The global packaging industry has witnessed a significant transformation over the last few decades and several emerging packaging trends are expected to have huge impact on the global packaging industry growth in 2019. 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.
Global Packaging Industry Analysis 2019
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.
Technavio has been closely monitoring the latest emerging packaging trends to create an in-depth portfolio of packaging market research reports. These reports help our clients identify opportunities within the market and develop effective strategies to optimize their market positions. Take a look at Technavio’s Packaging Industry Research Library and download your free sample report today.
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Top Packaging Trends in 2019
Packaging Material is Getting Greener
Consumers are getting more and more sensitive to the environmental implications of packaging. Therefore, brands and manufacturers are continuously looking for ways to improve their packaging materials and make an impression in the minds of their customers. Green packaging is one small step towards not only improving the overall brand image but also eco-friendliness. The emergence of bio-based and renewable raw materials along with the adoption of compostable materials have furthered the demand for green packaging solutions as one of the top packaging trends to watch out in 2019. According the latest market research report from Technavio, the global green packaging market size will grow by USD 95.28 billion from 2018 to 2022, registering a CAGR of over 8% during the forecast period.
Luxury Packaging is Driven by the Millennials
The increasing disposable income of millennials coupled with growing urbanization globally have led to the rising demand of luxury packaging for consumer goods. Millennials in urban areas typically spend more on almost all categories of consumer goods and services than consumers in non-urban areas. This is resulting in increased demand for premium, aesthetic, functional, and convenient packaging. Luxury packaging becomes essential for packaging of premium consumer goods such as shampoos, conditioners, lipstick, body creams, face creams, and soaps. This packaging improves the aesthetic appeal of the product to attract millennial customers. This is inducing businesses to focus on developing premium and innovative packaging solutions to make the products more luxurious. According to Technavio’s market research, the global luxury packaging market will register a revenue of more than USD 19 billion by 2021.
The Demand of E-commerce Packaging is Soaring
The growth of the global e-commerce market is boosting the packaging demand around the world, which is another one of the major packaging trends throughout 2019. The convenience of online shopping and the rise in the penetration of Internet services especially in the developing countries such as India, China, Brazil, Mexico, and South Africa, has induced customers to use online shopping platforms. With the growing popularity of online sales, the demand for packaging products for the safe shipment of products also increases considerably. This compels online retailers and e-commerce companies to use different types of corrugated boxes and implement new techniques. Techanvio’s latest market research forecasts that the global packaging market for the e-commerce sector will register a CAGR greater than 8% by 2022
Flexible Packaging Continues to Grow Fast
Flexible packaging market continues to be one of the fastest growing segments in the global packaging industry. Flexible packaging is also one of the top packaging trends that more and more brands and manufacturers will start to adopt in 2019, due to its premium quality, cost-effectiveness, convenience, practicality and sustainability. Consumers increasingly prefer such packaging which requires minimum time and effort to open, carry, and store such as zippers reclosure, tear notches, peel-off lids, hang hole features, and microwavable pouches. Flexible packaging provides convenience to the consumer while ensuring product safety. Currently, food and beverage market is the largest end-user for flexible packaging, but the demand of flexible packaging in pharmaceuticals and cosmetics industries is expected to have a significant growth throughout 2019.