and expand, protect, and restore ecosystems and forests.
Hence, it can be safely said that the market will register rapid expansion in the coming years, mainly because of the surging popularity of online shopping, owing to the increasing internet penetration and changing buying patterns of people all over the world.
Read More: https://www.psmarketresearch.com/market-analysis/retail-e-commerce-packaging-market-analysis
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