Global packaging market to reach USD1.05 trillion in 2024

According to a latest market report released by Smithers, the global packaging market is estimated to reach a valuation of USD1.05 trillion by 2024.

18 Mar 2020 | By Aultrin Vijay

The report forecasts that the global packaging market value will increase with a CAGR of 2.8%

The Smithers’ report, The Future of Global Packaging to 2024, states that there will be an increase in growth in the global packaging market in the next five years, as the packaging market is influenced by the technical and business evolution, which is driving expansion globally.

The report forecasts that the global packaging market value will increase from USD917 billion in 2019 to USD1.05 trillion by 2024, with a compound annual growth rate (CAGR) of 2.8%. Asia is said to be the largest market of world packaging consumption, followed by North America and Western Europe.

The Smithers’ analysis has identified some major trends for the global packaging market over the next five years. The report found that there will be a continued focus on sustainability and environmental issues, particularly in Western Europe. It states that 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,” the report stated.

Moreover, rising real incomes in Asia and other developing regions will see more spending on packaged products, including food, luxury products and cosmetics.

According to the report, 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,” the report mentioned.

The report also elaborated on the consumer demand for convenience in food, which 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.

Smithers’ latest report claims to deliver expert insight into evolving packaging market trends, with a comprehensive data set for 2014–19 and forecasts for 2020–24.

Data is segmented by packaging material, end-use application and geographic market, with specific analysis on seven world regions and nearly 50 national packaging markets, in over 700 data tables and figures. This builds to create a comprehensive strategic picture of current and future demand in the global packaging market.