Notable Trends In Industrial Packaging Sector

Magazine

By: Team Industry Outlook

The Smithers’ report on the status of the industrial packaging industry and its future possibilities depicts a positive outcome in the course of next five years. Growing at a CAGR of 3.3 percent, the market valuation is projected to reach $66 Billion from current $56.2 Billion by the year of 2024.

In wide sense, change in consumer patterns drives severe change in this industry. The packaging companies all around the world are investing more and more on R&D and develop products that will fit the customers’ needs. However, some trends that might impact the industrial packaging industry this year have been observed by industry experts. These trends will also help shape a better future for this industry.

Environment Friendly Industrial Packaging
The need to decrease the level of pollution, governments is constantly trying to adopt eco-friendly processes for all business sectors. E.g, the usage of CNG has become very frequent in India and even private cars are gradually shifting towards it. Similarly, sustainable and environment friendly packaging material is one of the primary needs of the generation. In India, almost a hundred tonnes of plastic material was retrieved from the river banks. A growing need to shift completely to environment friendly packaging products is being felt by the government.

Vintage Packaging
As the world is growing modern, the taste is changing. But what’s old will always be gold which is why the market for vintage packaging is growing as the world is getting urbanised. The taste for a vintage outlook is very common in the millennial population. The coming five years might see the emergence of various kinds of vintage packaging styles that will not only capture the old but also present it in a newer form.

There are few other trends that are likely to impact the industrial packaging industry as a whole. Smart packaging is one of them. In the era of applications and augmented reality, platforms are being developed in order to track a package using the QR code on it. The whole tracking process will be presented in a gamified manner to the consumer.