Plastic Packaging Market Expecting Worldwide Growth By 2028
The global plastic packaging market size is expected to reach USD 486.2 billion by 2028, according to a new report by Grand View Research, Inc.,
The global plastic packaging market size is expected to reach USD 486.2 billion by 2028, according to a new report by Grand View Research, Inc., registering a CAGR of 4.2% over the forecast period. The rapid expansion of the food & beverages, personal care, and pharmaceuticals sectors coupled with the rising penetration of organized and e-retail across the world is expected to fuel market growth.
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 & jars, trays & containers, wraps & films, and pouches, as they are cost-effective, lightweight and have extensive functionalities and strong barrier properties against moisture. Growing demand for sustainable packing solutions is prompting manufacturers to use recycled plastic resins to make such products.
Globally, the changing lifestyle led to the introduction of single-serve packaging that significantly contributed to the market growth in the past few years. Moreover, advancements in technology, such as the development of modified atmosphere technology (MAP) and airless packaging, and their growing penetration in the food & beverages and personal care industries are likely to boost the growth of the global market.
However, plastic is a non-biodegradable, unsustainable material; thus, its products, specifically single-use packing solutions, are banned across several countries. For instance, on March 11, 2020, the European Union (EU) released its new ‘Circular Economy Action Plan’ intended to promote sustainable packaging in the region. Moreover, growing consumer awareness levels are compelling manufacturers to switch to biodegradable materials, which is expected to hamper the industry growth to some extent.
Asia Pacific emerged as the leading regional market with a revenue share of 43.8% in 2020 and is expected to witness the fastest CAGR from 2021 to 2028. This growth is attributed to the robust growth of manufacturing and e-commerce sectors in several emerging Asian countries, such as India, China, and Thailand. The global market is highly fragmented with the presence of large-scale international companies as well as small- and medium-scale domestic players. Key players are focusing on acquisitions and also increasingly expanding their product portfolios to gain maximum market share.
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Plastic Packaging Market Report Highlights
· In terms of revenue, the flexible product segment is projected to ascend at the fastest CAGR of 4.5% over the forecast period on account of the growing demand for pouches and bags in the food & beverages sector owing to their low cost and high sustainability
· The extrusion technology segment accounted for the largest revenue share of over 38% in 2020
· The segment is estimated to retain the leading position throughout the forecast period as the majority of the flexible packing solutions, such as pouches, bags, and films, are produced with the help of extrusion technology
· Food & beverages was the largest application segment in 2020 and accounted for more than 51% of the global revenue share
· Extensive product usage for the packing of raw food products and for final packaged single-serve food packing mainly contributed to the higher share of the food & beverages segment
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.