Packaging is proving to be a safe haven for printers - witness the recent purchase of JacPak by IVE Group. According to Smithers, over the next five years to 2028, the global packaging market is forecast to grow from USD$1.17 trillion to USD$1.42 trillion. Globally, the packaging market is forecast to expand at a compound annual growth rate (CAGR) of 3.9% over the next five years.
Asia is the largest market accounting for USD$470 billion of world packaging sales in 2023. North America is in second place accounting for USD$270 billion of world packaging sales, ahead of Western Europe with USD$234 billion. The emerging and developing regions of Eastern Europe, South & Central America, the Middle East and Africa each account for a relatively small share of packaging sales at present.
Flexible plastics will be the material type with the highest CAGR: 5.1% for 2023–28. This is despite the emerging trend back to paper for use in flexible packaging.
Consumer behaviour driving change
The increasing global demand for more and better packaging is examined in depth in this definitive Smithers flagship report. Pooling Smithers research and expertise from across this diverse and changing industry, the report examines the latest changes in consumer behaviour and their impact on packaging demand. It analyses the fastest growing end uses and the trends that are driving this acceleration; as well as the impact of global issues – such as challenging economic conditions and supply chain disruptions. Global forecasts are combined with profiles for 50 national markets, supported by granular value and volume data divided by end-use, material type, region and country.
The Smithers report highlights:
- How and when the industry will respond to key pressures, such as tighter sustainability targets and raw material prices, and the commercial implications
The current and future demand for packaging in 17 major and 33 minor national markets globally across 2023–2028
The technical and business evolution that is driving expansion within packaging (such as increased use of inkjet digital presses), and how these influences will develop within a global dimension.
The Smithers methodology
This report is based on extensive primary and secondary research. Primary research consisted of targeted interviews with material suppliers, converters and experts drawn from key markets. This was supported by secondary research in the form of extensive literature analysis of published data, official government statistics, domestic and international trade organisation data, company websites, industry reports, trade press articles, presentations, and attendance at trade events.