A high level overview of the global packaging market including market value estimations and the top ten disruptive trends.
The global packaging market is set to reach over $1 trillion by 2021, according to a Smithers Pira study. Much of this growth is arising from developing regions such as the Middle East, North Africa and parts South America, at an annual growth rate of 5–7% until the end of the decade. Assuming a global population of 7.50 billion people in 2016, each individual consumes, on average, $115 of packaging per year.
Top 10 disruptive trends that are changing the packaging market landscape
Greater connectivity with consumers - Big Data trend to deliver individualized promotions
Premiumisation via packaging
Improving recyclability – especially for plastics and de-inking paper substrates
Optimizing packs for eCommerce
Adjusting to dimension weighting
The rise of sustainable materials
Greater customization of packs for promotional campaigns
Design for optimal in store location
Globalization - Need for packaging from global brands to adapt to multiple local preferences
Engaging consumers in anti-counterfeiting - increased use of smart devices to enable consumers to verify products bought by them
Source: Smithers Pira (2018). Marketing value estimations for packaging in 2020.