In developing a world class platform that will encapsulate all the biggest markets in the packaging industry, creating a global brand is very important, and in doing that, synergizing with various communities involved in the fledging sector to understand them better is paramount- in this case, Asia.
Why China?
China has the world’s largest population, and its economy will continue to grow at a high pace: the economists predict a 6% growth, reaching around US$16 trillion by 2020. Also, an increase in per capita income (more purchasing power) will ensure China remains a dominant market in the coming years. Today, no business can afford to ignore China country and Asia a continent. Read more here
Overview of The Asian Packaging Market
According to the report above, sales of packaging are concentrated in Asia, which accounted for 36% of the total in value terms in 2012. North America and Western Europe totalled shares of 23% and 22% respectively. In 2012, Eastern Europe was the fourth largest consumer of packaging with a global share of 6%, closely followed by South and Central America with 5%. The Middle East represents 3% of the global demand for packaging, while Africa and Australasia each have a 2% share. According to the study, this segmentation of the market is expected to change significantly by 2018; Asia is predicted to represent over 40% of global demand, while North America and Western Europe lose out noticeably.
Packaging Industry: Rising Interest in Korea
The packaging industry have been growing steadily in asian countries like South Korea, japan, singapore etc. The industry is growing at double the world average. South Korea’s packaging industry has been growing significantly, and is expected to grow further based on advanced technologies and materials. Compared to the sales of global packaging market, which is forecast to reach $82 billion by 2016 and has a 3 percent growth rate, the South Korean packaging market is growing at double the pace. The size of South Korea’s packaging machine industry reached $742 million in 2013 from $675 million in 2012, which is a 10 percent year-over-year increase.
With this growth, a packaging market that used to be regarded as supplier-oriented is transforming into a consumer-oriented market, and a range of delicate new packaging types addressing consumer safety, convenience and environmental concerns have been introduced to the market. Particularly in the food packaging industry, interests in developing safe and convenient packages have been increasing. Read more on opportunities in south korea packaging market
Packaging needs are growing not just in the food industry, but in a wide range of industries including cosmetics, health care and other consumer goods. This trend is reflected in the number of visitors and exhibitors at KOREA PACK, the largest packaging exhibition in South Korea, which has been held annually since 1992.
In 2015, more than 1,500 companies from 25 countries with 4,500 booths exhibited packaging machinery, packaging materials and containers, package printing machines, packaging inspection equipment, packaging processing machinery and equipment, package design services, food processing machinery and logistic systems and equipment, and over 50,000 visitors participated in the event. As the importance of South Korea’s packaging market and investment in the industry increases, it presents opportunities for companies manufacturing packaging materials and related machinery.
Asia and blockchain communities
The Asian Blockchain Community
According to CryptoInvest, despite regulations in some quarters, the asian market still booms with significant growth (up to 55℅ globally), innovative start ups (like binance and Ripple) and a very strong community (India alone has 333m users).
The rising individual wealth in Asia, particularly in China and South Korea is also driving the performance of cryptocurrencies. These individual investors are looking for alternative investment platforms that provide higher returns that are not usually found in traditional vehicles, such as stocks, bonds, and real estate.
No gain saying that Asia is indispensable globally; from trade to investment, blockchain to invariably packaging as an ecosystem, the ultimate dream of the OPN platform is to be acessible to everyone-everywhere across the globe- delivering quality and providing value, we are continuing that mission with the launch of our chinese and korean commumities! More native communities to come near you!
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