The packaging industry includes all kinds of packaging suppliers. The packaging vendors focused on new product packaging innovations. Various types of industrial packaging solutions are offered. But customers still prefer to avoid risks from existing vendors. The situation in COVID-19 provided global food supply providers with more growth opportunities. However, the difficulties in the packaging industry are that vendors who sell high-cost packaging solutions would have less room for growth. For growth opportunities, market vendors must focus more on product innovation by using technology to transform packages that guarantee transparency and traceability throughout the supply chain.
Example: Packing companies — Sealed Air, Stora Enso, Amcor Plc, Ball Corp., Berry Global Group Inc., CCL Industries Inc., DuPont de Nemours Inc., DS Smith Plc, Mondi Group, Reynolds, Group Holdings Ltd., Smurfit Kappa Group Plc, WestRock Co.
In order to protect the product at the time of delivery, transport, storage, selling, and use by air, land, and water, the packaging is characterized as the way of enclosing the product. The packaging is a major employer of the industry. A total of US$1183.399 billion is predicted to arrive in 2019 and a CAGR of 4.51% for the estimated period. The total sum is US$899.013 billion for the global packaging industry. The growing use of packaging in various industries, like pharmaceutical, food processing, manufacturing, FMCG, and increasing development of the packaging industry, are key drivers of the packaging industry in emerging economies such as China, India, Brazil, Russian, and few other eastern European countries. With its 28% share of North America and 27% of the market share, Europe has the largest share of the global packaging business. Smithers Pira notes that non-paper packaging has a share of more than 54% of the entire packaging industry and that packaging in the paper board industry has approximately 36% market share, demonstrating the preference for modern innovative packagings over conventional packaging schemes.
Top emerging packaging industry trends:
Digital print is used to design physical product packaging and create images or graphics that regulate its appearance by computer production. Digital printing in each of the current packaging industries, digital printing is being implemented and its trend is expected to remain in use in 2020. Digital printing allows packagers to personalize and customize options considerably more than mechanical processes like typesetting. In the past decade, many packaging companies have swapped analog to digital. There are only a few companies that have not yet used digital printing by 2020.
Sustainable packaging trend:
Many brands have publicly announced their plans to make their packaging more sustainable over the last two years, mainly because of the risk of losing the plastics social license if we don’t find how to recover them and their escape into the environment. This includes brand commitments and collective commitments like the New Plastics Economy. A significant turning point for action is the majority of companies with similar commitments committed to reaching them by 2025 or 2030, and consequently 2030. The brands must formulate strategic plans to achieve their objectives and invest resources in their delivery. Organizations that have yet to pursue the form, or else risk falling behind their rivals, will join the tribe this year.
Eco-friendly Packaging trend:
Green packaging was rightly on the top of all lists — and for good reasons. For good reason, green packaging was. Mother nature has experienced our wasteful and unhealthy behavior for quite some time and customers also understand this by buying goods with environmentally-friendly packaging. Businesses understand the consumer’s altruism and the optimistic HR of greener packaging, contributing to further attempts to improve the sustainability of their goods and packaging. Our behaviors are driving the change in all facets of our lives, realizing that changes are necessary. You should check out this incredible McKinsey paper on sustainable packaging that has been released this year for more insight into packaging sustainability.
Ecommerce Packaging trend:
A whopping 5 billion users are predicted to fly in the year 2020 to the number of smartphones. Companies such as Alibaba and Amazon have disturbed customers’ shopping behavior, globally and such as Flipkart and Myntra in an Indian context. We now have to produce goods that are durable and resistant to the harsh conditions of e-commerce Supply Chain Management from the manufacturers of packaging material. Amazon, for instance, launched a 3-foot drop testing concept for liquids. The test specifies that no spill can occur if the liquid is lowered from a height of 3 feet. In order to sustainably increase packaging suppliers and producers, it is imperative that they implement sustainable solutions that can function well in the e-commerce model.
Onwards and Upwards:
While 2020 as a worrisome year for unpredictable events goes down in history, the packaging sector is for one specific reason, highly resilient — all items have to be packaged in one manner or another. If we shop online or in shops, items must be packed to create a pleasant shopping experience. We can also only judge books by their cover and it is undeniable that the packaging of a product can be negative or optimistic. This is the second one we expect we hope.