NEW YORK, Dec. 21, 2022 (GLOBE NEWSWIRE) -- A new report on the global plastic packaging market—the latest data by IndexBox's data library—is now available. Here are some of the most interesting points from that report.
Plastic Packaging Market Outlook
The plastic packaging industry is a $996 billion industry that’s expected to grow to $1406 billion by 2030. It’s one of the most important and fastest-growing industries in the world. The global plastic packaging market is forecast to grow at a CAGR of 4.4% during the period 2022-2030. The market is driven by the growing demand for packaged food and beverages, as well as the increasing use of plastic packaging in the healthcare and personal care industries. The growing awareness about the benefits of plastic packaging such as lightweight, durability, and recyclability is expected to propel the demand for plastic packaging over the forecast period.
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The food and beverage industry is the largest end-user of plastic packaging, accounting for more than 40% of the total demand. The growing demand for processed and packaged food, as well as for on-the-go beverages, is driving the need for more plastic packaging. The rising population and changing lifestyle trends are resulting in increased consumption of packaged food and beverages, which is driving the demand for plastic packaging. In addition, the healthcare industry is increasingly using plastic packaging for pharmaceuticals, medical devices, and other health-related products. The pharmaceutical industry is also fuelling the demand for plastic packaging, as these products need to be packed in tamper-proof and moisture-resistant containers. Plastic packaging is also widely used in the cosmetics industry due to its lightweight and durability.
The Asia-Pacific region is the largest market for plastic packaging. The region's growth is driven by the growing economies of China and India, as well as by the expanding food and beverage industries in Southeast Asia. Moreover, the rise in disposable incomes and changing lifestyles are also fueling the growth of the plastic packaging market in the region.
North America and Europe are also significant markets for plastic packaging, while Latin America and the Middle East & Africa are expected to experience above-average growth in the coming years.
The e-commerce industry has been growing rapidly in recent years, and this growth is expected to continue. This is driving the demand for plastic packaging, as it is a lightweight and durable material that can protect products during shipping.
There are a number of factors driving the growth of the e-commerce industry. The proliferation of mobile devices and high-speed Internet access has made shopping online more convenient than ever before. In addition, many consumers are now turning to online retailers for items that they would traditionally purchase in brick-and-mortar stores, such as groceries and clothing.
Market Segmentation
In terms of material, the plastic packaging market is segmented into polyethylene (PE), polypropylene (PP), polyethylene terephthalate (PET), and others. PET was the leading material type. PE is anticipated to be the fastest-growing material type with a CAGR of 5.4% from 2022 to 2030 owing to its superior properties such as easy processing, lightweight, moisture resistance, and chemical resistance.
In terms of product type, the plastic packaging market is classified into bottles, containers, bags & pouches, boxes & trays, and others. Bottles held the largest market share due to their wide use in food & beverage applications such as carbonated soft drinks (CSDs), juices & nectars, water, dairy products, edible oils & condiments, and alcoholic beverages. Containers are expected to be the fastest-growing product type with a CAGR of 6.0% from 2022-2030.
Market Restraints
The market is facing some restraints that are hampering its growth.
The most significant restraint for the plastic packaging market is the environmental concerns associated with it. Plastic packaging is non-biodegradable and thus, creates a lot of waste that ends up in landfills and oceans. This has led to an increase in environmental awareness among consumers, which is impacting the demand for plastic packaging.
Plastic packaging has many benefits, but it’s important to recycle and reuse it whenever possible to help protect our environment. There are many reasons to recycle and reuse plastic packaging. For one, it conserves resources – it takes less energy and water to recycle plastics than it does to produce them from scratch. Recycling also reduces greenhouse gas emissions and helps to keep our oceans and waterways clean.
Another challenge for the market is the stringent regulations being implemented by various governments to reduce the use of plastic packaging. For instance, China has introduced a ban on single-use plastic bags and containers, which is expected to have a negative impact on the growth of the plastic packaging market in the country.
The increasing environmental concerns over the use of plastic are expected to restrain market growth to some extent. Stringent government regulations regarding the use of plastics are also likely to hamper market growth over the forecast period. Nevertheless, the growing demand for sustainable and recyclable packaging solutions is expected to create opportunities for market players over the next few years.
Despite these challenges, the plastic packaging market is expected to grow at a healthy rate in the coming years due to the rising demand from end-use industries.
Market Supply Chain
The supply chain for the plastic packaging market starts with the raw material suppliers. The raw materials used in the manufacturing of plastic packaging include polymers, resins, and additives. These raw materials are sourced from both local and international suppliers.
The next step in the supply chain is the manufacturing of plastic packaging products. This process involves extrusion, injection molding, and blow molding. The finished products are then sent to the packagers or brand owners.
The final stage in the supply chain is distribution. Plastic packaging products are distributed to retailers and end-users through a network of distributors.
About IndexBox
IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.
Companies Mentioned in the Report
Amcor Limited, Berry Global Group Inc., Coveris Holdings S.A., Mondi plc, Reynolds Group Holdings Limited.
Sources
World - Plastic Packaging - Market Analysis, Forecast, Size, Trends and Insights
EU - Plastic Packaging - Market Analysis, Forecast, Size, Trends and Insights
Asia - Plastic Packaging - Market Analysis, Forecast, Size, Trends and Insights
U.S. - Plastic Packaging - Market Analysis, Forecast, Size, Trends and Insights
