Chinese packaging industry forecast to reach US$110 billion in 2016, says BRICdata

According to a report lately published by BRICdata, the Chinese packaging industry is poised for impressive growth and is expected to record a CAGR of around 8% during the forecast period to value US$110.1 billion in 2016.

In the report titled "Packaging Industry Outlook in China: Market Size, Key Trends, Drivers, and Challenges to 2016", the market intelligent company specializing in the provision of strategic intelligence on emerging markets says that China the second-largest packaging market in the world. Fueled by the rapid growth in domestic consumption and consistent growth in GDP, the Chinese packaging industry has grown steadily and achieved rapid growth in its key categories.

In 2011, the Chinese packaging industry was estimated to value US$76.0 billion and grew by around 7.2% from 2010, according to BRICdata, adding that China has replaced Japan in terms of market size and is expected to surpass the US by 2020.

It is remarked that the Chinese government has formulated numerous policies to develop the country's packaging industry in order to sustain industrial growth through subsidies and tax concessions, and investment in equipment, technology and infrastructure to improve and upgrade the packaging industry's capabilities.