Rising incomes, growing populations, rising urbanization are some of the key growth drivers for the global packaging market, according to, The Future of Global Packaging to 2024
, a new study from Smithers.
In 2019, packaging will reach a total global value of $917 billion with demand growing steadily at 2.8% yearly to reach $1.05 trillion in 2024.
World packaging consumption, at current prices, increased from $860,714 million in 2014 to $891,212 million in 2018, a CAGR of 0.9%. It is projected to grow 2.9% to $917,104 million by 2019, and at a CAGR rate of 2.8% to $1,053,706 million through 2024.
North America is second-largest market, accounting for 22.6% of world packaging consumption in 2018. North America follows Asia, the largest market, which accounts for 40.6%.
Download the infographic to discover value and volume trends for North America, broken down by the three main markets: Canada, Mexico, and the US.