China’s packaging industry will enter a key development period, namely golden development period to the multi-occurrence period of problems. The research on the latest global trend and the types of driving factors will have important strategic significance for the future trend of Chinese packaging industry.
According to previous research by Smithers in The Future of Packaging: A Long-term Strategic Forecast to 2028, the global packaging market will grow by nearly 3% annually to reach over $1.2 trillion by 2028.
From 2011 to 2021, the global packaging market grew by 7.1%, with most of this growth coming from countries such as China, India, etc. More and more consumers are choosing to migrate to urban areas and adopt modern lifestyles, thus boosting the demand for packaged goods. And the e-commerce industry has accelerated that demand globally.
A number of market drivers are having a significant impact on the global packaging industry. Four key trends that will emerge over the next few years:
According to the WTO, global consumers may be increasingly inclined to change their pre-pandemic shopping habits, leading to a strong rise in e-commerce delivery and other home delivery services. This translates into increased consumer spending on consumer goods, as well as access to modern retail channels and a growing middle class eager to access global brands and shopping habits. In the pandemi-plagued US, online sales of fresh food have grown dramatically compared to pre-pandemic levels in 2019, increasing by more than 200% between the first half of 2021, and sales of meat and vegetables by more than 400%. This has been accompanied by increased pressure on the packaging industry, as the economic downturn has made customers more price sensitive and packaging producers and processors struggle to win enough orders to keep their factories open.
Post time: Sep-30-2022