What is driving the rise of the global packaging market

In 2019, the total global value of packaging will reach $917 billion, and demand is growing at a steady rate of 2.8% per year and is expected to reach $1.05 trillion by 2024. Rising incomes, population growth and increasing urbanisation are some of the key growth drivers for the global packaging market, according to a new study, The Future of Global Packaging to 2024, by authoritative US research organisation Smithers Pira.

For packaging suppliers in developed markets, particularly in parts of Western Europe, sustainability, recycling, excessive packaging and a ban on single-use plastic packaging are key issues. Increasing consumer concern for the environment is driving demand for renewable packaging and degradable plastic packaging. Simplifying the collection and recycling of waste packaging, and the public's aversion to excessive packaging, renewable packaging and biodegradable plastic packaging will become increasingly important.

Global and regional consumption trends

At current prices, world packaging consumption increased from $860.714 billion in 2014 to $891.212 billion in 2018, representing a compound annual growth rate of 0.9 percent. It is projected to grow at a compound annual rate of 2.8 percent to $1,053.706 billion through 2024. The following chart shows the proportion of global packaging consumption in 2018: