Disruptive forces and changing brand owner and consumer priorities will help drive innovation in packaging across 2017-2027 according to the latest exclusive research from Smithers.
Using an extensive survey of leading industry opinion formers Smithers has identified and analysed the ten most significant forces on the packaging industry in the next decade. The results of this study are presented and analysed in depth in the Smithers technical report - Ten-year Forecast in Disruptive Forces in Packaging to 2027.
Globally, the packaging market was valued at around $866 billion in 2016, with a compound annual growth rate (CAGR) of just over 4% since 2010 – and developing regions, such as the Middle East, North Africa and parts of South America, growing more rapidly at 5–7% through to the end of the decade. It is set to reach over $1 trillion by 2021.
Ensuring future success will depend on capitalising on emergent technologies and responding to new brand and consumer demands within a rapidly evolving retail landscape. The top ten trends identified by Smithers are:
These trends will both complement and compete with each other across the study time period. They will also all see phased introductions with the essentially technologies for several already in place.
"Considering the drive to customisation led by a new generation of digital print equipment, consumer responsiveness to one-off and seasonal product editions can be a strong factor in increasing sales, as has been well documented in the drinks industry: the ‘Share a Coke’ campaign increased sales by just over 2% in the first year and was the spark for millions of social media hits and texts and photos."