Plastic Packaging Market - Growth, Trends, and Forecast (2022 - 2030)

Market Overview

The plastic packaging market was valued at USD 334.31 billion in 2018 and is expected to reach a value of USD 412.17 billion by 2024 at a CAGR of 3.47% over the forecast period of (2019 - 2024).

- Compared to other packaging products, consumers have shown an increasing inclination towards plastic packaging, as plastic packages are lightweight and easier to handle. Similarly, even the big manufacturers prefer to use plastic packaging solutions, because of their lower cost of production.
- The introduction of Polyethylene Terephthalate (PET) and High-Density Polyethylene (HDPE) polymers have expanded plastic packaging applications in the liquid packaging segment. High-density polyethylene plastic bottles are among the popular packaging choice for the milk and fresh juice products.
- Also, the rise in the working women population in many countries is also increasing the overall demand for packaged food, and these consumers consist of both significant spending power and a busy lifestyle.
- However, the increasing awareness about health concerns and to prevent waterborne diseases the consumers are continuously purchasing packaged water, with the increased sales of bottled drinking water the demand for plastic packaging is rising hence driving the market.

Scope of the Report

Plastics are used in the packaging of materials such as food, beverage, oil, etc. Plastics are primarily used because of their performance, cost-effectiveness, and durability. Based upon the type of material being transferred plastics can be of different grade and different material combinations like Polyethylene, Polypropylene, Poly Vinyl Chloride, etc.

Key Market Trends

Flexible Plastics to Witness Significant Growth

- The plastic packaging market across the world is expected to gradually favor the use of flexible solutions over rigid plastic materials owing to various advantages they offer such as better handling and disposal, cost-effectiveness, greater visual appeal, and convenience.
- The manufacturers of plastic packaging products are continuously trying to adapt different packaging designs to cater to different requirements of the consumers, as each retail chain has a different kind of approach towards packaging.
- The FMCG sector is expected to further boost the demand for flexible solutions, by wide adoption in the food & beverage, retail and healthcare sectors. The demand for lighter forms of packaging and greater ease of use is expected to drive the growth of flexible plastic solutions which in turn may become the asset for the overall plastic packaging market.
- The Flexible plastics used for flexible packaging is the second largest in production segment in the world and is expected to increase owing to the strong demand from the market.

Asia-Pacific to Hold the Largest Market Share

- Asia-Pacific region holds the largest market share. This is mostly due to the emerging economies of India and China, With the growth in applications of rigid plastic packaging in the food, beverage, and healthcare industries the market is poised to grow.
- Factors, such as the rising disposable income, increasing consumer expenditure, and growing population are likely to boost the demand for consumer goods, which in turn will support the growth of plastic packaging market in the Asia-Pacific.
- Furthermore, growth from countries like India, China, and Indonesia drives the Asia-Pacific region to lead packaging demand from the global beauty and personal care industry.
- Manufacturers are launching innovative pack formats, sizes, and functionality in response to consumer demand for convenience. Also with the growth in oral, skin care, niche categories such as men’s grooming and baby care, Asia-Pacific is both an exciting and challenging region for packaging manufacturers.

Competitive Landscape

The plastic packaging market is competitive because of the presence of many players running their business in national and international boundaries. The market is mildly concentrated with the presence of major players like Alpla, AMCOR Limited, Bemis Company, Inc., Berry Plastics Corporation among others.

- February 2019 - Amcor Limited launched Genesis, a new in-store recyclable laminate solution. Targeting a wide range of segments, including fresh fruits and vegetables, frozen food, dried fruits, nuts, confectionery, chilled goods, and pet food. The product is adaptable to a variety of packaging types and is appropriate for certain medical, home, and personal care markets.
- January 2019 - Amcor Limited and Danone partnered to develop a new package for its new all-natural spoonable yogurt sold in Argentina. The new PET jar supports the 100% natural positioning of Danone’s La Serenísima’s yogurt, with featured engraving, a finely finished base, and a body-wrap label.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support