A new study from Smithers Pira and Packaging Europe reveals the prospects for the packaging industry over the next four years.
The value of the European packaging industry is set to grow by €19bn over the next four years, according to a brand new report from Smithers Pira and Packaging Europe. The packaging intelligence company, and the industry magazine have teamed up to produce The European Packaging Competitive Landscape: Strategic Forecasts to 2023, a publication that examines the current packaging industry and its future evolution.
“This rigorous and extensive strategic document will provide an indispensable guide for any of our readers who need a Google Earth view of the outlook for our industry over the coming years,” says Tim Sykes, Head of Content at Packaging Europe.
The packaging planning tool
The highly detailed report provides an overview of the European packaging industry, taking in economic influences, consumer trends and developments in packaging technology, before focusing on specific countries and industry forecasts for each. It then provides profiles of the 40 top companies in the European packaging industry, before examining the opportunities and threats within the industry.
“This rigorous and extensive strategic document will provide an indispensable guide for any of our readers who need a ‘Google Earth’ view of the outlook for our industry”
“This report is aimed at producers of raw materials, packaging materials and substrates, equipment and packaging converters, as well as brand owners, retailers and packaging users operating in or targeting the European packaging market,” explains the author of the report, David Platt, speaking to Packaging Europe. “It aims to give readers a comprehensive view of the current and future competitive landscape of the European packaging market, and provide the definitive guide for business planning.”
Paper packaging positioned for growth
The report looks at particular markets in the packaging sector that are expected to enjoy strong growth over the next four years. With single-use packaging increasingly becoming the target for sustainability measures, both with brands’ corporate citizenship goals and government regulations, one of the key areas is packaging made with sustainable materials, in particular, paper and board.
“Given the current consumer backlash against single-use plastic in Europe,” explains David, “paper and board packaging is being positioned as a practical, sustainable alternative to plastic packaging.”
In addition, one of the other areas predicted to experience strong growth is the e-commerce market. And with 80% of that market supplied by corrugated board, the report states that many companies are creating specific business units, service lines and products to capitalise on this.
“More consumers are also mindful of the product packaging, what materials it’s made from and whether it’s disposed of in a safe and environmentally responsible manner,” says David. “Consumers increasingly want packaging based on sustainable resources, packaging that can either be reused or recycled, and less packaging altogether.”
An optimistic future
Smithers Pira data shows the value of the European packaging market in 2018 will be €195 billion and forecasts it will reach €214 billion in 2023, which represents a year-on-year increase of 1.9%. Given that this is ahead of overall market growth during the previous five-year period and the fact that we’re experiencing a general climate of business uncertainty, these are figures to be celebrated.
And with new technology such as smart and intelligent packaging being developed and rolled out, increasing the appeal of packaging both to brands and consumers, the industry should enjoy a healthy sense of optimism for the years ahead.
- For more information on The European Packaging Competitive Landscape study and to purchase the full report, click here