The Plastic Packaging Market is predicted to rise to USD 390 million by 2028, witnessing 3.4% CAGR during 2021-2028

Introduction of the Plastic Packaging Market Report

Plastic packaging refers to the plastic-containing materials that can be used for the containment, handling, delivery, presentation, protection of other products. Plastic packaging help in preserving, storing, and transporting products in good condition to be used by consumers.

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Market Dynamic

Key Drivers and Emerging Trends

The growing population; the rising demand for consumer goods, food, and beverage; the rising demand for lightweight packaging material are some of the major factors expected to drive the growth of the plastic packaging market size over the forecast period. In addition, plastic packaging offers durability, safety, hygiene, security, design flexibility, and information display among other benefits. Moreover, according to Plastic Oceans International, around 380 million plastic is manufactured every year, this is further promoting the market growth. Furthermore, the rising focus of companies towards the development of flexible, recyclable, and reusable plastic packaging for food, medicine, electronics, personal care items, and others is expected to provide growth and development opportunities to the plastic packaging market share over the forecast period.

Restraint in the Plastic Packaging Market

However, the high manufacturing cost of recycled plastics than virgin plastics is one of the major factors expected to hamper the growth of the market. In addition, huge energy consumption and the production of volatile organic compounds during the process of plastic products manufacturing may further restraint the plastic packaging market growth.

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Material – Segment Analysis

Based on the resin type, polypropylene is expected to grow at a high rate over the forecast period. This can be attributed to its huge application in food packaging and pharmaceutical packaging owing to its benefits that includes lightweight, extremely high melting point, high flexibility, and high chemical and bacterial resistance. According to the American Chemistry Council, Inc., of all rigid plastics recycling in the U.S., polypropylene constitutes around 39 percent.

Product – Segment Analysis

Based on the product, bottles and jars are expected to hold a prominent share in the market over the forecast period primarily due to the extensive use of bottles and jars for various end-user verticals, including beverages, food, medicines, and cosmetics. Plastic bottles and jars are strong, break-resistant, and have low manufacturing costs, which is further expected to escalate the market growth.

End-Use Industry – Segment Analysis

Based on the end-use industry, the food segment is projected to hold a notable share in the plastic packaging market. This is primarily due to the increase in consumption of convenience foods, and the rising demand for single-use packaging with easy opening and portability. Moreover, plastic packaging helps in preventing food products such as fruits, vegetables, and dairy products from drying out and external contamination, which is further expected to stimulate the growth of the market.

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Regional – Segment Analysis:

North America is expected to account for a prominent market share owing to growing industries including food & beverages, healthcare, and cosmetics, and the high living standards of consumers coupled with the increasing demand for safe and long-lasting packaging products. Moreover, according to the American Chemistry Council, Inc., over 60% of people in the U.S. have access to non-bottle rigid container recycling, which further supports the growth of the plastic packaging industry in North America.

Top Market Players

Several leading Plastic Packaging companies operating in the market, include Sonoco Products Company, Amcor Plc, Berry Global Inc., Coveris, ALPLA Group, Sealed Air Corporation, Reynolds Group Ltd., Plastipak Holdings, Inc., Sonoco Products Company, and Graham Packaging Company among others.

Key Developments:

• • In 2020, Thermoform Engineered Quality, LLC, and Plastique Holdings, LTD, (together TEQ), one of the global manufacturers of thermoformed packaging for healthcare, medical devices, and consumer markets have been acquired by Sonoco Products Company. The legal name for the new company will become SONOCO TEQ.

Segments covered in the Report:

The global Plastic Packaging market has been segmented on the basis of material, product, end-use industry, and key regions. Based on the material, the market is segmented into Polyethylene (PE), Polyethylene Terephthalate (PET), Polypropylene (PP), Polystyrene (PS) and Expanded Polystyrene (EPS), Polyvinyl Chloride (PVC), and others. Based on product, the market is segmented into bottles and jars, trays and containers, and others. Based on the end-use industry, the market is segmented into food, beverage, healthcare, cosmetics and personal care, and other.

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Key questions answered in this research report:

• • At what pace is global Plastic Packaging market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Plastic Packaging Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Plastic Packaging Market?
  • Which product generated maximum revenues in 2020 and identify the most promising product during the forecast period?
  • What are the various end-use industries of global Plastic Packaging Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Plastic Packaging Market by Material

• • Polyethylene (PE)
  • Polyethylene terephthalate (PET)
  • Polypropylene (PP)
  • Polystyrene (PS) and Expanded polystyrene (EPS)
  • Polyvinyl chloride (PVC)
  • Others

Global Plastic Packaging Market by Product

• • Bottles and Jars
  • Trays and containers
  • Others

Global Plastic Packaging Market by End-Use Industry

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

Global Plastic Packaging Market by Region

• • North America Plastic Packaging Market (Option 1: As a part of the free 25% customization)
    • By Material
    • By Product
    • By End-Use Industry
    • US Market All-Up
    • Canada Market All-Up
  • Europe Plastic Packaging Market (Option 2: As a part of the free 25% customization)
    • By Material
    • By Product
    • By End-Use Industry
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Plastic Packaging Market (Option 3: As a part of the free 25% customization)
    • By Material
    • By Product
    • By End-Use Industry
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Plastic Packaging Market (Option 4: As a part of the free 25% customization)
    • By Material
    • By Product
    • By End-Use Industry
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Plastic Packaging Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Sonoco Products Company
  • Amcor Plc
  • Berry Global Inc.
  • Coveris
  • ALPLA Group
  • Sealed Air Corporation
  • Reynolds Group Ltd.
  • Plastipak Holdings, Inc.
  • Sonoco Products Company
  • Graham Packaging Company