Global packaging consumption to reach $980.4 billion by 2022

Global packaging consumption to reach $980.4 billion by 2022
The Future of Global Packaging to 2022 provides a detailed five year forecast of the global packaging market. Based on expert research and analysis, this report contains more than 300 tables and figures revealing essential industry trends and information.
 
According to this report, sales of packaging are concentrated in Asia, which accounted for 42.1% of the total in value terms in 2016. North America and Western Europe totalled shares of 24.3% and 18.4% respectively. The emerging and developing regions of Eastern Europe, South and Central America, the Middle East and Africa each account for a small share of packaging consumption at present. According to the report, Asia is forecast to grow packaging consumption at the fastest rate, led by China and India. The Middle East, Africa and Eastern Europe are also forecast to grow packaging consumption faster than the world market value rate over the five-year period to 2022.
 
The report explores the numerous reasons for this expected growth in the world packaging market, including technical developments, cost per package, sustainability initiatives and the growth of the consumer class.
 
The growth of the global packaging industry is being driven by a number of trends, depending on various geographical regions. Emerging and developing countries are forecast to contribute just over 70% of world packaging consumption growth during 2017-2022.
 
Asia is forecast to grow packaging consumption at the fastest rate, led by China and India. This is largely attributable to growing populations, rising disposable incomes, and a transition from traditional markets to the purchasing of packaged consumerist goods, especially in the food segment. China alone is forecast to represent almost 48% of world packaging consumption growth through to 2022, with India accounting for a further 8.5%. Improvements in retail infrastructure and could chain distribution systems across Asia are providing further impetus to paperboard packaging consumption. Due to the rise in plastics demand from China and India, foreign investment is being attracted to Africa.
 
The decision by the UK to leave the European Union has led to economic uncertainty and could have negative economic consequences for both the UK and other EU countries. Overall, economic activity remains resilient in North America, supported by still-easy financial conditions and strengthening housing and labour markets. A modest recovery in economic performance is underway in Central and South America, whereas the Venezuela economy is forecast to contract even further following continued political unrest.
 
According to The Future of Global Packaging to 2022, all end-use sectors registered growth in value terms and the report gives a comprehensive insight into the key drivers and trends affecting the global packaging industry.
 

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