Plastic Packaging Market Growth & Trends
The global plastic packaging market size is expected to reach USD 492.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.2% from 2022 to 2030. The rapid growth of food and beverages, personal care, industrial, and pharmaceutical sectors, coupled with the rising penetration of organized and e-retail across the world, is expected to fuel growth in the market.
Low-density polyethylene (LDPE), Polypropylene (PP), High-density Polyethylene (HDPE), and Polyethylene Terephthalate (PET) are the most widely used materials for the manufacturing of packaging products such as bottles and jars, trays & containers, wraps and films, and pouches, owing to their strong barrier properties against moisture, low cost, lightweight, and extensive functionalities. Growing demand for sustainable products is prompting manufacturers to use recycled plastic resins to make plastic packaging products.
The food and beverage industry has been accounting for the largest revenue share of the market. Globally, the changing lifestyle has led to the introduction of single-serve products that significantly contributed to the growth of plastic packaging in the past few years. Products such as trays, containers, tubs, wraps, pouches, films, and others are extensively utilized in the food and beverage industry for packing ready-to-eat meals, ready-to-eat convenient products, frozen meals, carbonated and non-carbonated beverages, and snack foods.
Plastic packaging products are transparent, lightweight, offer high aesthetic appeal along with robust barrier properties, and are less expensive. These factors are mainly attributed to the widespread penetration of the products in the food and beverages industry. Moreover, in the pharmaceutical industry, packaging products such as jars, syringes, blisters, rigid bottles, pouches, and others are used for packing liquid, semisolid, solid, and powdered products. The pharmaceutical industry in countries like China, India, Mexico, Brazil, and other developing economies is witnessing significant growth due to a higher focus on increasing the life expectancy of the population.
Furthermore, the demand for rigid plastic products is projected to be driven by their applicability and functionality in offering high protection to packaged goods and products. Plastics are long polymer chains making them durable and extraordinarily difficult to break. The rise in the demand for rigid plastic packaging from the healthcare industry to prevent contamination of medicines and from the food and beverage industry is projected to accelerate the segment growth during the forecast period.
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Plastic Packaging Market Report
Plastic Packaging Market Report Highlights
- In terms of revenue, the flexible segment is projected to ascend at a CAGR of 4.5% during the forecast period on account of the growing demand for pouches and bags by food and beverage manufacturers, owing to the low cost and high sustainability of flexible packaging over rigid ones
- The extrusion segment accounted for the largest revenue share of 38.8% in 2021 as the majority of the flexible products such as pouches, bags, and films are produced by extrusion technology
- The food and beverage end-use segment led the market in 2021 and accounted for a revenue share of more than 51.5%. Widespread use of plastic packaging products from raw food products to final packaged single-serve food products has been mainly contributing to the higher share of the segment
- The rigid product segment accounted for the largest revenue share in 2021. High adoption of rigid products such as bottles and jars, trays and containers, and caps and closure by food and beverage companies is mainly attributed to a higher share of the segment in 2021
- However, the flexible product segment is expected to witness the highest growth from 2022 to 2030 as the flexible products are lightweight, occupy lesser space in transportation, are significantly cheaper than rigid ones, and most importantly flexible packaging consumes less plastic material and thus presents better sustainability profile than its rigid counterpart
- Asia Pacific emerged as the leading regional market with 43.1% of the global revenue share in 2021 and is expected to witness the highest CAGR from 2022 to 2030, owing to the presence of major emerging economies like China, India, Japan, and South Korea. China and India constitute one of the largest consumer bases around the world, which creates a huge demand for packaging products
- The market is highly fragmented in nature with the presence of large-sized international companies as well as small- and medium-sized domestic players. Key players are focusing on acquisitions and also increasingly expanding sustainable packaging portfolios to attract end-user companies
List of Key Players in the Plastic Packaging Market
- Amcor plc
- Sealed Air
- Coveris
- Berry Global Inc.
- Mondi
- Sonoco Products Company
- WINPAK LTD
- CCL Industries, Inc
- Constantia Flexibles
- Alpha Packaging
