[DA] Smithers predicts the global packaging market to reach $1.05 trillion by 2024

There will be a growth in the packaging market worldwide over the next 5 years as the packaging market is influenced by technological and business developments driving expansion on a global scale.

Smithers’ latest market report, ‘The Future of Global Packaging to 2024’, predicts that the global packaging market value will increase from $917 billion in 2019 to $1.05 trillion by 2024, at a compound annual growth rate (CAGR) of 2.8%. Asia is the largest market for global packaging consumption, followed by North America and Western Europe.

Smithers’ analysis for ‘The Future of Global Packaging to 2024’ identifies the following key 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. The consumption of non-recyclable plastic packaging is under pressure. This will lead to a demand 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 lead to increased consumption of packaged products, including food, luxury goods and cosmetics.
Flexible packaging will continue to replace traditional packaging. High barrier films and retort pouches will challenge rigid packaging formats such as metal cans and glass containers for a wide range of food products.
Consumer concern for health and wellness will impact the market, with growth in market value for healthcare packaging ahead of pharmaceutical consumption. This is due to increasing demand for convenience and security, including child-resistant closures and proof of tampering.
Consumer demands for convenience in food will lead to increased consumption of microwave-ready meals, more portable packaging, packaging for on-the-go consumption and convenience features such as easy opening and resealable components.

Smithers’ latest report, ‘The Future of Global Packaging to 2024’, provides expert insight into the evolution of packaging market trends, with a comprehensive dataset for 2014-2019 and forecasts for 2020-2024.

Data is broken down by packaging material, application area and geographic market, with specific analysis of seven world regions and nearly fifty national packaging markets, in over 700 data tables and figures. This builds a comprehensive strategic picture of current and future demand in the global packaging market.

This article was written by Smithers, see the original at:
https://www.smithers.com/resources/2020/mar/smithers-forecasts-global-packaging-market-to-grow