The global packaging market, valued at $ 589.9 billion in 2015, will reach $ 770.5 billion by 2020, with an annual growth rate (CAGR) of 5.6%.
The demand for packaging is increasing due to changes in global consumer behavior as a result of a growing middle class as well as an aging population. Consumers today are looking for the three main qualities in their packaging products, especially when it comes to food packaging: convenience, ease of use and ease of transportation. Retailers are looking for similar quality, in addition to packaging is longer shelf life. With greater demand there will be greater market opportunities and with the highly competitive context of suppliers, the global packaging market is poised to experience steady growth over the next five years. The market is expected to accelerate steadily over the next few years, with growth of nearly $ 165 billion.
Global packaging market size has a potential growth of $ 278.59 billion over the period 2019-2023.
The size of the packaging market has a growth potential of $ 278.59 billion over the 2019-2023 period, and the market’s momentum will accelerate during the forecast period because of the steady growth this year. another year.
Some of the key findings from the Technavio Packaging Market Forecast Report are summarized below
Overview of the global packaging industry
Digital printing is expected to gain momentum in the global packaging market because of the increase between different brands. Digital printing allows brands to custom print graphics on their products to make them appealing to consumers. It also brings innovation and creates value to their products helping companies build brand loyalty and customize their marketing efforts. In addition, a number of suppliers in the market are also developing digital printing technology solutions that deliver highly reflective metallic effects and endless design possibilities for corrugated carton applications. The growing demand for digital printing packaging between brands is expected to spur the growth of the global packaging market size with an annual growth rate (CAGR) of nearly 6%.
In addition, the increasing adoption of reusable packaging will also contribute to the growth of the global packaging market. Concerns about the reduction in use of plastic packaging have led to an increase in demand for reusable packaging. Some of the world’s largest brands are introducing reusable packaging to reduce the use of disposable plastic. Furthermore, several food and beverage companies have announced plans to offer their products through a subscription service with all reusable packaging products available. Such initiatives by the end-user industry will have a positive impact on the growth of the packaging market size during the forecast period