Plastic Packaging Industry Overview
The global plastic packaging market size was valued at USD 348.08 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.2% from 2021 to 2028. Rapidly growing key application industries including food beverages, pharmaceuticals, and personal household care are driving the product demand.
Moreover, the rising penetration of organized as well as e-retail across the world is fueling the growth of the market. Plastic offers both flexible rigid, transparent, and lightweight forms of packaging on account of which the key application sectors primarily prefer it over its counterparts, such as metal or glass. Furthermore, engineered plastic can survive in extreme environments and does not degrade in extreme temperatures, thus preserving the integrity of products, such as food beverages and cosmetics.
Gather more insights about the market drivers, restrains and growth of the Global Plastic Packaging Market
Moreover, the low cost and excellent printability associated with plastic make it a lucrative packaging material. The extrusion technology segment is expected to witness robust growth in the U.S. market from 2021 to 2028. Extrusion-based products, such as wraps films, pouches, and bags, are widely used in most consumer as well as industrial applications in the country owing to their performance benefits and sustainability. The high penetration of organized retail across the country has also significantly contributed to the market growth in the country.
Globally, the packaged food beverage sector has been experiencing robust growth for the past several years. Changing lifestyle, growing urban population, rising economical activities in emerging countries, and increasing penetration of e-retail across the world are a few macro factors driving the global packaged food industry. In addition, the demand for food is poised to grow as the world population is expected to increase from 7.3 billion in 2015 to 9.7 billion in 2050, which, in turn, is anticipated to fuel the demand for plastic packaging products.
The robust growth of the e-commerce sector is also likely to open new avenues for industry growth. E-commerce companies prefer lightweight and flexible packaging solutions to reduce the cost of transportation. The rising preference for online shopping of daily fresh foods, FMCG products, and electronic gadgets as well as clothing is expected to spur the industry growth.
Furthermore, the introduction of innovative solutions, such as active packaging, modified atmosphere, edible, and bioplastic packaging, is also expected to boost the market growth in the years to come. On the other hand, rising awareness about sustainability and a stringent ban on single-use products to curb plastic pollution are likely to pose threat to the growth of the industry.
Browse through Grand View Research's Plastics, Polymers Resins Industry Research Reports.
- Plastic Market - The global plastic market size was valued at USD 579.7 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.4% from 2021 to 2028. Increasing plastic consumption in the construction, automotive, and electrical electronics industries is projected to support market growth over the forecast period.
- Glass Market - The global glass market is expected to register a substantial growth rate owing to increased demand for glass from the construction and packaging sectors. The rapid development of the transportation, energy, defense, and electronics industries is expected to augment the market growth. Glass is a key component used in solar panels and has emerged as an essential green buildings product, which is likely to positively affect market growth.
Plastic Packaging Market Segmentation
Grand View Research has segmented the global plastic packaging market on the basis of product, technology, application, and region:
Plastic Packaging Product Outlook (Revenue, USD Billion, 2017 - 2028)
- Rigid
- Bottles Jars
- Cans
- Trays Containers
- Caps Closures
- Others
- Flexible
- Wraps Films
- Bags
- Pouches
- Others
Plastic Packaging Technology Outlook (Revenue, USD Billion, 2017 - 2028)
- Injection Molding
- Extrusion
- Blow Molding
- Thermoforming
- Others
Plastic Packaging Application Outlook (Revenue, USD Billion, 2017 - 2028)
- Food Beverages
- Industrial
- Pharmaceuticals
- Personal Household Care
- Others
Plastic Packaging Regional Outlook (Revenue, USD Billion, 2017 - 2028)
- North America
- Europe
- Asia Pacific
- Central South America
- Middle East Africa (MEA)
Market Share Insights
- 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.
- June 2019: Amcor plc acquired Bemis Company, Inc. In July 2019, Berry Global, Inc. acquired RPC Group Plc. Both the acquisitions were undertaken to strengthen the product portfolio, manufacturing capability, and geographical footprint.
Key Companies profiled:
Some prominent players in the global plastic packaging market include
- Amcor plc
- Sealed Air
- Coveris
- Berry Global, Inc.
- Mondi
- Sonoco Products Company
- Winpak Ltd.
- CCL Industries, Inc.
- Constantia Flexibles
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