Packaging Trends Report 2023-2024 by Pentawards

Between 2023 and 2024, the packaging bag industry faced various developments and challenges. Firstly, the global packaging market size increased significantly, with plastic packaging being the largest segment. The Chinese government has introduced multiple policies to encourage the development of green, recyclable packaging, driving the transformation and growth of the packaging industry. The market demand for environmentally friendly packaging materials has been increasing, especially influenced by policies such as the plastic restriction orders and the United Nations Environment Assembly’s draft resolution on ending plastic pollution.

According to a report by Mordor Intelligence, the bag packaging market size is estimated to be $43.36 billion in 2024 and is expected to reach$58.46 billion by 2029, with a compound annual growth rate of 6.16%. The main sectors contributing to the bag packaging market include food and beverage, personal care, healthcare, and others, with the Asia-Pacific region being the largest market. Factors such as the increasing demand for packaged food and beverages, rising interest in ready-to-eat meals, and the convenience and affordability of bagged food are driving market expansion.

The global packaging bag market is growing at a rate of 4.99%. The prospects for the packaging bag market are promising, especially in industries such as food, pharmaceuticals, and daily necessities. With the global population growth and the rising demand for product packaging, the demand for packaging bags is showing a steady upward trend. Technological advancements and improved innovation capabilities in the packaging bag manufacturing industry have provided the market with more diversified and high-quality products. Increased environmental awareness has also promoted the development of biodegradable and recyclable green packaging materials.

Furthermore, the 2023-2024 packaging trends report released by Pentawards indicates that packaging design is increasingly focusing on practicality and functionality while also moving towards sustainability. For instance, the use of paper packaging and recyclable materials is becoming a trend. Packaging design is not only about protecting and selling products; it also conveys a brand’s values and establishes an emotional connection with consumers. This reflects that the packaging industry is gradually adapting to consumers'demands for environmental protection and sustainability.