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According to Smithers analysts' market trend report, by 2024, the market value is expected to increase from $917 billion in 2019 to $1.05 trillion, with a CAGR of 2.8%.

By 2024, Asia's total packaging sales will increase from $377.5 billion in 2019 to $458.2 billion, with a CAGR of 4%.

The future of global packaging 2024 report found that the growing real income in Asia and other developing regions will bring more consumption on packaging products, including food, luxury goods and cosmetics.

The report says economic growth will continue, with continued attention to sustainability and environmental issues, particularly in Western Europe.

In the future, there will be greater demand for sustainable packaging materials, such as cardboard, RPET and bioplastics, the report added.

According to reports, soft packaging will continue to replace traditional packaging. The report points out that high barrier film and independent cooking resistant packaging bags will challenge hard packaging forms of various foods, such as metal cans and glass cans.

More and more consumers begin to pay attention to health, which is considered as a further trend. The market value of health product packaging increases faster than drug consumption.

Smithers' report says this is due to the growing demand for convenience and security.

At the same time, consumers' demand for convenience food will mean that the consumption of microwave ready to eat food, portable packaging, accompanying consumer packaging and a wider range of convenience functions will increase.

Greater demand for convenience is also seen as a key trend in the Asia Packaging future to 2024 report.

The report found that the continuous urbanization process in Asia has led to people's more busy lifestyles, more working days, longer commutes and more recreational activities, resulting in people's reduced time at home.

As a result, Smithers' report suggests that Asian consumers need more convenience in terms of products and packaging.