According to the latest report by IMARC Group, titled "Plastic Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global plastic packaging market is expected to grow at a CAGR of 4.67% during 2022-2027. Plastic offers both flexible and rigid forms of packaging solution, which is considered to be a useful material for delivering products to consumers safely and efficiently. It is extensively utilized for packaging purposes to safeguard, transport, preserve and display vital information about a wide range of items. It is mainly available in a variety of material types that differ on the basis of appearance, appropriate usage, temperature range, barrier properties, shelf life and environmental footprint. These packaging solutions offer excellent durability, shatterproof, lightweight and recyclable properties, and flexible designs.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Plastic Packaging Market Trends:
The global market is primarily driven by significant growth in the food and beverage industry. Along with this, the increasing demand for packaged food items and the growing consumption of ready-to-eat foods among individuals is creating a positive market outlook. In line with this, the proliferation of fast food outlets and the advent of home delivery models across several countries are providing a boost to the demand for plastic packaging. Furthermore, the penetration of organized and e-retail channels is also acting as a major growth-inducting factor. Since plastic packaging solutions provide an excellent canvas for labeling and printing the necessary information regarding the product in a cost-efficient manner, this is offering a lucrative growth opportunity for key market players. The market is further driven by the introduction of sustainable plastic packaging solutions using bioplastics across the globe. Other factors, including the rising product adoption across cosmetic and healthcare industries, continuous improvements in the e-commerce infrastructure and extensive research and development (R&D) activities conducted by key players for introducing improved product variants, are also favorably impacting the market growth.
- On the basis of the material, the market has been segmented into polyethylene (PE), polypropylene (PP), polyethylene terephthalate (PET), polystyrene (PS) and expanded polystyrene (EPS), polyvinyl chloride (PVC), and others.
- Based on the product, the market has been classified into bottles and jars, trays and containers, and others.
- On the basis of the end-use industry, the market has been categorized into food and beverages, healthcare, cosmetics and personal care, and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.?Some of these players include ALPLA-Werke Alwin Lehner GmbH & Co. KG, Amcor plc, Anchor Packaging LLC, Berry Global Inc., DS Smith plc, Honeywell International Inc., Huhtamäki Oyj, Mondi plc, Printpack, Sealed Air Corporation, Sonoco Products Company and Winpak Ltd.
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