Packaging growth in Asia – Essential facts

The Future of Packaging in Asia to 2024 in November 2019:

· Overall value of packaging in Asia will hit $377.5 billion in 2019. It will be the fastest growing major world region to 2024 reaching $458.2 billion in that year

· Evolving consumer tastes will significantly raise demand for cosmetics and healthcare packaging 

· Industrial and transit packaging are the biggest end-use applications representing 48% of demand in 2019

· Paperboard packaging is consistently the most widely used material in Asia with a 36.7% share (by value)

· Flexible plastics will see the biggest boost in demand in the medium term 

·  Asia’s rapid urbanization and a decline in the nuclear family will underpin more demand for smaller, single-serve, resealable, and on-the-go packaging types 

·  China will remain the largest national market – Chinese consumers’ disposable incomes continue to rise, and sustainability will play a larger role in pack selection 

· The biggest relative rise in consumption will be seen in less developed Asian economies – The Philippines, and Vietnam 

·  Japan’s packaging market will return to positive growth across 2019-2024

By Smithers