LONDON--(BUSINESS WIRE)--The global packaging industry and its variants, such as smart packaging, flexible packaging, and product packaging has enjoyed great success in 2017. The development of new packaging formats and packaging materials across the globe are contributing immensely for this growth. Details about the global smart packaging market – Asia’s most popular packaging category, and China’s booming packaging market are some of this week’s top stories on BizVibe.
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Global Smart Packaging Industry Expecting Promising Growth
Global smart packaging industry, which consist of three main categories, including active packaging, intelligent packaging, and modified atmosphere packaging solutions, is now worth over US$12.6 billion. The market is likely to reach US$19.8 billion by 2021, driven by the growing demand of packaging solutions for package tracking, extension of the shelf-life, and maintaining or monitoring food quality and safety.
Currently, North America and Europe are two the biggest markets for smart packaging. However, Asia Pacific, especially emerging markets like China, India and Japan are all catching up quickly, registering the fastest current growth rate of over 14% from 2016 to 2024.
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3 Most Popular Packaging Types in Asia
Asia is now one of the world’s largest packaging markets with the fastest recent growth rate. Even though the industry is undergoing some major changes as new players, methods, and regulations are being introduced, the three main packaging types are still dominating the packaging market in Asia. BizVibe determines the 3 mains types are: Poly bags, Corrugated boxes, and Blister packaging
Poly bags are now the most popular packaging type in Asia, which are widely used in the food and beverage, retail, and e-commerce industries for the packaging and transportation of goods. BizVibe believes that with this increasing shift away from plastic packaging, Poly bags is expected to increase its market share in Asia’s packaging industry.
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China Remains One of the World’s Largest Packaging Markets
Along with its growing economy, China’s packaging industry continues to expect sharp growth. This trend is expected to continue as China’s packaging industry is set to grow at a CAGR of 5.4% between 2016 and 2021, compared to 4.5% during 2011-2016.
Rigid plastics packaging, which is now widely used for food and beverage packaging, is likely to achieve the highest growth rate among all the major packaging segments in China over the next few years, thanks to the country’s soaring food and beverage market.
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