Opportunities Emerge for the Printing and Packaging Industry
The global packaging and printing market has been growing at a consistent pace for decades now. In 2020, the value of the industry was worth around $352.1 billion, and that number is expected to skyrocket to $433.4 billion by 2025.
The continued growth of the landscape might come as a surprise to some organizations, who assumed that the lockdowns and general chaos of the 2020 pandemic would lead to serious drops in order volume. However, the reality is that demand for this industry hasn’t disappeared. Instead, the kinds of printing and packaging opportunities customers are looking for are starting to evolve.
Studies into the future of packaging and printing demonstrate that the sector is more resilient than we realized. However, as in any industry, leaders in this landscape will need to be prepared to adapt to new demands and trends if they want to continue generating profit.
How the Pandemic Changed Printing and Packaging
Like most sectors, printing and packaging saw a slight downturn during 2020, when lockdowns began and companies were thrown into turmoil. However, this downturn was a lot smaller than expected. Within a short space of time, there was a sudden surge in demand for specific kinds of packaging. When ecommerce boomed as the most reliable way for consumers to access the products they needed for everyday life, businesses needed to increase their investment in packaging and printing solution for national and global shipping.
Research found that in 2020, ecommerce packaging demand increased by around 40% relative to 2019. This is positive news for the industry, as ecommerce delivery generally uses more label printing and packaging per unit than retail selling.
During the pandemic, demand for packaging printing in the pharmaceutical industry increased too, as PPE manufacturers, hospitals, drugs companies, and other groups responded to the crisis. Similarly, panic buying in other areas led to an increase in demand for packaging supplies among companies in the hygiene, household essentials, and food industries.
Throughout the pandemic, common trends in the printing and packaging landscape also continued to gain more attention., For instance, clients continued to increase their interest in personalized products, and companies began searching for ways to offer more customized offerings
Opportunities After the Pandemic
As Covid restrictions begin to lift, businesses around the world will be implementing new shifts in packaging demands. Companies are under increased pressures to use higher-quality packaging and labelling strategies to improve and demonstrate the safety of their products. Organizations are discovering new needs for hygiene labels, leaflets, and other printing solutions.
Additionally, as businesses strive to capture audience attention, they’re also placing increased focus on specific kinds of packaging and printing solutions. Packaging and labelling solutions with a sustainable design are gaining more attention in an environment with more conscious customers. Some studies have indicated a consistent rise in demand for certain kinds of packaging. Converted carton volumes run from 48 million tons to 48.3 million tons between 2019 and 2020, and experts predict the volumes will rise to around 61.58 million tons by 2026.
When the restrictions of the pandemic begin to diminish, some trade for printing and packaging groups will return to physical or traditional channels, but demand for ecommerce opportunities will continue to grow going forward. All kinds of packaging solutions are seeking hikes in demand. As new technology emerges to make packaging, printing, and labelling opportunities more efficient and effective, companies will be able to use their connections with the right packaging companies as a point of differentiation when appealing to end users.
The pandemic even helped to accelerate new trends in the way companies access certain printing and packaging solutions. Companies around the world were exposed to the significant issues associated with rising demand and limited supply in 2020. Moving into the years ahead, companies will be looking to avoid outsourcing the printing and packaging process to save money and time. This means that they’re beginning to invest in more machinery themselves.
Printing and packaging brands capable of selling the right tools to companies will have another opportunity to make additional revenue.
The Evolution of Printing and Packaging
Despite various challenges in the last year and a half, printing and packaging companies still have plenty of opportunities to differentiate themselves and make a profit in the post-pandemic era. As ecommerce continues to blow up around the world, and face-to-face sales decrease, convenient packaging, and printing solutions will be a crucial purchase for many brands.
People capable of offering quick and efficient printing and packaging services, custom labels, and other solutions need to ensure they have the right presence online to take advantage of this new avenue. A comprehensive ecommerce solution where you can showcase a range of services and even printing or packaging products in a convenient environment will soon become a must-have.
Even at the beginning of the pandemic, studies found that up to 80% of B2B buyers preferred to invest in remote interactions with B2B suppliers and business partners. For printing and packaging companies, this means that trade shows and events will be replaced with digital marketplaces and online sales environments.
Tools like Souqbox will allow printing and packaging firms to capitalize on a transformation in marketplace demand and expectation. With this technology, companies can seamlessly integrate ecommerce capabilities into their operations that drive traffic based on searches and simplify the path to purchase for B2B brands.
Get Ready for a New Era
The resurgence of the printing and packaging landscape is on the horizon, but companies will be looking for B2B trade partners who can enhance the experience with a more simplified approach to company transactions. Souqbox is the only ecommerce platform specifically designed for B2B rade, with functions like fixed and negotiable price selling, logistics negotiation, and simple multi-vendor marketplace access.
Get ready for the new era of printing and packaging profitability with Souqbox.
