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China’s packaging industry has been growing at a rapid and stable pace over the recent years, thanks to the country’s growing economy and increasing middle class with higher purchasing power. Today, China is already one of the world’s largest packaging market, with fast-growing rates in segments such as paper packaging, flexible packaging, and rigid plastics packaging. While the global packaging market is constantly developing new packaging formats and materials, China is expected to remain as one of the leaders in the global packaging industry. Packaging companies in China are leading the way for a projected sales figure of $1 trillion by 2020.
According to the latest report from Reportlinker, the Chinese packaging Industry is set to achieve more growth between 2016 and 2021, registering at a CAGR of 5.4%, compared to 4.5% during 2011-2016. The strong growth of the China’s packaging industry is mainly driven by the changing demographics as well as social factors, including rapid urbanization, the rising middle class, an aging population etc.
As China’s food and beverage market continue to grow, rigid plastics packaging, which is now widely used for food and beverage packaging, is likely to achieve the highest growth rate among all the packaging segments in China, representing an estimated 7.7% CAGR during 2016 to 2021. Going forward, the rigid plastics packaging sector is expected to see more bio-based and thermo-formed plastics used as main packaging materials in China.
On a worldwide scale, according to the report from Research and Markets, paper packaging is another one of the biggest packaging segment, which was worth over $240 billion in 2016 and is set to reach $345 billion by 2022, representing a CAGR of 6.24% during that period. While paper packaging market is projected to be another fastest growing packaging segment, with a forecasted growth rate of 7.5% during 2016 to 2022. China is still expected to lead the global paper packaging market with an impressive CAGR of 4.5% to 2018.
Meanwhile, the flexible packaging sector in China is also expected to grow at a healthy CAGR of 6.5% during 2016-2021. Flexible packaging has witnessed a growing application in a variety of industries such as household, food and beverage, cosmetics and toiletries, thanks to its low cost and flexibility to suit multiple shapes and sizes, and environment-friendly as compared to rigid plastics.
In the future, environment-friendly materials and smart packaging will become the main trends in China. Many key players in the China’s packaging industry have already switched to or are experimenting with newly developed materials and smart packaging solutions. Further improvements in packaging recycling will also help to drive the market with a healthy growth.
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