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Global Plastic Packaging Market Research Report - Forecast to 2030

Plastic Packaging Market Information by Type (Rigid packaging and Flexible packaging) by Application (Food & beverages, Industrial, Healthcare, Personal care, and others) and by Region - Forecast to 2030

ID: MRFR/PNT/1156-HCR | December 2022 | Region: Global | 120 Pages         

Plastic Packaging Market

Plastic packaging market is expected to grow at a 4.70% CAGR and reach a market valuation of USD 3,27,925.60 million by the end of the global forecast period in 2021-2030.

Segmentation

By Type Rigid packaging Flexible packaging
By Application Food & beverages Industrial Healthcare Personal care

Key Players

  • Amcor Ltd
  • Wipak Group
  • Ampac Holdings LLC
  • BASF SE
  • Saint-Gobain
  • Sealed Air Corporation
  • Crown Holdings Inc
  • Mondi Group
  • Constantia Flexibles International GmbH
  • Sonoco Products Company
  • Bemis Company Inc
  • Huhtamaki Oyj

Drivers

  • Increase in demand for convenient products
  • Cost-effective
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Plastic Packaging Market Overview


 


Plastic packaging market is expected to grow at a 4.70% CAGR and reach a market valuation of USD 3,27,925.60 million by the end of the global forecast period in 2021-2030. The plastic packaging market offers a flexible & rigid, transparent & lightweight form of packaging. Plastics have been categorised into many as per their strength, elasticity, and their life span.


 


Among many, the engineered plastic can survive in extreme environmental conditions and does not degrade in extreme temperatures, preserving the integrity of products, such as foods & beverages and cosmetics.


 


Many products such as wraps & films, and bags, purses, and pouches are widely used in most consumer and industrial applications. Owing to their performance benefits and sustainability, the market demand fluctuates from time to time, but in the modern days of good living, the market is no more stagnant. Rather the graph is always high.


 


Globally, the packaged food & beverage sector has been experiencing healthy and successful growth for several years.


 


The Changing lifestyle, continuously growing urban population, rising economic activities in developing and developed countries, and their increasing penetration of e-retail globally are the major factors driving the plastic packaging industry and its demand.


 


Plastic bottles are extensively utilised in beverage packaging owing to their convenience, low cost, and superior performance. In contrast, trays & containers are utilised in food service and packaged food sectors owing to their lower weight and aesthetics.


COVID 19 Analysis


The Plastic Packaging Market value is expecting various hurdles on its way to growth in the pandemic year of 2020-2021. The main reason behind this is the shutting down of production units brought in by the imposition of lockdown imposed by different countries of the government. However, owing to the current market trends, there is an expectation for the market to have increased demand in various sectors like pharmaceutical, food, as well as, beverage applications for packaging of the products during the pandemic. Here are 2 things to note:



  • Due to the fear associated with lockdown, people are restoring the items and hence are panic-buying and storing the important goods and deliverables in huge numbers. From staple food to fresh food, bulk orders are being made through online portals. The delivery for the same is being done through various sources by being packed in plastic. Governments are taking steps on a large scale to maintain a proper flow and supply of goods amid various regions within and outside the countries. 

  •  The demand for the plastic packaging industry is on a rise in the pharmaceutical industries and is also expected to remain robust amid various drugs, hospitals, as well as, manufacturers of the PPE kits. As a response to the COVID 19 healthcare crisis, the demand for plastic packaging is on a considerable rise. Along with this, there is a need for household essentials, healthcare, as well as, medical goods along retail distribution of these products. Online platforms for delivery are being used that are expected to help the market grow at an increasing rate by the end of the global forecast in 2022. Online platforms for delivery of raw materials and finished goods for the end-users of both products. 


Regional Analysis


The Asian Pacific region is expected to emerge as a dominant player in the market. The major reason behind this is that the market is investing greatly for the rapid development in different sectors like healthcare, as well as, food and beverages. Historically in 2015, the APAC region was the region that experienced the second maximum growth. By the end of the global forecast in 2022, the North American region is expected to grow at a steady rate. Following the trend, next up in line are the European nations. The food and beverage industry belonging to the European nations is expected to increase at a staggering rate. This is going to act as a major driving force for the demand of the global plastic packaging market by the end of the global forecast period in 2022. In the historic year of 2015, the North American region was a dominant nation in a fast-growing market.


Competitive Landscape


The key market players of the global market include the following:



  • Amcor Ltd

  • Wipak Group

  • Ampac Holdings LLC

  • BASF SE

  • Saint-Gobain

  • Sealed Air Corporation

  • Crown Holdings Inc.

  • Mondi Group

  • Constantia Flexibles International GmbH

  • Sonoco Products Company

  •  Bemis Company Inc.

  •  Huhtamaki Oyj


Segment Overview



Region 


Based on regions, the market is currently functional in 4 major geographical locations. These are North America, the APAC region, European nations, as well as, the rest of the world (RoW). 


Application 


Based on application, the plastic packaging industry contains several sectors like personal care, industrial, food, and beverages, along with the global healthcare sector. 


Type 


Based on type, the market delivers raw materials, as well as, finished items in flexible and rigid packaging. Based on their liking, the customers can choose what is preferred by them.


Most of the food and beverages, along with the healthcare industries are making use of plastic packaging on a large scale. There is a tremendous change in the lifestyle of various consumer groups that are teaming up with the rapid degree of urbanization. This is fueling the demand for plastic packaging on a large scale. The demand of consumers for plastic packaging is due to the ease and convenience brought in by the processed, as well as, the package food items that are likely to reduce the cooking time by a considerable quantum. Hence, this has played a major role for the food and beverage industry to majorly adopt the use of plastic packaging in various food products. During the historic year of 2015, the food and beverage market has the highest value and emergest as the largest application for the global plastic packaging market trends.


Cosmetics, pharmaceuticals, as well as personal care are sectors that are increasing their adoption of plastic packaging that is helping the market grow by the end of the global forecast in 2022. The plastic packaging market growth is subject to growth owing to reasons like an increase in the disposable income of people, growing demand for modern retailing, as well as, dependence on e-commerce business activities. The market is expected to grow at a 5% CAGR and reach a market valuation of USD 400 billion by the end of the global forecast period in 2022.


Recent Developments 




April 2021- The government is investing post-Covid, to begin the manufacturing and production units that will help the market maintain an uninterrupted supply of the essential plastic packages. 


 


The Britannia Industries are urging the governments of the Asia-Pacific region to ensure that the interstate and international movement of raw materials goes smoothly, providing equal access to everyone across the globe. 


 


March 2020- Berry Global Group Inc. is a global manufacturer and marketer of plastic packaging products that invested USD 30 million in increasing the production of stretch films initiating ultra-high performance.


Market Dynamics


Drivers 


Because of the busy and changing lifestyles of people, there is an increase in demand for convenient products that are giving rise to plastic packaging. Plastic packaging does not require the input of many resources or energy, as well as, the cost is quite low. They occupy less shelf space and hence, they are quite cost-effective in comparison to other popular forms of packaging the materials. The consumer choices are further undergoing a gradual shift in buying plastic-packed foods in comparison to the traditional ways of buying and cooking.


Restraints 


Plastic packaging amounts to a lot of waste and the recycling of the same is possible with the availability of major infrastructural facilities. Also, recycling is a long, elaborated, and time-consuming process that should not be done without personnel expertise. The main concern is that some geographical locations around the world do not have these facilities and infrastructure available. Currently, only 9% of the plastic waste has been recycled and only 14% has been collected for recycling. 


Technology Analysis


The industry is subject to dynamic changes like the new entrants in the form of regulatory initiatives. This is emerging as an excellent opportunity for many producers and manufacturers to develop new and different options for packaging. There is a growth in concerns related to the use of bio-degradable plastic for packaging. This does not hurt the environment and is also pushing different manufacturers and producers to opt for investing in the development of sustainable packaging solutions and options. These options are rather more secure, as well as, safe, in nature.


Study Objectives 



  • To provide a detailed market analysis including the performance of the market segments and sub-segments 

  • To get an idea about the market insights and consider factors like price, as well as, supply chain analysis 

  • To provide data related to the historic, current, as well as, future revenues prevalent in 4 major geographical locations of the world 

  • To understand the working of the key market players, conduct a comprehensive analysis of the core competencies of the market, as well as, establish a competitive landscape for the revenue models and global market valuation



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 3,27,925.60 million
  CAGR   4.70% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2021-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type and application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Amcor Ltd, Wipak Group, Ampac Holdings LLC, BASF SE, Saint-Gobain, Sealed Air Corporation, Crown Holdings Inc., Mondi Group, Constantia Flexibles International GmbH, Sonoco Products Company, Bemis Company Inc., Huhtamaki Oyj
  Key Market Opportunities   New entrants in the form of regulatory initiatives
  Key Market Drivers

  • Increase in demand for convenient products
  • Cost-effective


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    Frequently Asked Questions (FAQ) :

    The global plastic packaging market is expected to cross USD 3,27,925.60 million by 2030.

    Global plastic packaging market is expected to exhibit a strong 4.70% CAGR over the forecast period from 2021 to 2030.

    Increasing urbanization is likely to be the major driver for the plastic packaging market.

    Asia Pacific dominates the global plastic packaging market.

    Leading players in the plastic packaging market include Mondi Group, Sealed Air Corporation, and BASF, among others.