New York (US), June 15, 2023 (GLOBE NEWSWIRE) -- Plastic Packaging Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Plastic Packaging Market Information by Type, Application, and Region - Forecast till 2030”, The plastic packaging market can expect to go from USD 230179.7043 million in 2022 to USD 317463.4997 million by 2030, achieving growth rate of 4.70% over the appraisal period (2022 - 2030).
Market Synopsis
Due to its cutting-edge design, which aids in providing inventive packaging solutions, plastic packaging has grown to be an essential part of many enterprises. For sensitive items that are challenging to transport, protective packaging made of plastic is employed, and plastic products are recognized for being both inexpensive and high-quality. Products are protected by plastic packaging while being distributed, transported, and stored. Additionally, it prolongs shelf life by shielding goods from degradation, contamination, and harm. In addition to handling brand identification and variance, it also serves to educate people about the product.
Plastics are malleable organic materials that have a visible molecular weight and are made of a range of synthesized organic components. Frequently, plastic-made products contain modified forms of materials including glass, paper, metal, and wood. A method for enclosing and protecting diverse commodities for usage, sale, distribution, and storage called packaging. Plastic often costs less and provides good performance. Recycling plastic is good for the environment since it uses less energy and produces less garbage.
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Market Competitive Landscape:
The affluent firms in the plastic packaging industry are
- Amcor Ltd (Australia)
- Wipak Group (Finland)
- Ampac Holdings LLC (US)
- BASF SE (Germany)
- Saint-Gobain (France)
- Sealed Air Corporation (US)
- Crown Holdings Inc (US)
- Mondi Group (UK)
- Constantia Flexibles International GmbH (Austria)
- Sonoco Products Company (US)
- Bemis Company Inc (US)
- Huhtamaki Oyj (Finland)
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 317463.4997 million |
| CAGR | 4.70% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2020 |
| Forecast Units | Value (USD million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Key Market Drivers | Increase in the demand for packaged food and beverages Rise in the demand for e-commerce |
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Market USP Covered:
Market Drivers:
The expansion of production processes in a number of industries, including food and beverage, pharmaceuticals, chemicals, and construction, among others, is what is driving the demand for plastic packaging. The market's rise is being aided by the increase in end-users for packaging solutions, such as the pet-care industry's desire for plastic packaging. Sustainable packaging options that are recyclable, reusable, and kind to the environment are becoming more and more in demand. As a result, new materials and packaging options that satisfy these standards have been developed. The packaging industry's increasing need for sustainable packaging options has compelled industry participants to concentrate on creating such options.
A few additional factors supporting the expansion of the worldwide plastic packaging market include the emergence of food delivery services, rising demand for packaged food goods, and burgeoning e-commerce enterprises globally. In addition, new packaging materials with superior qualities than conventional packaging materials have been developed as a result of technical breakthroughs, such as biodegradable and compostable materials. It has been noted that technological advancements support the expansion of the plastic packaging market.
The increased emphasis on creating recycled plastic packaging across a number of industries, as well as tighter government restrictions aimed at maximizing the production and use of recycled plastic material, are other factors contributing to the growth of the plastic packaging industry. Multiple market competitors are concentrating on the development of recycled plastic packaging solutions to reduce carbon emissions in order to meet the growing customer demand for recycled plastic.
To give an example, Ecolab and TotalEnergies formed a strategic alliance in February 2023 with the aim of creating and launching recyclable plastic packaging material for high-use applications. For concentrated cleaning solutions in primary packaging, the strategic alliance seeks to develop post-consumer recycled (PCR) plastic. Both businesses have concentrated on providing eco-friendly packaging solutions as part of the strategic cooperation.
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Market Restraints:
It has been observed that the availability of environmentally friendly packaging alternatives such paper, metal, glass, bioplastics, and glass is limiting the growth of the plastic packaging market. The availability of the aforementioned alternatives is expanding as consumer demand for environmentally friendly packaging solutions rises. Sustainable materials are becoming more popular, which is limiting the market's growth for plastic packaging in the packaging sector. The expansion of the plastic packaging market is seen to be hampered by the fact that numerous firms and sectors are beginning to recognize the significance of sustainability in their branding and marketing initiatives. However, market participants in the plastic packaging sector are trying to get around this limitation by responding to shifting consumer demands.
COVID 19 Analysis
The packaging sector was badly disrupted by the interruption of the material supply chain caused by the COVID-19 epidemic. Plastic packaging makers worldwide have been hit by the lockdown in China, which is one of the major producers and suppliers of plastics with more than 30% of the global market share, and the closing of trade borders among the international nations. Due to the shutdown of several large industrial facilities to stop the spread of the pandemic, the supply of plastics from Chinese producers was in low supply, which widened the gap between supply and demand. But the first quarter of 2020 was when the demand-supply mismatch was most prominently seen.
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Market Segmentation
By Type
Both rigid and flexible packaging are included in the market segmentation for plastic packaging depending on type. In 2021, the flexible packaging market category accounted for the largest portion of revenue generated by the plastic packaging industry. The flexible packaging market is expected to grow significantly over the next few years as a result of increased demand from end-use businesses such those in the food, beverage, cosmetic & personal care, and pharmaceutical sectors. Due to the growth of modern retailing, rising consumer affluence, and the acceleration of e-commerce operations, particularly in emerging nations, the market for flexible plastic packaging is expected to increase.
By Application
Food & beverage, industrial, healthcare, and personal care are the market segments for plastic packaging, according to application. The food and beverage segment dominated the market in 2021 and is anticipated to grow at the fastest rate from 2022 to 2030. Plastic packaging is widely used in the food and beverage industry. The increasing urbanization is radically altering the lifestyles of many consumer groups. The need for plastic packaging is dramatically rising as a result. Therefore, because of the aforementioned attributes, it has a beneficial effect on market growth.
Regional Insights
In 2021, the North American plastic packaging market had a value of USD 91896.0042 million, and over the study period, it is anticipated to increase at a CAGR of 41.80%. Plastic packaging's ability to be flexible has resulted in an increase in usage in the food and beverage, industrial, healthcare, and personal care sectors. More packaged organic food items are being offered in this region as food packaging technology advances. The region is regarded as the most lucrative market for packaged food products because of people's growing preference for ready-to-eat meals and convenience foods as well as their increasingly demanding work schedules. Additionally, the US plastic packaging market had the biggest market share due to the perception that packaging served an essential purpose.
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