What comes to your mind when hearing of packaging? The packaging paper of your favourite chocolate bar, cans containing soda drinks, mailing pack carrying your favourite fashion item or just the well-designed box containing facial tissue papers? Right, these and many other forms of packaging including cartons, bubble wrappers and containers in all forms and sizes (paper, paperboard, plastics, metal, glass) make up the scope of packaging materials. Packaging has been one of the most ancient methods of preservation and transportation of products from one point to the other. It also serves as means of product identification as well as for product protection.
The packaging industry has witnessed steady growth over the years adding value to the global economy. In the UAE alone, the packaging industry is estimated to grow at 5% CAGR between 2020 - 2025 according to Mordor Intelligence.
Globally, the packaging industry generates $900 billion in annual revenue according to Mckinsey.
The projected demand for packaging materials will likewise reach $1.05 trillion by 2024 as revealed in a study by Smithers.