Despite the lingering supply chain issues and labor shortages, the packaging and container industry has been flourishing over the past year, thanks to the substantial demand driven by increasing consumption in various industries, including consumer goods, food and beverage, healthcare, industrial, household care, and cosmetics. The surging retail industry and the emergence of e-commerce businesses have been driving the growth of the packaging and container industry lately. Investors’ interest in the industry is evident in S&P Materials Select Sector Index’s 9.9% gains over the past year.
The global packaging industry is expected to reach $1.05 trillion by 2024, growing steadily at 2.8% per year. The industry’s growth is driven by evolving consumer and industry trends. Packaging and container companies are addressing sustainability issues alongside an increase in flexible packaging and are incorporating digitalization and innovation to meet consumer needs. The demand for eco-friendly flexible packaging is rising rapidly in the U.S.
