According to the market trend report of global packaging future in 2024 by Smithers analysts, by 2024, the value of the global packaging market is expected to increase from US $917 billion in 2019 to US $1.05 trillion, with a compound annual growth rate (CAGR) of 2.8%, of which the demand of the Asian market will continue to grow.
By 2024, the total packaging sales in Asia will increase from US $377.5 billion in 2019 to US $458.2 billion, with a CAGR of 4%.
The report points out that the increase in real income in Asia and other developing regions will lead to more spending on packaged products, including food, luxury goods and cosmetics,.
The report says that with continued attention to sustainability and environmental issues, growth will continue, especially in Western Europe.
In addition, reducing the pressure on non recyclable plastic packaging will lead to the demand for more easily recyclable and sustainable packaging materials, such as paper and paperboard, RPET, and bioplastics. It also predicts that the world will reduce excessive secondary packaging.
The report said that flexible packaging will continue to replace traditional packaging. The report points out that high barrier films and independent packaging bags will challenge the packaging forms of a range of foods such as metal cans and glass bottles.
The increasing attention of consumers to health and health care is emphasized as a further trend. The market value of health packaging is growing faster than drug consumption.
The report says this is due to the growing demand for convenience and security, including child safety sealing and tampering with evidence.
At the same time, consumers' demand for convenience food will mean an increase in the consumption of microwave ready to eat food, portable packaging, portable packaging and more convenience functions, such as easy to open and reseal components.
The report also points out that the greater demand for convenience is a key trend.
The report found that the continuous urbanization process in Asia is leading to a more busy lifestyle, because people spend less time at home because of longer working hours, longer commuting hours and more recreational activities.
Therefore, the report suggests that Asian consumers want more convenience when purchasing products and packaging. It added that this includes single service options, repeatable sealed packaging and microwave forms.
The report says these will continue to drive growth, and portability and reducing packaging are top priorities.
A further key trend in packaging is the potential of smart packaging in the Asian market, allowing manufacturers to communicate with consumers.
The report emphasizes how smart packaging communicates with consumers and provides information to consumers according to their ability to perceive, detect or record external or internal changes of products, or provide links to additional information through the Internet.
The report also said that smart packaging can also provide links to promotions, games or competitions according to the functions selected and set by the manufacturer.
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