According to a recent report by Benchmark International1, the global packaging market is forecasted to hit $1.05 trillion in 2024, a whopping 14.5% increase since 2019. This doesn’t mean that companies will benefit from the growth without making some changes, though.
The packaging industry will be looking to meet the demands of an increasingly digital world, while also developing new and more sustainable solutions for packaging materials in the years to come.
Here are some of the trends that we can expect to see in 2024.
Demand for Sustainability
The most notable trend for 2024 will be the continued demand for sustainable packaging options and the struggle that companies face to find affordable solutions.
The production of single-use and non-recyclable materials has been an environmental issue for decades, but it’s no longer anyone’s dirty secret. As consumers have become more aware of the negative impacts that these products have had on our planet and our health, they’ve learned to be cautious of companies with negligent practices and have become more alert to “greenwashing,” a term used to describe false or misleading advertising to downplay the environmental impact of a product.
Sustainability is here to stay, so companies will need to continue making strides toward environmentally friendly packaging solutions in 2024 if they want to keep up. Fortunately, there’s already a plethora of resources for this, from biodegradable packing peanuts to compostable foodservice containers.
Technology
When the pandemic forced consumers to shift their buying habits online, sky-rocketing e-commerce sales drove businesses to quickly adopt new and innovative technologies to keep up with the unprecedented demand, from phone apps that streamlined the ordering process to specialized materials like cold packaging products and foodservice containers for fresh food deliveries.
Behind the scenes, companies are experiencing improved safety, enhanced efficiency, data insights, and quality assurance using technology to automate their operations using equipment like stretch wrapping machines, case sealers, and case erectors during end-of-line packaging processes. The more these automated technologies advance, the more we can expect to see them in our packaging processes.
New Approaches to Packaging
Smart Packaging
Smart packaging is an increasingly popular type of technology that utilizes sensors, labels, and other components to monitor a product or its packaging. This included keeping up with location, temperature, humidity, expiration dates, and so forth, even alerting consumers to potential safety issues if there is ever a recall or warning on one of their purchases.
Flexible Packaging
Flexible packaging is a low-cost, lightweight, and convenient packaging concept that reduces shipping costs and takes up less warehouse space than traditional packaging materials, making it an attractive option for packaging companies in 2024.
The Unboxing Experience
A topic that’s been getting a lot of buzz lately: The Unboxing Experience. It’s not just Apple that is taking this approach anymore; even small e-commerce companies are adopting new packaging methodologies that enable them to offer their customers personalized, unique, or fun unboxing experiences to enhance their brand’s image and customer loyalty.
Key Takeaway
As consumers have grown to expect their online purchasing experience to be smooth and simple, for their unboxing experience to be easy and personalized, and for their packaging to meet certain sustainability standards, companies will be tasked with finding innovative ways to deliver their products and personalize their customers’ experience in a sustainable and eco-friendly way in 2024.
If you’re looking to stay on top of the latest packaging trends, our experts are ready to help. We will ensure that you have innovative products and solutions to keep your business running at the highest level. It’s simple; click the Contact Us button directly below to get started:
1. 2023 Global Packaging Industry Report