New York, June 13, 2023 (GLOBE NEWSWIRE) -- The plastic containers market size is anticipated to surpass USD 80 billion by 2033, as per latest study by Research Nester. In light of the increased demand for plastic packaging in various end-use industries, including pharmaceuticals, cosmetics, and food, as well as the growing popularity of sustainable plastic packaging in response to environmental concerns, plastic container adoption is expected to increase. For instance, as part of its sustainable program worth 100 million euros, Bayer AG announced in December 2021 that it will implement 100% green packaging for its consumer health products by 2030. Additionally, the firm expects to recycle 50% of all its brand packaging by 2030. Also, plastic containers are chemically inert and can withstand a wide range of temperatures, making them safe for the storage of sensitive drugs and medicines.
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Rapid growth in the food and beverage industry to boost plastic containers market
The rapid expansion of the food and beverage industry as a result of lifestyle changes and fast-paced living is slated to increase the adoption of plastic containers in the coming years. With more people eating outside and consuming packaged food, the food and beverage industry is experiencing rapid growth. According to estimates, approximately USD 15 billion worth of organic packaged foods were consumed in the United States in 2016, and USD 19 billion worth in 2019. Also, China's food and beverage sector reached approximately USD 590 billion in 2019, an increase of 8 percent over 2018. In addition, plastic containers are lightweight, durable, and easy to transport, making them ideal for packaging food and beverages. They are also resistant to moisture and chemicals, making them a suitable choice for storing food for long periods of time. Thus, the non-reactive nature of plastic and its long shelf life are expected to enhance its applications in the food and beverage industry, which is anticipated to drive plastic containers market growth in the future.
Increasing alcoholic and non-alcoholic beverage consumption to drive market growth in North America
The plastic containers market in the North America region is estimated to garner the largest revenue by the end of 2033, backed by the increase in consumption of alcoholic beverages in countries such as the United States and Canada along with the increasing demand for single-use plastic containers for alcoholic beverages. The United States' beverage consumption per capita has increased over the past couple of decades to reach 2.30 gallons of ethanol per person in 2020. Bottles made of plastic for alcoholic beverages have become increasingly popular owing to their convenience and durability. They are lightweight and can be stored for a longer period of time than glass or metal containers, making them ideal for transporting and storing alcoholic beverages. Furthermore, the increasing consumption of soft drinks in the region is predicted to increase the use of plastic containers over the forecast period. It was observed that approximately 52% of American adults and 60% of American children consume soft drinks or sugar-sweetened beverages every day. In addition, a total of USD 3 billion was spent on carbonated soft drinks across the country in 2019.
Presence of large number of pharma and cosmetics producers to fuel the growth in the Asia Pacific region
The Asia Pacific plastic containers market is projected to garner the highest CAGR by the end of 2033 on account of the existence of numerous pharmaceutical and cosmetic manufacturers in China, India, and South Korea, which has resulted in an increase in plastic container demand during the forecast period. Further, a growing acceptance of Western-style products in the region, as well as a rise in disposable income, have resulted in an increase in consumer spending on personal and home-care products, such as perfumes and cosmetics, which is projected to drive plastic containers market growth in the region. Cosmetics retail sales in China are expected to reach USD 44 billion in October 2022.There are approximately 58 billion dollars spent on beauty products in China and 36 billion dollars spent on beauty products in Japan. Plastic containers are widely used in cosmetics as they are lightweight, provide an effective barrier against contaminants, and help to protect the product from damage due to moisture and light.
Moreover, the government has been providing incentives to promote the manufacturing of automobiles in the region, which has resulted in an influx of automotive manufacturers. This increased demand for automotive lubricants and greases requires reliable packaging, which can be achieved through the use of plastic containers. Therefore, the scope of plastic containers is expected to expand over the forecast period.
Market Segmentation by Material (Polypropylene, Polystyrene, Polyethylene, High-density Polyethylene, Low-density Polyethylene, Polyethylene Terephthalate)
Plastic containers market from the polyethylene terephthalate (PET) segment is anticipated to hold the largest revenue by the end of 2033, owing to the growing need for lightweight packaging for products that can be transported easily. As a result of the adoption of PET, up to 85% of the weight of glass can be reduced, making the process of transportation more cost-effective. In addition, the replacement of glass bottles with plastic bottles produced from PET materials is projected to enhance segment growth in the plastic containers market. The lightweight, recyclability, and cost-effectiveness of PET make it the most popular choice for packaging bottled water, carbonated soft drinks, and juice. It is estimated that 65-70% of mineral water, soft drinks, and juices are packaged in PET containers. In addition, the increasing popularity of bottled water and juice is slated to expand the scope of PET packaging during the forecast period.
Market Segmentation by Product (Bottles, Boxes & Bins, Trays, Cups, Lids, Thin Wall Pails, Bowls)
The bottles segment in the plastic containers market is anticipated to hold the largest revenue by the end of 2033, due to the increasing consumption of bottled water, especially in developed countries such as the United States and Canada. It was observed that bottled water in the United States ranked as the number one beverage by volume in 2019. A total of 43 gallons of bottled water are consumed per capita in 2019. In addition, the total volume of bottled water increased from 14 billion gallons in 2018 to 15 billion gallons in 2019, an increase of approximately 5%. Plastic is a popular choice for bottle manufacturing owing to its durability, cost-effectiveness, and ease of production. Additionally, plastic bottles are lightweight and shatterproof, making them ideal for shipping and storage. Hence, all such factors are projected to drive segment growth over the forecast period.
Major participants in the global plastic containers market are Amcor Group GmbH, Plastipak Holdings, Inc., ALPLA Group, Graham Packaging Company, L.P., Berry Global Inc., Greiner AG, Visy Group, Shanghai Zijiang Enterprise Group Co., Ltd, Crown Holdings, Inc., Silgan Holdings Inc.
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