SEATTLE, May 12, 2022 (GLOBE NEWSWIRE) -- The global plastic packaging market was valued at US$ 389.509 Bn in 2021 and is expected to exhibit a CAGR of 5.30% during the forecast period (2021-2028).
Key Trends and Analysis of the Global Plastic Packaging Market:
Demand for Single-serve consumer packaging has seen rise in recent years. Growing consumer interest in good health and well-being, as well as increased awareness of waterborne diseases, has fuelled the demand for packaged drinking water around the world. Therefore this factor is expected to fuel market growth of plastic packaging.
Due to intense competition among market, plastic packaging manufacturers are shifting their focus to novel packaging in order to attract consumer interest and provide an effective solution for the storage and transportation of food in bulk. Effective packing protects the quality of food and aids in the absorption of shock and stress during transit, thus lowering the risk of food waste. For instance, in October 2021, Mondi launches RetortPouch Recyclable for a range of food and wet pet food products. The new RetortPouch Recyclable packaging is fully recyclable, offering a solution that protects the product, provides exceptional shelf life for a mono-material solution and reduces potential food waste.
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Furthermore, In April 2021, according to a national monthly survey of approximately 60,000 households conducted by the U.S. Census Bureau for the U.S. Bureau of Labor Statistics. In the year 2019, 57.4 percent of all women were employed. This was an increase from the 57.1 percent who took part in 2018 and by comparison in 2019, men's labor rate is 69.2%, and it’s remained unchanged from the previous year. As a result growing number of working women and men in many countries is driving up the overall demand for packaged food, as these consumers have both significant spending power and a busy lifestyle.
Key Market Takeaways:
The global plastic packaging market is expected to exhibit a CAGR of 5.30% over the forecast period (2021-2028). Plastics are cost-effective, lightweight, and have extensive functionalities and strong moisture barrier properties. Low-density polyethylene (LDPE), polypropylene (PP), high-density polyethylene (HDPE), and polyethylene terephthalate (PET) are the most widely used materials for the manufacturing of products such as bottles and jars, trays and containers, wraps and films, and pouches. Manufacturers are increasingly turning to recycled plastic resins to create sustainable packaging solutions in response to their rising demand.
Competitive Landscape:
Major players operating in the global plastic packaging market include Amcor Ltd., Sealed Air Corporation, Bemis Manufacturing Company, Sonoco Products Company, Mondi Plc., Tray Pack Corporation, Lacerta Group Inc., Alwin Lehner GmbH & Co. Kg, and RPC Group Plc
Major players are opting for strategies such as mergers, acquisitions, and capacity expansion, owing to the rising demand for plastic packaging. For instance, in January 2022, Sonoco (a provider of diversified consumer packaging, industrial products, and protective packaging) announced the completion of the acquisition of Ball Metalpack (a U.S. based manufacturer of sustainable metal packaging for food and household products). This acquisition helps Sonoco expand its plastic packaging portfolio.
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Market Segmentation:
- Global Plastic Packaging Market, By Product Type:
- Rigid Packaging
- Flexible Packaging
- Global Plastic Packaging Market, By End Use Industry:
- Food & Beverages
- Industrial
- Household Products
- Personal Care
- Medical
- Others
- Global Plastic Packaging Market, By Region:
- North America
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- By Country:
- U.S.
- Canada
- By Country:
- Europe
- By Country:
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- South Korea
- ASEAN
- Australia
- Rest of Asia Pacific
- By Country:
- Latin America
- By Country:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- By Country:
- Middle East & Africa
- By Country/Region:
- Middle East
- Africa
- By Country/Region:
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