Using an extensive survey of leading industry opinion formers, Smithers has identified and analyzed the 10 most significant forces on the packaging industry in the next decade. The results of this study are presented and analyzed in-depth in the latest Smithers Pira technical report Ten-year forecast in Disruptive Forces in Packaging to 2027 [http://www.smitherspira.com/industry-market-reports/packaging/ten-year-forecast-of-disruptive-forces-in-packagin].
Globally, the packaging market was valued at around $866 billion in 2016, with a compound annual growth rate (CAGR) of just over 4% since 2010 – and developing regions, such as the Middle East, North Africa and parts of South America, growing more rapidly at 5–7% through to the end of the decade. It is set to reach over $1 trillion by 2021.
Ensuring future success will depend on capitalizing on emergent technologies and responding to new brand and consumer demands within a rapidly evolving retail landscape. The top 10 trends identified by Smithers Pira are:
- Greater connectivity with consumers – with packaging forming the physical bridge to online interaction
- Packaging premiumization
- Meeting tighter brand corporate sustainability targets
- Designing packs for e-commerce
- Adjusting transit packaging to dimension (DIM) weighting
- Integrating the latest generation of sustainable packaging materials
- Customization and co-creation of packaging
- Designing packs for optimal in-store location
- Adapting global brand packaging for transition market opportunities
- Engaging consumers in anti-counterfeiting.
These trends will both complement and compete with each other across the study time period. They will also all see phased introductions with the essential technologies for several already in place.
Considering the drive to customization led by a new generation of digital print equipment, report author Simon Ford says, "Consumer responsiveness to one-off and seasonal product editions can be a strong factor in increasing sales, as has been well documented in the drinks industry: the ‘Share a Coke’ campaign increased sales by just over 2% in the first year and was the spark for millions of social media hits and texts and photos.
"The same has been done in the beer market, a trend that began in the US with NFL-themed beer cans. The idea is to provide consumers with a customized, personalized experience, or at least the perception of one."