Revisiting Packaging Statistics
One of our most popular blogs to date is Packaging Statistics That Might Surprise You. We know that information is key, and the statistics that we have available in the packaging industry are valuable for decision making. Technology and data mining has made it possible to obtain more and more information every day.
Every few years we compile the global packaging market trends for market share by country, market share by type of packaging, packaging materials, industry market share and more.
Here are our key findings from April 2020:
- The Packaging Industry in United States was valued at USD 183.92 billion in 2019 and is expected to reach USD 218.36 billion by 2025 (Source)
- The market size, measured by revenue, of the Packaging & Labeling Services industry is $10.5bn in 2020 (Source)
- The Future of Business Models in Packaging to 2022 estimates the value for packaging services in 2017 is worth $33.7 billion, and by 2022 will be worth $50 billion, increasing at a compound annual growth rate of 9.5% (Source)
- The United States accounts for approximately $170 billion in the global packaging market. (Source)
Here are some other trends and insights to keep in mind for 2020:
Changing the way we view plastics
The paper and packaging board conducted a study that shows that 70% of consumers agree that packaging design can influence purchasing decisions. Digital printing has helped to expand this by making it possible to print endless types of designs on any material. The study also found that consumers also care about the products that are used for packaging (preferring paper over plastic), and the reusability of the packaging.
Digital printing makes it far easier to customize packaging and add personalization to products. This trend has been building for a few years, and it has a major industry impact in 2020. Many of the top product brands have explored personalized packaging and found a significant return on this innovative marketing investment. One report cites that 70% of marketers believe personalization has a strong or extremely strong impact on their customers.
Consumer Driven Approach
The global market for online retailing continues to grow rapidly, driven by penetration of the Internet and smartphones. Consumers are increasingly buying more goods online. This will continue to increase through to 2028 and will see an elevated demand for packaging solutions – especially corrugated board formats – that can safely ship goods through the more complex distribution channels.
Global & Economic Considerations
General expansion in the global economy is expected to continue over the next decade, boosted by growth in emerging consumer markets. There is the prospect for short-term disruptions from the impact of Brexit, and any heightening of tariffs wars between the US and China. In general however, incomes are expected to rise, increasing consumer income for spending on packaged goods. The global population will expand and especially in key emerging markets, like China and India, the rate of urbanisation will continue to grow. This translates into increase consumer incomes for spending on consumer goods, as well as exposure to modern retail channels and the aspiration among a strengthening middle class to engage with global brands and shopping habits.