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.
Related Press Release@ Plastic Packaging Market Report
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
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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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