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Plastic Packaging Market Size to Be Worth Around US$ 586.2 Billion by 2030

Press release from the issuing company

The Plastic Packaging Market size is expected to be worth around US$ 586.2 billion by 2030, according to a new report by Vision Research Reports.

The global Plastic Packaging market size was valued at US$ 348.08 billion in 2020 and is anticipated to grow at a CAGR of 4.8% during forecast period 2021 to 2030.

Growth Factors
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.

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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.

Report Highlights
The rigid product segment accounted for the largest revenue share of 61.1% in 2020 owing to their sturdiness and high aesthetic appeal. Moreover, factors, such as a high barrier to light, moisture, and oxygen, provided by rigid products contributed to the segment’s revenue share. The reusability of these products, such as pallets, intermediate bulk containers, and other industrial packaging products, is likely to favor the segment growth in the years to come.

The segment is further divided into bottles & jars, cans, trays & containers, caps & closures, cans, and others. Plastic bottles are extensively utilized in beverage packaging owing to their convenience, low cost, and superior performance. Whereas trays & containers are utilized in foodservice and packaged food sectors owing to their lower weight and aesthetics.

The flexible product segment is estimated to register the fastest CAGR from 2021 to 2028. This segment is further categorized into wraps & films, bags, pouches, and others. Pouches are gaining significant popularity in the market as their production requires lesser raw material as compared to rigid products, such as bottles & jars. Moreover, the convenience of multiple closure choices in pouches, such as a zipper, tear notch, and spout, drive its demand.

The extrusion technology segment accounted for the largest revenue share of over 38% in 2020 as the majority of the flexible packaging products, such as pouches, bags, and films, are produced with the help of extrusion technology. The growing popularity of the abovementioned flexible products owing to their higher sustainability and lower cost than their rigid counterparts is expected to boost the segment growth in the coming years.

The thermoform technology segment is anticipated to witness the fastest CAGR from 2021 to 2028. Rigid products, such as blisters, clamshells, trays, containers, lids, bowls, plates, and others, are manufactured using a thermoforming process. The growing demand for lightweight and thin-gauge packaging solutions on account of a rising focus on sustainable packaging is expected attribute to the high growth of the thermoforming technology segment.

Injection molding technology is typically employed to produce rigid or sturdy products, such as industrial containers, crates, caps, and closures. However, higher lead time and tooling costs involved in injection molding technology are likely to hamper the growth of the segment over the forecast period. Blow molding is a popular plastic molding process, which is designed to create hollow parts, such as bottles, liquid containers, drums, and storage tanks. There are three key types of blow molding technology namely, extrusion, injection, and injection stretch blow molding. Among these, extrusion blow molding is the most commonly used process to manufacture complex product shapes, such as bottles or containers.

The food & beverage application segment led the global plastic packaging market in 2020 with a revenue share of over 51%. The segment is expected to witness substantial growth during the forecast period. Changing consumer lifestyle and food preferences have led to the growth of the packaged and processed food manufacturing sector, which, in turn, is likely to propel market growth. Moreover, increasing consumption of alcoholic and non-alcoholic beverages is expected to support the segment growth.

Single-serve consumer packaging has been witnessing significant growth in the past few years owing to its convenience. Growing consumer attention towards health and well-being and increased awareness regarding waterborne diseases coupled with rising spending capacities have propelled the demand for packaged drinking water across the globe, which is expected to have a positive impact on the growth of the food & beverage application segment.

The pharmaceuticals segment is estimated to register the fastest CAGR from 2021 to 2028. Rising demand for pharmaceutical products in the Europe and North America regions due to the growing aging population is expected to benefit the segment development. Moreover, the rising production of generic medicines is anticipated to augment the demand for plastic packaging solutions in the pharmaceuticals application segment.

The personal and household care application segment is expected to witness a CAGR of over 4.3%, in terms of revenue, over the forecast period. This industry has witnessed significant growth owing to increasing consumer awareness about personal grooming and hygiene. Moreover, increasing demand for plant-based or clean label cosmetics is expected to play a key role in the segment growth over the forecast period.

Asia Pacific led the market with a revenue share of over 42% in 2020 and is projected to expand further at the fastest CAGR from 2021 to 2028. Rapidly-growing application industries in key economies, such as China, India, Vietnam, South Korea, and Thailand, are expected to drive the regional market over the forecast period.

China dominated the Asia Pacific market, in terms of both demand and production. The high population in the country, which supports the growth of the food & beverages, automotive, personal care, construction, and consumer electronics industries, is anticipated to act as a key driver for the market expansion.

Europe emerged as the second-largest regional market; however, it is anticipated to witness sluggish growth over the forecast period. Stringent regulations regarding the use of plastic products coupled with rising consumer awareness about sustainability are primarily attributing to the slow growth of the market in this region.

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Key Players
Amcor plc
Sealed Air
Coveris
Berry Global, Inc.
Mondi
Sonoco Products Company
Winpak Ltd.
CCL Industries, Inc.
Constantia Flexibles

Market Segmentation

By Product Outlook
Rigid
Bottles & Jars
Cans
Trays & Containers
Caps & Closures
Others
Flexible
Wraps & Films
Bags
Pouches
Others

By Technology Outlook
Injection Molding
Extrusion
Blow Molding
Thermoforming
Others

By Application Outlook
Food & Beverages
Industrial Packaging
Pharmaceuticals
Personal & Household Care
Others

By Regional Outlook
North America
Europe
Asia Pacific
Central & South America
Middle East & Africa

Discussion

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