The global packaging peanut market is set to experience moderate growth over the next decade, with an estimated market size of USD 507.7 million in 2024. According to recent research by Future Market Insights (FMI), the market is expected to reach a valuation of USD 656.3 million by 2034, expanding at a compound annual growth rate (CAGR) of 2.6%.
Driven by the expanding e-commerce industry, which necessitates effective cushioning materials to safeguard products during transit. Consumer preference for environmentally friendly packaging alternatives has led to the development of biodegradable and recyclable packaging peanuts, further fueling market expansion. Additionally, advancements in material science have enabled the production of lightweight and cost-effective packaging peanuts, enhancing their adoption across various industries.
The rising awareness of the importance of damage-free delivery, coupled with stringent regulations regarding packaging waste, is also contributing to market growth. As businesses continue to prioritize customer satisfaction and eco-friendly practices, the packaging peanut market is expected to witness sustained growth over the forecast period.
“The need for protective and safe packaging for delivering the products with minimum shipping and labor cost and the rapidly growing e-commerce market are emerging as key factors expected to boost the packaging peanuts market. Also, growing popularity of the 100% recycled packaging peanuts will create a growth opportunity for the target market over the next ten years,” – says an FMI analyst
Regional Market Highlights:
- United States:
- The U.S. packaging peanut market is projected to register a CAGR of 1.4% over the forecast period. The rapid growth of eCommerce in the U.S. is a significant driver, as leading eCommerce platforms increasingly use void-fill packaging, such as packing peanuts, to protect products during transit. The density of prominent players and the demand for effective foam packaging solutions are also contributing to market expansion.
- Companies like FunPak, based in the United States, are leading the way with innovative, eco-friendly packing peanuts. FunPak’s compostable, non-toxic, and static-free packing peanuts, available in decorative shapes, are becoming popular for enhancing the unboxing experience.
Rise in Spending on Furniture & Home Décor Products Bolstering Demand for Packaging Peanuts
Nowadays, most people have upgraded their lifestyles and decorated their living spaces. People are earning more money and hence their spending capacity has also changed. Many brands have come up with home decor items in the market and consumers are now more interested in keeping their space lavish. So, the demand for house furnishing items or house decoration items is increasing. This in turn is creating high demand for packaging peanuts and the trend is expected to continue during the forecast period.
These days, online shopping has become the most followed trend, especially after the pandemic. Since people are busy with their work and may not have time for visiting, they are ordering decorative items from e-commerce websites such as Pepperfry, Amazon, etc. The manufacturer or supplier has to make sure that the product should reach safely to its destination without any damage. This is prompting them to use packaging solutions like packaging peanuts.
Who is Winning?
Storopack Hans Reichenecker Gmbh, Willard Packaging Company, Styro Insulations Mat. Ind. LLC., Nefab Group, Stream Peak International PTE Ltd., and Styro Insulations Mat. Ind. LLC are the key players operating in the packaging peanuts market. Also, some of the other noticeable players in the market include Test Valley Packaging, Pioneer Packaging, Puffy Stuff Inc., President Container Inc., AP Packaging Corp, and others.
Access Full Report: https://www.futuremarketinsights.com/reports/packaging-peanuts-market
Packaging Peanut Market by Categories
Categorization of Packing Peanut Industry by Material:
- Expanded Polystyrene
- Virgin
- Recycled
- Starch-based Polymers
Bifurcation of Packing Peanut Industry by Application:
- Cushioning
- Void Filling
Varied End Users of Packing Peanuts:
- Electrical and Electronics
- Automotive and Allied Industries
- Construction and Building
- Pharmaceuticals
- Furniture and Home Décor
- Other Consumer Goods
Different Markets for Packing Peanut are:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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