Today’s packaging plays a far more complex role than just making containers for products during the process of logistics, sales, and end use. It is now also one of the most essential elements in terms of product design, branding, marketing and user experience. As the global demand for packaging continues to grow and diversify, the packaging industry is likely to be more heavily influenced by consumer preferences, industry dynamics, environmental concerns and developments in technology and manufacturing equipment.
According to a recent packaging industry report from Technavio, the global packaging industry market size will grow close to USD 278.59 billion during 2019-2023, accelerating at a CAGR of nearly 6% during the forecast period. The growth in the global packaging market is mainly driven by the increasing demand from end-user sectors such as food and beverage, retail, and healthcare industries.
When it comes to geographic regions, the Asia Pacific has been leading the global packaging industry as one of the major revenue contributors, and its dominance is expected to be maintained during the forecast period. The growth of the packaging market in this region is mainly due to the rise in demand from the e-commerce retail industries in countries such as China, India, Australia, Singapore, Japan, and South Korea.
According to a recent packaging industry report from Technavio, the global packaging industry market size will grow close to USD 278.59 billion during 2019- 2023, accelerating at a CAGR of nearly 6% during the forecast period
This story is from the JANUARY - 2020 edition of Food & Beverages Processing.
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This story is from the JANUARY - 2020 edition of Food & Beverages Processing.
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