Way back in 2017, we wrote the following:
Taking a Peek at the Future of Packaging Worldwide
In its latest report, Smithers Pira, the reputable printing industry research association, projects that the world’s packaging market will continue its current growth rate of about 3.5% per year, reaching estimated sales of $997 billion by 2020. That’s right – just shy of a trillion-dollar industry by the end of this decade.
“The Future of Global Packaging to 2020” gives us a fascinating and comprehensive examination of the continuing trajectory of this formidable segment of the printing industry, categorized by the different manufacturing materials used, the end-user segments they serve and their countries of origin.
Paper board packaging (folding cartons, beverage cartons, corrugated packaging) maintains dominance in the global packaging industry, comprising over 30% of all packaging. This is good news for print businesses, many of whom have extended their services to cater to this ever-growing market segment.
Markets in China, India and South Korea appear to be poised for the largest expansion as their economies grow.
New Solutions for Flexible and Rigid Packaging Companies
While the numbers have been somewhat curtailed since their latest update just prior to the turn of the decade, it’s clear that the expansion of the packaging industry remains on its positive trajectory.
Smithers most recent market report, ‘The Future of Global Packaging to 2024’ predicts the world packaging market value will increase from $917 billion in 2019 to $1.05 trillion by 2024. Asia remains the largest market for packaging consumption, and Smithers attributes this in part to rising incomes and a subsequent increase in the consumption of luxury items, such as cosmetics and yes, packaged foods.
North America and Western Europe still follow closely behind Asia in packaging consumption, with flexible packaging methods continuing to displace traditional rigid packaging. Likely (if you’ve been paying attention) you can see this reflected on your grocery store shelves.
Whether your company specializes in short, custom digital runs or large/bulk factory runs, your packaging operation can be well managed from quote to invoice with an intelligent print management information system. When that system is embedded into a proven ERP system, you can control every aspect of your businesses with a single, powerful software solution.
PrintVis is built on and powered by Microsoft Dynamics 365 Business Central and is the industry-specific software solution for the commercial print, packaging and label industry. PrintVis gives you full control of production planning, inventory management, invoicing and accounting, built around best-in-class estimating functionality for accurate, quick quotes.
Want to learn more about what to look for in an MIS/ERP software? There are crucial differences when it comes to the needs of the print and packaging industry. Go here to download our free PDF quick guide.
Ready to take PrintVis for a test drive? Great news – PrintVis Cloud is now available as an app with a free trial. Go here to get started today!
At PrintVis, we know the ERP selection process can be daunting. We’ll never pressure you. Being informed is the best thing you can do for your graphics business. You can always subscribe to our articles and we’ll keep on helping you stay informed on your buyer’s journey.