Jamie Matusow, Editor-in-Chief04.28.16
Over the next five years, Asian regions will drive the growth in global packaging, according to a new report from Smithers Pira. “The Future of Global Packaging to 2020,” provides an extensive overview of the packaging industry in 17 major and 33 smaller markets, and looks at current market sizes, market and technology trends and forecast demand over the next five years.
Just as packaging is an essential item in developed markets, it is also becoming prominent in emerging markets. The market for global packaging reached $812 billion in 2014, with an annual growth rate of 4.2% over the period 2010–14, and is expected to top out at $998 billion by 2020, driven by Asia and Western and Eastern Europe.
“Following the financial crisis of 2008-9 that caused a significant decline in global sales of packaging, the market has picked up somewhat in recent years, although it does face continued challenges,” says Paul Boyce, co-author of the report.
Boyce adds: “Continued urbanization, growth in cost per package, sustainability and the growth in the consumer class in emerging markets are all factors that are forecast to drive value growth going forward.”
Asia accounted for the largest share of the packaging market in 2014, followed by North America and Western Europe.
Flexible plastic packaging was the fastest growing market globally in 2014, followed by rigid plastic packaging and board packaging. Flexible plastic packaging is predicted to continue as the fastest growing segment.
Just as packaging is an essential item in developed markets, it is also becoming prominent in emerging markets. The market for global packaging reached $812 billion in 2014, with an annual growth rate of 4.2% over the period 2010–14, and is expected to top out at $998 billion by 2020, driven by Asia and Western and Eastern Europe.
“Following the financial crisis of 2008-9 that caused a significant decline in global sales of packaging, the market has picked up somewhat in recent years, although it does face continued challenges,” says Paul Boyce, co-author of the report.
Boyce adds: “Continued urbanization, growth in cost per package, sustainability and the growth in the consumer class in emerging markets are all factors that are forecast to drive value growth going forward.”
Asia accounted for the largest share of the packaging market in 2014, followed by North America and Western Europe.
Flexible plastic packaging was the fastest growing market globally in 2014, followed by rigid plastic packaging and board packaging. Flexible plastic packaging is predicted to continue as the fastest growing segment.
