Global industry insights specialist Smithers has released two new reports, updating its projections for packaging in the near-term and over the next decade.
Smithers’ The Future of E-commerce Packaging to 2025 study has found that consumption of e-commerce packaging will see the market value increase by around 40% in 2020 compared to 2019. Specifically, the global value for e-commerce packaging will reach $51.7 billion in 2020, as Covid-related lockdowns and shop closures have pushed more consumers online. This projection represents an increase of $14 billion compared to the $33.7 billion market value in 2019.
As consumer habits change, business models adapt and more retailers close physical stores, the demand for e-commerce packaging will continue to grow through to 2025 at an accelerated compound annual growth rate of 17 %. In 2025 this market will reach a value of $113.5 billion, over 10% of the total packaging market worldwide.
On the total packaging market worldwide, Smither’s second new report, The Future of Packaging: Long-term Strategic Forecasts to 2030, rates the impact of 30 trends on the packaging industry across the new decade. The headline figure is that whilst the total packaging market value sits at $859.9 billion in 2020, this will rise to $1.13 trillion over the next decade.
Smithers market analyst Georgy Cameron said, ‘In 2020, Covid-19 has had a severe impact on the global packaging market that we have not really seen before, even in the 2008 financial crisis. It has applied pressure across the whole supply chain affecting supply and demand. From 2021 onwards, we expect to see overall global packaging growth return to and continue to face the challenges that were there before the pandemic.’
Read more industry predictions for 2021 and beyond here, as Digital Labels & Packaging asks the supply chain for its thoughts, opinions and aspirations for the year ahead
