Benchmark #1 Privately Held Mergers and Acquistions Advisors Worldwide

2023 Global Packaging Industry Report

Posted on June 5, 2023 By

The value of the global packaging market forecasts to increase from $917 billion in 2019 to $1.05 trillion in 2024, growing at a compound annual growth rate (CAGR) of 2.8%. The market has seen consistent growth over the past ten years thanks to the expansion of new areas, changes in substrate choices, and shifting ownership dynamics. Also, many vendors in the packaging sector are working to grow their market share by building new production facilities for paper packaging. 


Sustainability remains a growing trend in the packaging industry. This includes the growth of recycling and using biodegradable forms of polyethylene terephthalate (PET). While the industry continues to face sustainability issues due to the nature of PET production, recycling streams and new developments are helping to counter such problems. Many leading companies are pledging to collect and reuse more recycled plastic in plastic PET bottles, especially in Europe. Also, many large food manufacturers face public pressure to rethink their plastic packaging, with some committing to making 100% of their packaging recyclable or reusable and reducing virgin plastic usage. There is also worldwide innovation in the industry to develop new recyclable products and packaging solutions, mainly in the pharmaceutical sector.

Flexible Packaging

Flexible packaging is primarily used for food, accounting for over 60% of the total market. This market segment is seeing robust growth thanks to the creation of new packaging solutions, and it will continue to replace traditional packaging. For example, high-barrier films and retort stand-up pouches replace rigid pack formats such as metal cans and glass jars.

Many flexible plastic packaging providers offer solutions that cater to the specific demand for sweets and confectionaries, which drives revenue. In particular, the confectionery manufacturing industry revenue in the U.S. expects to reach $10.89 billion this year.

Paper and Paperboard

Paper and paperboard packaging products expect the highest growth in the market because of the increasing use of sustainable materials in packaging. Paperboard can be produced from either fresh or recycled fibers. The decision is based on quality, product safety, and hygiene requirements. Environmentally friendly packaging is recyclable, biodegradable, and non-toxic, with a low environmental impact. Paper bags, pouches, and cartons are among the fastest-growing eco-friendly packaging materials. Another contributing factor is the increasing trend of online retail and ecological regulations on non-biodegradable and non-recyclable packaging solutions.

Other Market Trends

As consumer concern for health and wellness grows, it will affect the packaging market, with the healthcare packaging market value rising. This is due to the growing demand for convenience and security, which includes childproof closures and anti-tamper features.

There is also growing demand from consumers for convenience in food products. This drives the growth of microwave-ready meals, more portable, on-the-go packaging, and easy-open and resealable components.

Food delivery services have grown significantly, driven by urbanization, the COVID-19 pandemic, more smartphone use, and increasing e-commerce. More and more online platforms offer food delivery and online food ordering. The growth of these services is a crucial driver of global packaging market growth.

Market Challenges

It is not surprising that environmental concerns remain an issue regarding the use of plastic packaging. Disposable packaging for food is a significant source of non-recyclable solid waste worldwide. Plastic disposables offer advantages for food service establishments because they are cheaper and protect food better. Still, there are many concerns regarding the disposal of these various polymers used in disposable plastics, leading to a large amount of solid plastic waste because they decompose slowly. When they do break down, the materials become carcinogenic. For these reasons, many governments worldwide are undertaking initiatives to promote the use of bioplastics to reduce the use of plastic packaging.

Do it once. Do it right. Sell with Benchmark International

By Region

The Asia-Pacific region leads the world as the largest market in packaging. Plastic packaging is broadly used in the area, with countries such as China and India contributing significantly through their food & beverage market. China is witnessing changing consumer opinions, including enforcing bans on plastics to minimize the country’s plastic footprint. Such developments are expected to increase the country’s recyclable flexible plastic packaging demand. 

In India, packaging is the country’s fifth-largest industry and one of the fastest-growing sectors. In addition, packaging has been a critical driver of technology and innovation in the country over the last several years, adding value to various manufacturing sectors. 

Japan uses many paper-based products in various industries, including newspapers, packaging, printing & communication, sanitary products, and other uses. Due to consumer awareness, demand for sustainable packaging, and concerns about deforestation, the need for paper use in the packaging sector is on the rise. With Asia being the most prominent and fastest-growing market of world packaging consumption, North America and Western Europe follow it.

Schedule A Call

Americas: Sam Smoot at +1 (813) 898 2350 /

Europe: Michael Lawrie at +44 (0) 161 359 4400 /

Africa: Anthony McCardle at +27 21 300 2055 / 


Benchmark International is a global M&A firm that provides business owners with creative, value-maximizing solutions for growing and exiting their businesses. Benchmark International has handled over $10 billion in transaction value across various industries from offices across the world. With decades of M&A experience, Benchmark International’s transaction teams have assisted business owners with achieving their objectives and ensuring the continued growth of their businesses. The firm has also been named the Investment Banking Firm of the Year by The M&A Advisor and the Global M&A Network as well as the #1 Sell-side Exclusive M&A Advisor in the World by Pitchbook’s Global League Tables.






in 'Benchmark International'
in 'Benchmark International'
in 'Benchmark International'
in 'Benchmark International'

Recent Posts

Subscribe to Email Updates

Follow Us on Twitter


see all