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 February 2023:
- The Global Packaging Market is expected to register a CAGR of 3.94% during the forecast period of 2022-2027. The global packaging business has experienced consistent growth over the last decade due to substrate choice changes, expansion of new markets, and changing ownership dynamics. (Source)
- The Packaging Industry in the United States was valued at USD 184.65 Billion in 2021, and it is expected to reach USD 218.12 Billion by 2027. (Source)
- The flexible packaging market is forecasted to grow by $54.42 bn during 2022-2027, accelerating at a CAGR of 4.82% during the forecast period. (Source)
- The global sustainable packaging market is expected to expand at a CAGR of 8.5% during the forecast period of 2023 to 2031. (Source)
Here are some other trends and insights to keep in mind for 2020:
One of the most important of these trends is smart packaging. This movement integrates digital technologies like Internet of Things (IoT) sensors into product packaging solutions. This serves many purposes for consumers and companies.
Built-in RFID tags or location sensors are some of the most useful examples. Supply chain leaders rank visibility as their top priority today, but many organizations still rely on manual inventory tracking methods. Packages with built-in systems that transmit their location and other data offer a solution, so they’ll see increasing adoption in 2023.
Some packages, like poly mailers, can use 100% recycled materials to help offset their environmental impact. In other cases, businesses may look for novel packaging materials to move away from plastic and paper entirely. Reducing consumption by finding more resource-efficient ways to protect products in shipment will also help.
This trend will go beyond the packages themselves. Factories that make boxes will have to meet higher environmental standards, driving a push for renewable energy and more efficient workflows.
A less severe packaging industry trend to take note of in 2023 is a growing preference for minimalism. Streamlined, calming and elegant designs are becoming increasingly popular as a break from loud colors and saturated imagery, so more packages and labels will reflect that. In a crowded market, customers may also appreciate branding that’s more direct about what it is.
This trend may prove useful to businesses, too, as it lets them appeal to modern audiences while minimizing expenses. Minimalist packaging uses less material and ink, so companies may lean into this movement further to enable lower spending.