Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Plastic Packaging market.
Trusted Business Insights presents an updated and Latest Study on Plastic Packaging Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Plastic Packaging market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Plastic Packaging Market
The global plastic packaging market size was estimated at USD 113.03 billion in 2019, exhibiting a revenue-based CAGR of 3.9% over the forecast period 2021-2027. Growing packaged food and beverage industry owing to changing lifestyle and increasing penetration of organize retail is principally expanding the product application scope.
Plastic offer transparent, tougher, flexible and rigid, lightweight, and versatile form of packaging owing to which key industries such as food and beverage, personal care, and industrial majorly prefer plastic packages over its counterparts. Furthermore, the product can survive in extreme environments and does not degrade in hot or cold temperatures, thus preserving the integrity of food and beverages, cosmetics, and other products. Moreover, low cost, convenience, and excellent printability make it a lucrative packaging solution amongst other forms of packaging.
Food and beverage is one of the fastest-growing industries globally, owing to the changing lifestyles, and consumer preference for eating on-the-go, ready-to-eat, frozen foods, and processed foods. The growth of the food industry in developing economies of Asia Pacific is expected to generate the demand for plastic packaging globally.
The primary functions of packaging are to offer protection to the products, inform consumers about its features, enable its transportation over long distances, and storage. The growing use of rigid HDPE, and PC plastic canisters, bottles, and tanks, as opposed to wraps and films and bags for industrial packaging applications, is expected to have a positive impact on the market growth. Furthermore, the increasing introduction of innovative packaging solutions such as active, modified atmosphere, edible, and bioplastic packaging is also expected to open newer avenues in the coming years.
The emergence of e-commerce has further expanded the application scope of plastic packaging. E-commerce companies majorly prefer lightweight and flexible packaging, as it accounts for less cost during transportation. Rising penetration of e-commerce, especially in developing countries such as India and China is likely to fuel the demand over the forecast period.
However, rising fluctuating prices of crude oil, which is the principal raw material for plastic packaging, has been considerably affecting the profit margin of manufacturers and thus hindering the market growth. Besides, the growing ban on single-use plastic packaging across the world and rising sustainable awareness among consumers is also likely to act as market restraint over the forecast period.
Type Insights: Plastic Packaging Market
On the basis of type, the market has been segmented into rigid and flexible. The rigid segment is expected to witness steady growth over the forecast period on account of its increasing usage in industrial applications. Use of rigid plastic bottles and canisters for packing, storage, and transportation of chemicals and gaseous Products is expected to drive segment growth over the next few years.
Plastic are being increasingly used for flexible packaging solutions owing to easy disposal, light weight, and consumer convenience. The flexible segment was valued at USD 154.6 billion in 2020 and is expected to witness significant growth over the forecast period. This growth can be attributed to rapidly increasing demand for flexible packing solutions in food and beverage, personal care, and household care applications.
Flexible packaging offer higher convenience to consumers and also occupies lower retail space thereby emerging as popular packaging type. Furthermore, flexible packages also assist in reducing food wastage. For instance, fruits packaged in flexible packaging lowers the ripening effect and thereby extend the shelf life. Therefore, fresh produce manufacturer are majorly opting for the flexible packaging across the globe.
Product Insights: Plastic Packaging Market
On the basis of product, the plastic packaging market has been segmented into bottles, plastic, wraps and films, bags, pouches, and others. These products cater to the requirements of various end-use industries, including food and beverages, personal care, household care, consumer electronics, construction, and chemicals. Bottles formed the largest segment in 2019 in terms of revenue, followed by bags and wraps and films.
Plastic bags are the most widely used packaging solutions by various end-use verticals; however, the product segment is expected to witness slow growth owing to rising environmental concerns regarding usage and disposal of such bags. Several environmental threats concerning their disposal in deep water bodies are likely to hamper segment growth in the coming years.
Wraps and films is expected to be the fastest growing product segment in the plastic packaging market. The segment is expected to witness significant growth over the next few years owing to increasing use of protective wraps and films for packaged foods, frozen foods, and ready-to-eat food applications.
Application Insights: Plastic Packaging Market
On the basis of application, the market has been segmented into food and beverages, industrial packaging, and personal and household care. The food and beverages segment accounted for a revenue share of over 51.1% in 2019 and is expected to witness substantial growth during the forecast period. Growing demand for packaged foods owing to change in consumer lifestyle has driven segment growth in recent years and the trend is expected to continue over the forecast period. In addition, growth of the beverages industry, led by product categories such as liquor and energy drinks, has resulted in increased demand.
To prevent waterborne diseases consumers are increasingly preferring packaged water bottle across the world. In addition, single serve consumer packaging has been witnessing significant growth from the past few years owing to its convenience. Therefore, the rising consumption of packed bottle coupled with growing demand for single serve packaging is likely to expand food and beverage application segment further.
The personal and household care application segment is expected to witness a CAGR of over 3.5% in terms of revenue over the forecast period, in terms of revenue. Personal care packaging includes that of products such as cosmetics and toiletries. This industry has witnessed tremendous growth over the past few years owing to rising consumer awareness toward grooming and hygiene. Growing awareness about health and wellness in developing countries is also expected to play a key role in segment growth over the forecast period.
Regional Insights: Plastic Packaging Market
As of 2019, Asia Pacific lead the global market, in terms of revenue, with a share of just over 44.6%. Rapidly-growing end-use industries in key economies, such as China, India, Vietnam, South Korea, and Thailand are expected to drive the regional demand over the forecast period.
China lead the Asia Pacific market in terms of both demand and production. Presence of large consumer base and expanding food and beverages, personal care, automotive, consumer electronics, and construction industries in the country are anticipated to act as key drivers for the growth of the market over the forecast period.
Changing lifestyles and consumer preferences in terms of food are expected to propel the growth of the food and beverages industry in North America, most notably for products that are ready-to-eat, thus influencing demand in the region. In addition, introduction of new products by end-use vendors is expected to further positively impact demand in North America.
Plastic Packaging Market Share Insights: Plastic Packaging Market
The global market is characterized by the presence of various well-established players such as
- Amcor Plc
- Sealed Air Corporation
- Coveris Holdings S.A..
- IMMER UkrPlastic
- Ampac Holding
- Wipak Group
- Â Flextrus AB
Industry players face intense competition as majority of them are among the top suppliers and have a large consumer base. These players are well-established and have strong and vast distribution networks. They mainly cater to the food and beverage, industrial packaging, and household and personal care industries.
Key players mainly undertake acquisition strategy to expand their product portfolio along with geographical footprints. In June 2019, Australia based Amcor Plc acquired the U.S. based flexible packaging manufacturer Bemis Company Inc. The acquisition was aimed to strengthen formerâ€™s scale, capabilities and footprint across the world.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global plastic packaging market report on the basis of type, product, application, and region:
Type Outlook (Volume, Kilotons; Revenue, USD Billion, 2016 – 2027)
Product Outlook (Volume, Kilotons; Revenue, USD Billion, 2016 – 2027)
- Wraps & Films
Application Outlook (Volume, Kilotons; Revenue, USD Billion, 2016 – 2027)
- Food & Beverages
- Industrial Packaging
- Personal & Household Care
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