From 2013 to 2014 the global packaging market grew at a rate of 2.8% resulting in 2014 revenue of $812 billion. Current projections estimate the global packaging market will grow at a CAGR between 5.1% and 5.6% through 2020, moving the total market beyond the $1 trillion mark. Rigid plastics and Flexible plastics are projected to have the most growth, while the overall share of glass, paperboard, and metal are showing a declining share through 2020.
Asia is expected to dominate the global share of packaging, followed by North America and Western Europe (even though other parts of the world are expected to have higher growth than both Western Europe and North America. Combined these three regions will still make up over 80% of the global packaging market by 2020.
With the continued efforts to make packaging more environmentally friendly, promote less food waste, lower overall costs and adapt to trends in e-commerce, the following trends can be expected:
The next decade will usher in continued change in both consumer and transport packaging. The challenging demands in the area of sustainability, cost reduction, ad improved performance with less material will continue to drive the use of market research in providing companies with the insight to compete and grow in the global packaging industry.
Priority Metrics Group principals draw on over 60 years of packaging industry experience to provide unparalleled insight into all of our packaging projects. Our projects have focused on packaging technologies (thermoforming, blow molding, injection molding, extrusion, converting, printing, etc.), markets (consumer, transport, e-commerce, retail, industrial, glass, etc.), substrate (paper, flexible plastic, paperboard, molded pulp, rigid plastic, metal, foam, molded plastics, etc.), or application (aseptic, retort, barrier, thermal, active/smart, etc.). Our deep knowledge of packaging makes PMG the choice for your packaging related research.
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