Packaging Industry 2023

Top insights for Packaging Markets:

The global packaging industry is expected to cross over US$ 1 Trillion by 2020 which is driven by growth of emerging industry consumers looking for safety and convenience of packaged goods, as well as consumer expectations in developed industry for safety, portability, convenience, and product freshness.

As a result of the various beneficial features that come with it, right from ease of handling, storage and convenience to being economic in terms of cost savings, flexible packaging has certainly paved a strong position for itself, and is seen as a key segment driving growth of the overall packaging industry world over.

Also, the sustainable packaging market alone is expected to grow from nearly US$225 billion in 2018 to over US$310 billion by 2024.

Focusing on the plastic packaging sector, it has been estimated that 95 % of the material value, translating into USD 90-120 billion, is lost to the economy annually after a typical short use cycle. Films, one of the key raw materials for plastic packaging, is currently a USD68bn market accounting for about 23% of the packaging market.

The global metal packaging market is anticipated to reach USD 141.88 Billion by 2022, with a CAGR of 2.9% from 2017 to 2022.

Global paper packaging demand growth averaged 6.9 million tonnes per year between 2014 and 2017, up substantially from the 5.0 million tonne average increase between 2008 and 2013.

As reported on BusinessWire website, the pharmaceutical packaging market which was USD 79 billion in 2018 is projected to register a CAGR of 6% between 2019 and 2024.

Overview per country:

• China: The Chinese packaging market was estimated at 604,751.9 million units in 2016, and should grow at a CAGR of 5.4% to reach 787,530.0 million units in 2021.
• India: With a turnover of $24.6 billion and a growth rate of 13% to 15% annually, the Indian packaging industry is expected to reach $32 billion by 2020. Demand for Packaging Paper & Board segment is expected to grow at a CAGR of 8.9% and reach 11.1 million tonnes in FY21 due to the rise of e-commerce, requirements of better quality packaging of FMCG products marketed through organized retail, increasing demand for consumer durables, and increasing preference for packaged food.

Top view datapoints for Packaging Markets:

• Paperboard and Packaging Paper Production in the World - 1961 to 2019
• Forecast [COVID-19 updated]: Paperboard and Packaging Paper Production in the World - 2019 to 2023
• Turnover of Packaging Services in the EU27 (2020) - 2011 to 2019
• Forecast: Turnover of Packaging Services in the EU27 (2020) - 2019 to 2023
• Plastic Packaging Goods Turnover in the EU27 (2020) - 2011 to 2019
• Forecast [COVID-19 updated]: Plastic Packaging Goods Turnover in the EU27 (2020) - 2019 to 2023