The packaging industry continues to experience dynamic changes with key developments taking place in the fields of leadership appointments, new partnerships, innovative product launches, and a growing emphasis on sustainability. Here’s a round-up of some of the major updates shaping the market.
In July 2024, Fortis Solutions Group, a leading provider of high-impact printed packaging solutions, made a significant move by appointing Carlos Tapias as its new Chief Executive Officer (CEO). The announcement came after the company, which is a portfolio company of funds managed by Harvest Partners, LP, made substantial strides in strengthening its leadership to drive future growth and innovation in the packaging sector. Tapias’ leadership is expected to steer the company towards new opportunities and expand its market presence in the evolving packaging industry.
In October 2024, Twellium Industrial Company, a renowned player in the beverage industry, entered into a strategic partnership with Sidel, a global leader in PET packaging solutions. Together, they announced plans to develop a state-of-the-art greenfield project in Kumasi, Ghana. The project will house two complete PET packaging lines specifically designed for still and carbonated beverages. This new ultra-modern facility is expected to contribute to the growth of beverage packaging in the region, further strengthening both companies’ positions in the African market.
Sustainability continues to be a key focus in the packaging industry. In August 2024, Alpla, a leading packaging and recycling specialist, unveiled a new line of reusable PET bottles in collaboration with German startup Sea Me. These eco-friendly bottles are specifically designed for the cosmetic industry, providing a sustainable solution to the packaging needs of cosmetic brands. The collaboration aims to reduce plastic waste and enhance the recyclability of packaging materials in line with the growing demand for sustainable alternatives in the cosmetics sector.
Also in August 2024, Domino Printing Sciences (Domino) introduced a new range of high-speed product handling and printing solutions. These advanced solutions are designed to help beverage manufacturers move away from traditional labels on bottles, addressing both legislative and environmental concerns. With increasing regulations around packaging waste and the environmental impact of labels, Domino’s new product offerings are set to assist beverage companies in making more sustainable packaging choices while improving production efficiency.
In parallel with these developments, the global bottled water packaging market continues to expand. Valued at USD 106.68 billion in 2023, the market is projected to reach USD 222.25 billion by 2034, growing at a compound annual growth rate (CAGR) of 6.9% from 2024 to 2034. This growth is largely driven by the increasing awareness of the importance of hydration for health and well-being, coupled with the rising demand for convenient beverage options among consumers with busy lifestyles. As more people prioritize hydration, bottled water continues to be a popular and essential part of everyday life, driving the demand for innovative packaging solutions in the sector.
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