Global Plastic Packaging Market Insights
Global Plastic Packaging Market size was valued at USD 356.38 billion in 2021 and is poised to grow from USD 369.21 billion in 2022 to USD 489.95 billion by 2030, growing at a CAGR of 3.6% in the forecast period (2023-2030).
Product demand is being driven by rapidly developing main application sectors such as food and drinks, medicines, and personal and household care. Furthermore, the increasing penetration of organized as well as e-retail throughout the world is supporting market expansion. Plastic provides both flexible and stiff packaging, as well as transparent and lightweight packaging, which is why the primary application industries choose it over its competitors, such as metal or glass. Furthermore, designed plastic can withstand harsh conditions and does not disintegrate in high temperatures, keeping the quality of items such as food and beverages, and cosmetics.
Globally, the packaged food and beverage market has been expanding rapidly in recent years. Changing lifestyles, an increasingly urban population, rising economic activity in developing nations, and increased e-commerce penetration throughout the world are just a few of the macro forces driving the global packaged food business. Furthermore, the development of novel solutions, such as active packaging, modified atmosphere packaging, edible packaging, and bioplastic packaging, is also projected to promote market growth in the coming years. On the other hand, increased sustainability consciousness and strict restriction on single-use items to reduce plastic pollution are anticipated to pose a challenge to the industry's growth.
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Analysis:
Global Plastic Packaging Market Segmental Analysis
The Plastic Packaging Market Is Segmented by Product Rigid (Bottles & Jars, Cans, Trays & Containers, Caps & Closures, Others), Flexible (Wraps & Films, Bags, Pouches, Others). By Technology the Plastic Packaging Market is divided into Injection Molding, Extrusion, Blow Molding, Thermoforming, and Others. By Application, the Plastic Packaging Market is divided into Food & Beverage, Industrial Packaging, Pharmaceuticals, Personal & Household Care, and Others. Based on the region Plastic Packaging Market is categorized into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.
Plastic Packaging Market Analysis by Product
In 2021, the rigid packaging segment held the largest share of the plastic packaging market, accounting for more than 60% of the total revenue. This is due to its durability and attractive appearance. Additionally, the high barrier properties of rigid packaging, such as protection against light, moisture, and oxygen, also contributed to its dominant market share. The reusability of rigid packaging products, like pallets and intermediate bulk containers, is also expected to drive the growth of this segment.
Plastic Packaging Market Top Player’s Company Profiles
- Amcor plc
- Berry Global Inc.
- Sealed Air Corporation
- Dow Chemical Company
- Huhtamaki Oyj
- Sonoco Products Company
- Bemis Company Inc.
- Mondi plc
- Constantia Flexibles Group GmbH
- Coveris Holdings S.A.
- Reynolds Group Holdings Limited
- Silgan Holdings Inc.
- RPC Group Plc
- Printpack Inc.
- ALPLA Werke Alwin Lehner GmbH & Co KG
- AptarGroup Inc.
- AEP Industries Inc.
- Clondalkin Group Holdings B.V.
- Novolex Holdings Inc.
- Winpak Ltd.
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Global Plastic Packaging Market Size
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Global Plastic Packaging Market Analysis
