Smithers forecasts packaging in Asia to reach $458.2 billion in 2024

LEATHERHEAD, Surrey, UK and AKRON, Ohio, USA – 13 March 2020 – There will be a moderate increase in growth for packaging in Asia across the next five years. Asia is now the largest regional market for packaging and the key growth market for the packaging market globally. As such its diverse and rapidly evolving market space presents unique challenges for packaging designers, converters and material suppliers.

Smithers latest market report, ‘The Future of Packaging in Asia to 2024’ forecasts the total sales of packaging in Asia value to increase from $377.5 billion in 2019 to $458.2 billion by 2024, with a compound annual growth rate (CAGR) of 4.0%.

Currently, demand for packaging, in general, is expanding. These changes are being driven by consumer and demographic changes, economic climates and continued innovations in the area.

Smithers’ analysis for ‘The Future of Packaging in Asia to 2024’ identifies the following major trends for packaging in Asia over the next five years:

  • Continued urbanization is leading to busier lifestyles for all, as longer workdays, longer commutes and more recreational activities lead to less time in the home. Consumers want more convenience when it comes to products – including the packaging they come in. This includes single-serve options, resealable packs and microwavable formats. Through to 2024, these will continue to drive growth, with portability and reduced packaging being top priorities.
  • With the continued uptake of smart devices, manufacturers have started to research and develop intelligent packaging, allowing them to communicate with and influence the consumer. Intelligent packaging can communicate with consumers, giving them information based on its ability to sense, detect or record external or internal changes to a product, or to provide a link to additional information via the Internet. It can also provide links to promotions, games or competitions, depending on the function selected and set up by the manufacturer.
  • Sustainability is a growing concern for consumers, brands, and industry. Brand owners and packaging designers have several routes to respond to this, including down-gauging, improving recyclability, and using more bio-based materials.
  • Consumers are becoming more health-conscious. These concerns are driving consumers to purchase more fruit and vegetables, supplements and additive-free products. This increase in demand is, in turn, increasing the requirement for packaging, as more consumers want the convenience of pre-packaged items without additives.

 

Smithers latest report, ‘The Future of Packaging in Asia to 2024’ provides quantitative market data and analysis of evolution in the Asian packaging landscape with analysis of local and global market drivers and trends.

 

Authoritative market data is segmented by packaging material type, end-use application, and across the twelve leading national markets within the region. This includes comprehensive historic and forecast data from 2014 to 2024.