Valued at $917 billion in 2019 and predicted to top $1.05 trillion by 2024, the global packaging industry touches almost all of the world’s inhabitants every single day. By 2018 Asia is projected to represent over 40% of global demand, with considerable growth also expected in South America, Africa and Eastern Europe.
As the global demand for packaging grows, so do the challenges for brand owners and manufacturers. Consumers are holding retailers and brands to increasingly high standards when it comes to sustainability, preferring to buy from companies that are making a difference in this arena. At the same time buyer behavior is influencing both products and packaging as shoppers strive to manage their budgets while also wanting the convenience of smaller, easier to carry packages.
Brand owners are increasingly using packaging as an opportunity to connect with consumers in new ways: reinforcing their brand images; gaining sales and customer loyalty through limitededition and exclusive packages; establishing product authenticity; and giving consumers access to the information they want about the product or the brand.
Packaging is the marketing device that reaches the consumer with the most precision and certainty. Packaging made from paperboard or from flexible materials accounts for more than half of that used worldwide today. It is in these sectors that BOBST is a major player, continuously delivering the innovative and productive new technologies that brand owners and packaging makers rely upon.