AKRON, OH—A triad of complementary market analyses, issued by Smithers in late 2021, links continuous innovation, automation, productivity, connectivity and sustainability to packaging’s dominance among print applications; its prolonged and attractive growth curve in the coming decade and the latest disruptive technologies that will forge its destiny.
Each report distinguishes between printed and non-printed packaging, as well as other print classifications. By title, the studies are: The Future of Global Packaging to 2026, The Future of Global Print to 2026 and 10-Year Forecast of Disruptive Technologies in Print.
Packaging Projections
According to Smithers, the world packaging market experienced solid growth in 2021, following a slowdown witnessed in 2020 as multiple end-use industries were disrupted by COVID-19. The big news: “Total value will pass a historic landmark and reach $1.01 trillion in 2021!”
Study author David Platt forecasts, “Having seen 4.8 percent growth over 2020-2021, there will be a return to a steady compound annual growth rate (CAGR) of 3.9 percent for 2021-2026. This will yield a total market value of $1.22 trillion in 2026, at constant prices.”
Platt, who has authored more than 50 market reports for Smithers on subjects including global packaging, rigid plastic packaging, PET packaging, flexible packaging, bioplastics, specialty plastics, high-performance packaging film and pouches, further observes, “China remains the largest national market worldwide, worth $256 billion alone in 2021. It will also be the fastest growing through to 2026, furthering its dominant position. This is ahead of the US worth $197.2 billion in 2021, Japan $53.2 billion, India $48.2 billion and Germany $39.3 billion.”
The analyst maintains, “Globally, paperboard packaging—corrugated, folding cartons and liquid packaging board—is forecast to grow sales at the fastest rate over the next five years. This is attributable to several factors, particularly a growing preference for fiber-based packaging aligning with brand owner sustainability goals and legislation focused on the transition toward circular economy models.”
Paperboard packaging, especially corrugated board, has benefitted from the surge in e-commerce sales during the pandemic. Platt says, “As this translates into a more enduring shift in consumer purchasing patterns, it will underpin additional growth through the 2020s. Simultaneously, folding carton use will increase in four sectors: luxury items, pharmaceuticals, beverages and retail food carryout formats.”
Data collected portends that, “The second-fastest-growing material segments will be rigid and flexible plastics.” Platt explains, “While these are often viewed as the least sustainable packaging types, both will benefit from design innovation and a raft of new recycling technologies—both mechanical and chemical—over the five-year Smithers forecast period. They will also continue to prove popular in developing markets, where they present convenient, effective, low-cost solutions as consumers transition to buying more packaged goods.”
Other report highlights follow:
- Glass, metal, other packaging and flexible papers are forecast to grow at lower rates than the global average
- Flexible foil consumption is forecast to decline, as formats like multi-layer laminates are replaced by mono-material barrier plastics
- Industrial/transit remains the largest packaging end-use application, accounting for 41.6 percent of world sales in 2020. In industrial formats, intermediate bulk container (IBC) sales are predicted to grow at the fastest rate, complemented by increased demand for plastic and steel drums due to their durability and reusability
- Food follows with 29.6 percent and beverages with 13.9 percent
- Health care is forecast to grow packaging sales at the fastest rate, followed by food and then beverages