Smithers Foresees Four Trends Shaping Packaging Between 2018 and 2028 the global packaging mar- ket is set to expand by almost 3 percent per annum, reaching over $1.2 trillion, according to research by Smithers in The Future of Packaging: Long-Term Strategic Forecast to 2028 . The global packaging market has increased by 6.8 percent from 2013 to 2018. Most of this growth has come from less devel- oped markets, as more consumers move to urban locations and subsequently adopting westernised lifestyles. This has boosted a demand for packaged goods, which worldwide has been accelerated by the e-commerce industry. Many drivers are having a significant influence on the global packaging industry.The four key trends, ac- cording to Smithers, that will play out across the next decade, include: Economic and demographic growth General expansion in the global economy is ex- pected 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 between the United States and China. In general however, incomes are expected to rise, increasing consumer income for spending on packaged goods. The report, just recently issued, does not take into consideration the recent economic fallout from the Coronavirus pandemic. The global population will expand and especially in key emerging markets, like China and India, the rate of urbanization will continue to grow.This translates into increase consumer incomes for spending on consum- er 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. Rising life expectancy will lead to an aging of the population — especially in key developed markets, like Japan — will increase demand for healthcare and pharmaceutical products. Simultaneously there is a need for easy opening solutions and packaging adapt- ed to the needs of elders. Another key phenomenon of 21st century living has been the rise in number of single-person households; this is pushing demand for goods packaged in smaller portion sizes; as well as more convenience like reaseal- ability or microwavable packaging. Sustainability Concern over the environmental impact of prod- (Cont’d on Page 10)
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6 March 30, 2020 Flexo Market News
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