Plastic Packaging Market Report
Plastic Packaging Market, by Type (Rigid and Flexible), Technology (Injection Molding, Extrusion, Blow Molding, Thermoforming, and Others), Application (Food & Beverages, Industrial, Household Products, Personal Care, Medical, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
Plastic Packaging Overview
A method for enclosing and protecting diverse commodities for usage, sale, distribution, and storage is called packaging. The term “plastic packaging” refers to the usage of plastic materials for manufacturing packaging items such as bottles, bags, containers, and wraps, among others, for different industries including food & beverage, healthcare, personal care, and others.Considering its strength, adaptability, and affordability, plastic packaging is utilized extensively over the world. However, plastic packaging has negative effects on the environment, such as trash production, pollution, and carbon emissions.Plastics are pliable organic materials that have a visible molecular weight and are made from a range of synthesized organic compounds. Usually, plastic-made products contain modified materials like glass, paper, metal, wood, etc., which cost less along with providing good performance.
Global Plastic Packaging Market Analysis
The global plastic packaging market size was $374.7 million in 2022 and is predicted to grow at a CAGR of 4.1%, by generating a revenue of $551.6 million by 2032.
COVID-19 Impact on Plastic Packaging Market
The market for plastic packaging has been significantly impacted by the COVID-19 outbreak. Consumer behavior changed during the pandemic in many ways, including a rise in internet purchasing and a decline in outside dining. As a result, there was an upsurge in demand for virgin plastic resins which helped the market sustain the onslaught of the pandemic.
Growing Trade in Far-Off Regions to Drive the Market Growth
One of the primary reasons propelling the expansion of the plastic packaging industry is the rising expanse of long-distance trade in far-off regions. A versatile material that works well for long-distance trade is plastic packaging. It is perfect for shipping goods to far-off regions because it is portable, strong, and lightweight. Additionally, plastic packaging can be tailored to suit a company's unique requirements, which can enhance their branding and marketing initiatives. Moreover, it can be used to keep the goods intact while they are in transit and can shield them from damage during shipping. Also, plastic is a material that protects objects from moisture and humidity due to its inherent properties. Plastic packaging is also an affordable option which ensures that long-distance trade remains profitable amid different challenges.
Popularity of Environmentally Friendly Packaging to Restrain the Market Growth
One of the main things limiting the expansion of the plastic packaging sector is the growing prevalence of plastic packaging to conceal dangerous items. Governments and consumers have scrutinized plastic packaging more closely because of these risks, slowing the market's expansion.
Furthermore, the expansion of the plastic packaging market is seen to be constrained by the availability of environmentally friendly packaging alternatives such paper, metal, glass, bioplastics, and metal. Due to growing customer demand for environmentally friendly packaging options, the aforementioned alternatives are becoming more readily accessible. Additionally, many companies and sectors are emphasizing sustainability in their branding and marketing initiatives to improve the reputation of their brands; this is seen as an impediment in the expansion of the plastic packaging market. To get over this limitation, market participants in the plastic packaging sector must adapt to shifting consumer demands.
Advancements in Plastic Packaging to Drive Excellent Opportunities
New technologies are being developed to improve the efficiency and sustainability of plastic packaging. For instance, smart packaging that can detect the status of items throughout the supply chain and bio-based polymers that are derived from renewable resources are both being developed. Demand for convenient packaging that is simple to use and store is also rising among consumers. Moreover, the demand for plastic packaging is also being fueled by the expansion of e-commerce. E-commerce merchants are increasingly opting for packaging material that is robust and can safeguard goods during shipping. Companies have been forced to create innovative packaging solutions as a result of the dynamic changes in the sector, including the deployment of novel regulatory initiatives. Manufacturers have also developed environmentally friendly packaging materials in response to the growing environmental concerns surrounding the use of non-biodegradable polymers.
Global Plastic Packaging Market Share, by Type, 2022
The rigid sub-segment accounted for the highest market share in 2022. The rising need for rigid plastic packaging in the food & beverage, personal care, and healthcare industries is fueling the growth of this sub-segment. Rigid packaging is employed to pack a range of goods, including food items, beverages, toiletries, and medical supplies. Packaging made of rigid plastic is incredibly robust and resistant to a lot of damage which makes it perfect for packaging items like food and drinks that are likely to be handled carelessly. Being relatively lightweight, rigid plastic packaging is simple to transport and store. This is crucial for long-distance shipments of goods like food and beverages. Also, packaging made of rigid plastic may be recycled, making it sustainable. For companies aiming to lessen their influence on the environment, this is a vital advantage of rigid plastic packaging.
Global Plastic Packaging Market Share, by Technology, 2022
The extrusion sub-segment accounted for the highest market share in 2022. Raw plastic materials are melted, molded into a continuous profile, and then shaped into different packaging goods through a manufacturing process known as extrusion. It is a flexible and economical process used to make a variety of plastic packaging products. The plastic packaging industry benefits significantly from extrusion's high production speed, design flexibility, reliable product quality, and cost-effectiveness. Owing to this utility of extrusion processes, producers can manufacture packaging materials in a variety of sizes, shapes, and thicknesses so as to meet their varied packaging needs and product requirements, Additionally, it’s important to note that the packaging sector is beginning to prioritize on sustainability and address the environmental concerns. The development of environmentally friendly materials, such biodegradable and compostable plastics using extrusion technologies, is gaining more popularity. This is consistent with rising consumer and regulatory demand for eco-friendly packaging options.
Global Plastic Packaging Market Share, by Application, 2022
The food & beverages sub-segment accounted for the highest market share in 2022. The plastic packaging market's largest end-use segment is the food and beverage industry. This is due to two factors- the rising demand for packaged foods and drinks and the growing acceptance of plastic packaging over other types of packaging. Plastic packaging is perfect for food and beverage goods since it is lightweight, strong, and affordable. Plastic packaging also comes in different forms and sizes, making it appropriate for a range of food and beverage goods. Amcor, Tetra Pak, Sealed Air, and Bemis are a few of the major companies in the market for plastic food and beverage packaging. These businesses are making investments in R&D to create innovative, long-lasting plastic packaging solutions. Moreover, increased disposable incomes in developing nations, expanding demand for packaged food and beverages, and a growing preference for plastic packaging over alternative materials is anticipated to push the growth of the market in the coming years.
Global Plastic Packaging Market Share, by Region, 2022
The Asia-Pacific plastic packaging market generated the highest revenue in 2022. Increased use of polyethylene terephthalate resin in Asia-Pacific is being attributed to the expanding food and beverage sector as well as the expanding demand for recyclable and sustainable materials. In Asia-Pacific, corrugated boxes are used in the packaging of goods from a variety of industry sectors, including food and beverage, cosmetics, medicines, and more. The Asia-Pacific plastic packaging market is expected to be driven by the expanding use of plastic packaging in the crucial food and beverage industry, which is especially important in light of the COVID-19 pandemic.
Competitive Scenario in the Global Plastic Packaging Market
Investment and agreement are common strategies followed by major market players. In January 2022, Novolex introduced Piranh, an innovative recyclable tray for meat, fish, and poultry products. The recyclable tray is sealed using a series of raised teeth that run around the sealing flange instead of applying a layer of polyethylene or adhesive, which is typically used to seal the lid of modified atmosphere packaging (MAP).
Some of the leading plastic packaging market players are Amcor plc, Sealed Air, Coveris, Berry Global Inc., Mondi, Sonoco Products Company, WINPAK LTD, CCL Industries, Inc, Constantia Flexibles, and Alpha Packaging
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, and LAMEA
Segmentation by Type
Segmentation by Technology
Segmentation by Application
Key Companies Profiled
Q1. What is the size of the global plastic packaging market?
A. The size of the global plastic packaging market was over $374.7 million in 2022 and is projected to reach $551.6 million by 2032.
Q2. Which are the major companies in the plastic packaging market?
A. Amcor plc, Sealed Air, Coveris, Berry Global Inc., Mondi, Sonoco Products Company are some of the key players in the global plastic packaging market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What are the strategies opted by the leading players in this market?
A. Agreement and investment are the two key strategies opted by the operating companies in this market.
Q5. Which companies are investing more in R&D practices?
A. Amcor plc, Sealed Air, Coveris, Berry Global Inc., Mondi, Sonoco Products Company are the companies investing more in R&D activities for developing new products and technologies.