Plastic Packaging Market

Market Overview:

The global plastic packaging market is expected to exhibit a growth rate (CAGR) of 4.1% during 2023-2028. The growing demand for ready-to-eat (RTE) food products, rising adoption of eco-friendly and sustainable packaging solutions, and increasing demand in the food and beverage (F&B) sector to decrease food wastage represent some of the key factors driving the market.

Plastic packaging is designed to protect goods from deterioration. It is manufactured through various materials, such as polyethylene (PE), high-density polyethylene (HDPE), low-density polyethylene (LDPE), polypropylene (PP), polyethylene terephthalate (PET), polystyrene (PS), expanded polystyrene (EPS), and polyvinyl chloride (PVC). It is widely available in rigid and flexible packaging, such as bottles, jars, trays, containers, jugs, pots, wraps, pouches, and cups, and in different sizes, shapes, and colors. It is cost-effective and lightweight and offers durability, safety, and flexibility while maintaining hygiene. It is also recyclable, versatile, sustainable, reduces environmental pollution, and has lower energy requirements during the production process. Besides this, it assists in protecting, preserving, storing, and transporting products in a convenient and efficient manner. As a result, plastic packaging is employed in the healthcare, food and beverage (F&B), pharmaceutical, and cosmetics and personal care industries around the world.

Plastic Packaging Market Trends:

At present, the increasing utilization of high-density polyethylene (HDPE) in the cosmetic industry due to its high chemical resistance and tensile strength represents one of the key factors contributing to the growth of the market. Additionally, the growing demand for plastic packaging in the food and beverage (F&B) industry, as it prevents food wastage, reduces contamination, and increases the shelf life of a product, is offering a positive market outlook. Apart from this, the rising adoption of ready-to-eat (RTE) food products due to busy lifestyles and hectic working schedules of individuals across the globe is propelling the growth of the market. In addition to this, there is a rise in the demand for convenient, eco-friendly, and sustainable packaging solutions among the masses across the globe. This, coupled with the increasing adoption of polyethylene terephthalate (PET) plastic bottles for the packaging of water, juice, oil, medicines, and soft drinks, is offering lucrative growth opportunities to industry investors. Besides this, the introduction of innovative packaging solutions, such as active packaging, modified atmosphere packaging, edible packaging, and bioplastic packaging, is positively influencing the market. Moreover, the increasing demand for plastic packaging due to the burgeoning e-commerce industry and expanding export activities around the world is strengthening the growth of the market. Furthermore, the rising utilization of plastic packaging on account of its cost- effectiveness and increased shelf life compared to other forms of packaging is supporting the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global plastic packaging market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on material, product and end use industry.

Material Insights:

• Polyethylene (PE)
• Polypropylene (PP)
• Polyethylene Terephthalate (PET)
• Polystyrene (PS) and Expanded Polystyrene (EPS)
• Polyvinyl Chloride (PVC)
• Others
   

The report has provided a detailed breakup and analysis of the plastic packaging market based on the material. This includes polyethylene (PE), polypropylene (PP), polyethylene terephthalate (PET), polystyrene (PS) and expanded polystyrene (EPS), polyvinyl chloride (PVC), and others. According to the report, polyethylene (PE) represented the largest segment.

Product Insights:

• Bottles and Jars
• Trays and Containers
• Others
   

A detailed breakup and analysis of the plastic packaging market based on the product has also been provided in the report. This includes bottles and jars, trays and containers, and others. According to the report, bottles and jars accounted for the largest market share.

End Use Industry Insights:

• Food and Beverages
• Healthcare
• Cosmetics and Personal Care
• Others
   

A detailed breakup and analysis of the plastic packaging market based on the end use industry has also been provided in the report. This includes food and beverages, healthcare, cosmetics and personal care, and others. According to the report, food and beverages accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include 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. According to the report, Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others) was the largest market for plastic packaging. Some of the factors driving the Asia Pacific plastic packaging market included the growing demand in the automotive, construction, and consumer electronics industries; rising consumption of packaged meals; increasing focus on sustainable packaging solutions, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global plastic packaging market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered 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, Winpak Ltd., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the plastic packaging market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global plastic packaging market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the plastic packaging industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.