Business intelligence firm Smithers has released a report, entitled The Future of Global Packaging to 2028, which examines the latest changes in consumer behaviour and their impact on packaging demand.
The report analyses the fastest growing end uses and the trends that are driving this acceleration; as well as the impact of global issues – such as challenging economic conditions and supply chain disruptions. Global forecasts are combined with profiles for 50 national markets, supported by granular value and volume data divided by end-use, material type, region and country.
The exclusive content in the report reveals that:
- Asia is the largest market accounting for $470 billion of world packaging sales in 2023
- North America is in second place accounting for $270 billion of world packaging sales, ahead of Western Europe with $234 billion
- The emerging and developing regions of Eastern Europe, South & Central America, the Middle East and Africa each account for a relatively small share of packaging sales at present.
The Future of Global Packaging to 2028 will help readers discover:
- How and when the industry will respond to key pressures, such as tighter sustainability targets and raw material prices, and the commercial implications
- The current and future demand for packaging in 17 major and 33 minor national markets globally across 2023–2028
- The technical and business evolution that is driving expansion within packaging and how these influences will develop within a global dimension.
The report indicates that:
- Over the five years to 2028, the global packaging market is forecast to grow from $1.17 trillion to $1.42 trillion
- Globally, the packaging market is forecast to expand at a compound annual growth rate (CAGR) of 3.9% over the next five years
- Flexible plastics will be the material type with the highest CAGR: 5.1% for 2023–28.
To purchase and download The Future of Global Packaging to 2028 click here.