Acumen research and consulting estimates that the global plastic packaging market is anticipated to reach market size of around US$ 500 Bn by 2027 and is anticipated to grow at a CAGR of around 4% in terms of revenue during the forecast period 2020 – 2027. Plastic packaging is used in the transportation, storage and distribution for the protection of goods. It also protects against breaking, spoilage and contamination and extends their shelf life. It serves as a medium for the provision of product information to consumers and for the management of brand identity and distinction.
The market is driven mainly by the increasing demand for food, beverage and industrial packaging. Demand is projected to grow for new houses, cars and apartments in countries such as the US, India and China as disposable revenues increases. The growth of cities, particularly emerging economies as China, India and countries in South East Asia is expected to result in rapid industrialization and increased job opportunities. Time and increasing consumer purchasing power have also driven demand for packaged food and the trend is expected to continue over the period forecast. In comparison, well-known brands such as McCain, ConAgra, and Unilever have established a regional footprint in grocery stores and hypermarkets to ensure that goods are readily available. The demand for packaged foods is expected to increase with these factors. The optimistic outlook for the packaged food industry is projected to positively impact the need for healthy and efficient goods for plastic packaging.
The market research study on “Plastic Packaging Market (By Type: Rigid Packaging, Flexible Packaging; By Application: Food & Beverages, Industrial, Healthcare, Personal Care, Others) - Global Industry, Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers detailed insights on the global plastic packaging market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global plastic packaging market are type, application, and major geographic regions. The plastic packaging market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The Asia Pacific market in 2019, with its predictive supremacy over the forecast period, is expected to carry a significant sales portion of the global plastic packages. Rapidly rising end-use sectors, such as food & drink, consumer electronics and personal care, will be a significant driver of market growth. The most important share of revenues in the target market is Asia Pacific, followed by markets in North America, Europe, Latin America and the Middle East and Africa respectively. Increasing food-ready consumption is expected to drive demand growth due to rising customer habits in the country. Progress in medicine is the main driver of innovation in the pharmaceutical industry. It is one of the most high-tech sectors in the world and a crucial commodity for the European economy. The demand for plastic packaging in Europe is expected to fuel over the forecast period. But there are challenges for the pharmaceutical industry, such as further regulatory obstacles and the increase in R&D expenses. The demand will be limited by these factors and the flexible packaging industry will struggle over the projected period.
Major players included in this report are BASF SE, Amcor Ltd, Crown Holdings Inc., Bemis Company Inc., Saint-Gobain, Huhtamaki Oyj, Sealed Air Corporation, Mondi Group, Sonoco Products Company, Ampac Holdings LLC, Constantia Flexibles International GmbH, Wipak Group, and other. Industry operators are faced with intense competition, with most of them being among the top suppliers with a large consumer base. These players have a strong and extensive distribution network. They primarily work with the food and drink sectors, commercial manufacturing, domestic and personal care. Mainly key players undertake purchase strategies to broaden their product portfolio and their geographical footprints. The US-based flexible packaging firm Bemis Firm Inc, headquartered in Australia, was purchased in June 2019 by Amcor plc. The acquisition was intended to increase the size, capacity and footprint of former companies worldwide.
The global plastic packaging market is segmented as below:
Plastic Packaging Market By Type
Plastic Packaging Market By Application
Food & Beverages
Plastic Packaging Market By Geography
Middle East & Africa
Rapid growing demand of convenient packaging from various industries such as food and beverages and personal care is expected to drive the growth of the plastic packaging market.
Awareness campaigns for minimizing the usage of plastic is a major factor expected to restraint the growth of the market.
The market value of plastic packaging is anticipated to be around US$ 500 Bn in 2027.
It is anticipated to grow around 4% CAGR amid the forecast period.2020-2027
BASF SE, Amcor Ltd, Crown Holdings Inc., Bemis Company Inc., Saint-Gobain, Huhtamaki Oyj, Sealed Air Corporation, Mondi Group, Sonoco Products Company, Ampac Holdings LLC, Constantia Flexibles International GmbH, Wipak Group, and others are the prominent players in the market.
Asia Pacific is projected to grow at a fast pace during forecast period from 2020-2027.
Asia Pacific held maximum share in 2019.