Smithers latest market report, ‘The Future of Global Packaging to 2024’ forecasts the global packaging market value will increase from $917 billion in 2019 to $1.05 trillion by 2024, with a CAGR of 2.8%. Asia is the largest market of world packaging consumption, followed by North America and Western Europe.
Smithers’ analysis for ‘The Future of Global Packaging to 2024’ identifies
the following major trends for the global packaging market over the next five years:
- There will be a continued focus on sustainability and environmental issues, particularly in Western Europe. Non-recyclable plastics packaging consumption is under pressure. This will lead to an appetite for more easily recyclable and sustainable packaging materials – such as paper and board, recycled PET (rPET), and bioplastics – as well as, a reduction in excessive secondary packaging.
- Rising real incomes in Asia and other developing regions will see more spending on packaged products, including food, luxury products and cosmetics.
- Flexible packaging will continue to replace traditional packaging. High-barrier films and retort stand-up pouches will challenge rigid pack formats, such as metal tins and glass jars, for a wide range of food products.
- Consumer concern for health and wellness will impact the market, with healthcare packaging market value growing ahead of pharmaceutical consumption. This is attributable to growing demand for convenience and security, including child-resistant closures and tamper evidence features.
- Consumer demand for convenience in food will see an increased consumption of microwavable ready meals, more portable packaging, packaging for on-the-go consumption, and convenience features, such as easy-open and reseal components.