Packaging and printing industry is one of the important pillar industries of the national economy, which plays a very important role in solving employment and improving people’s livelihood. At present, the whole industry is undergoing profound changes. So, what is the development prospect of this industry in the next few years?
Global printing industry will experience digital subversion in the next decade
According to the latest report of Smithers, the future of printing in 2030, the total output in 2020 will reach 41.4 trillion sheets of A4 paper, down 13.4% compared with 2019. Global value dropped from $814.7 billion to $743.4 billion. Publishing, advertising and graphic applications are most affected, while packaging and label printing are more resilient. In 2021, if business activity returns to normal, the market will rebound slightly to US $752.8 billion; however, most of the trading volume lost in 2020 will not recover. As the market undergoes a profound redefinition, value growth will drive the market to US $846 billion by 2030. For printing service providers (PSPS), the economic impact of the pandemic will lead to a sharp decline in the number of operating sites, leading to bankruptcy, acquisition and merger. Smithers’ analysis shows that companies that survive have to adapt to new markets to remain competitive. This will bring new advantages to cost, responsiveness and digitization.
By 2024, the global packaging market will reach US $1.05 trillion
According to the latest market report of Smithers, the future of global packaging to 2024, the global packaging market value will increase from US $917 billion in 2019 to US $1.05 trillion in 2024, with a compound annual growth rate (CAGR) of 2.8%. Asia is the world’s largest market for packaging consumption, followed by North America and Western Europe. The global packaging market will continue to focus on sustainability and environmental issues, especially in Western Europe. Consumption of non recyclable plastic packaging is under pressure; real income in Asia and other developing regions is growing, and more spending on packaging products, including food, luxury and cosmetics, will be seen; flexible packaging will continue to replace traditional packaging; consumers’ health concerns will affect the market, and the market value of medical packaging will grow
By 2024, the Asian packaging market will reach US $458.2 billion
According to the latest market report “packaging future in Asia to 2024″, the total sales of Asian packaging will increase from US $377.5 billion in 2019 to US $458.2 billion by 2024, with a compound annual growth rate (CAGR) of 4.0%. At present, the overall demand for packaging is expanding. These changes are driven by consumer and demographic changes, the economic climate, and continued innovation in the region.
Post time: Jan-04-2021