Smithers Pira forecasts global packaging market to $269 billion by 2024

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Over the last 10 years, flexible packaging has taken off, doubling in size to $228 billion in 2019. In Smithers Pira’s latest market report The Future of Flexible Packaging to 2024 forecasts that it will continue growing by an annual rate of 3.3%, reaching $269 billion in 2024.

Global urbanisation has increased the demand for flexible packaging along with e-commence and technological advancements in barrier protection, active packaging and digital printing. At the same time, sustainability is also a major concern for the market.

Flexible packaging is replacing more traditional packaging, such as glass jars and metal cans, more and more each year as its benefits are acknowledged. These benefits include extended shelf life, improved cost economics, lower pack weights and lower transport costs. Use of flexible packaging can minimise transport costs at all levels, thanks to the lower pack weight and the ability to compress the packaging into small transport volumes. Flexible packaging also allows improved cost economics due to requiring less energy and resources than other packaging types, which means that the cost of production per packaging unit is less.

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