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Smithers Pira predicts US$1.1 trillion global packaging market by 2024

Healthcare packaging and packaging for other consumer goods will remain the fastest-growing segments.

Healthcare packaging and packaging for other consumer goods will remain the fastest-growing segments.
Healthcare packaging and packaging for other consumer goods will remain the fastest-growing segments.

Healthcare packaging and packaging for other consumer goods, including consumer electronics, pet food, home and garden care products, are to remain the fastest-growing market segments in packaging, both increasing by around 5% in value terms annually. Overall, the global market for packaging is forecast to reach US$1.1 trillion by 2024, growing at an average rate of 3.4% over the next decade.

That’s according to “The Future of Packaging—Long Term Strategic Forecasts to 2024,” from Smithers Pira, a global testing, consulting, and information services business focusing on packaging, paper, and print industry supply chains,

The major set of trends encouraging the global packaging market to develop (material substitution, added convenience, biodegradability, brand protection, premiumization and other) is relevant for most end-use product sectors. The producers of consumer goods are seeking lightweight packaging with improved barrier properties and enhanced sustainability features. However, each of the end-use product categories has its own specific trends that will have a major impact on the market value growth over the next 10 years.

The report analyzes key trends and drivers in the global packaging industry. It discusses the impact of demographic, economic and social influences on the world’s packaging markets. It highlights significant market trends in each end-use sector and describes innovative and value-added packaging that will shape the industry’s future up to 2024.

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