Global Transit Packaging A $148 billion Industry by 2024
01 Mar 2019
More good news for the packaging sector, as a recent report has found that the global transit market is projected to reach revenues of approximately $148 billion by 2024. Many industries that have struggled post 2008 are now consistently starting to show growth across the globe. This growth is now starting to drive demand within the global transit packaging market.
What is driving this growth?
Ever increasing demand, coupled with a rise in global investment within industries such as retail and manufacturing have all started to drive demand within a variety of transit packaging products. Countries and organisations across the globe have also continued to quickly implement stringent environmental regulations and laws in order to combat climate change. All of these factors have caused demand for returnable and reusable packaging to rise.
The report also found a strong correlation between the demand for packaging and the growth in end-user industries such as food & beverages, retail, electrical & electronics and industrial goods. Continued growth in end user industries, in areas such as Europe and North America, is also set drive revenues within the global market, at a CAGR of more than 3% during 2018-2024.
The rise in technology that is being adopted across the globe, specifically within the ecommerce market, has also had a significant impact on the global packaging market. Although part of the retail market, the growth within this specific industry has added additional need for packaging goods such as wooden pallets. The online market has provided further opportunity for market growth and greater product diversification.
What does this mean for the transit packaging market?
Obviously, these impressive revenue figures and further diversification within the market are great news for the pallet industry. The rise and shift in demand for durable, hygienic and reusable packaging will only allow for more growth opportunity for local, regional and international businesses.
Whilst the major players within the global transit packaging market have started to adopt strategies such as mergers and acquisitions to expand their reach, there is also encouraging news for smaller, local producers. One area that we found interesting in this report, was the success of local and regional vendors in penetrating different markets. This success has forced some of the global transit companies to adopt different strategic approaches.
For more information and detailed analysis you can download the full report, here.