February 2, 2023
Key trends molding the future of packaging
On a global scale, the packaging industry is one of the fastest-growing economic segments today. A recent study by the reputed market research store ‘Research and Markets’ reveals that the packaging sector could grow by over $220 billion by 2027. Looking back at the decades, McKinsey & Company has identified three defining eras in the global packaging industry. The first two — from 2000 to 2020 — were marked by substrate shift changes and changing consumer behavior.
The current era of packaging, however, is characterized by extensive digitization and sustainable packaging. Therefore, businesses in the packaging sector need to be aware of the key trends driving this industry phase, so they can stay ahead of the curve by adopting the necessary best practices.
4 key trends shaping the future of packaging
Here is a preview of the top trends driving primary and secondary packaging today.
1. Sustainability at the forefront
Businesses today are starting to prioritize sustainability and environmental awareness. As a recent global survey by McKinsey & Company revealed, around 75% of packaging purchasers are committed to choosing sustainable options. To remain in the game, organizations need to align their processes with the principle of sustainability and take active steps to become — and remain — environmentally friendly.
2.Personalized packaging
Personalization, which can be easily integrated into both primary and secondary packaging, is another increasingly trending concept in the 21st century. With a personal touch becoming even more essential after the pandemic, it’s no surprise that the global personalized packaging market hit the $32.57 billion mark in 2021 and is expected to grow at a CAGR of 5.28% by 2030.
3.Increased preference for flexible packaging
Flexible packaging is convenient, easy to store, and highly practical. When done right, it has better shelf appeal, offers improved cost economics, and is well-suited for eCommerce. Owing to its many advantages, flexibility is becoming another trending packaging requirement in the current era. Businesses can also marry the goal of sustainability with flexibility by choosing materials that check both these boxes, like paper, fabric and recyclable plastic.
4.Smart packaging solutions
Digitization is changing the packaging sector, and the rising trend of innovative packaging solutions is proof of this. Intelligent packaging solutions like biosensors, temperature and freshness indicators and even data carriers like barcodes and RFIDs are revolutionizing packaging as we know it today. Businesses that keep pace with these trends will likely have a head start in the race to the future.
5.Focus on smart and reliable export packaging
The growth of e-commerce and retail, the rise in global food demand, globalization, and the expansion of design and innovation in the product lines of well-known multinational firms all impact the expansion of global trade. Therefore, we may expect to see a trend that focuses on creating smart, reliable, cost-effective export packaging in the coming years.
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