Global Plastic Packaging Market Size, Information by Type (Rigid packaging and Flexible packaging) by Application (Food & beverages, Industrial, Healthcare, Personal care, and others) and by Region – Forecast to 2022
The newest report by Market Research Future (MRFR) asserts that the global plastic packaging market 2020 is slated to obtain a considerable market valuation of USD 400 billion at a moderate 5% CAGR over the review period.
Drivers and Restraints
The flourishing healthcare industry can also become a profitable area for the plastic packaging industry. Additionally, growing health risks and growing health and fitness awareness has further driven the market for plastic packaging. Plastic is superior than glass when it comes to plummeting the likelihood of damage, leaks and maintaining hygiene. For IV tubes, IV bags, syringes, plastic packaging is the most preferred option. The plastic packaging market is driven by development in food & beverages and healthcare industries globally. The change in consumer’s lifestyles with rapid growth has augmented the demand for plastic packaging. The consumers expect convenience processed and packaged foods which decrease the cooking time. This has lead to the increasing use of plastic packaging in the food & beverage industries. The shift in demography and a growing economy can be critical determinants inducing the trends of the regional market. E-commerce has become an extensive choice and affecting the rigid plastic market in a striking way. Growing demand for gadgets, apparel, and personal goods has ensued better rigid plastic packaging solutions for safe shipping.
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On the other hand, the inconsistent price of the raw material, such as petroleum and crude oil, can impede the growth during the review period. It is expected to show far-reaching results by 2022 in the APAC region. Furthermore, there is mounting pressure from the consumers on the manufacturers regarding the carbon footprint. It has driven the plastic manufacturers towards evolving bioplastics and capitalizing in recyclable products.
The top market players identified by MRFR in the global market are Amcor Ltd, Crown Holdings Inc., BASF SE, Saint-Gobain, Huhtamaki Oyj, Bemis Company Inc., Mondi Group, Sealed Air Corporation, Constantia Flexibles International GmbH, Sonoco Products Company, Ampac Holdings LLC and Wipak Group.
The global market for plastic packaging is segmented on the basis of type and application. The type segment consists of products including rigid packaging and flexible packaging.
Rigid packaging is expected to generate the largest share of the revenue. End-users favor rigid packaging the most. The rise of rigid plastic market into the beverage sector is based on the expectancy of it being of hygienic, high quality, and healthy. The retail industry is also expected to boost the growth of this segment during the forecast period.
Application-wise segmentation comprises food & beverages, healthcare, industrial, personal care and others. Among these, the food & beverage sector has recorded the highest percentage of the global revenue in 2015 and anticipated to surge further over the review period. With rapid development, the demand for packaged food is also growing. This alteration in consumer habits has spurred growth in the global market. Rapid growth in the pharmaceutical industry can support the growth rate of healthcare plastic segment in the near future.
The geographical overview global plastic packaging market size has been conducted in four major regions, namely the Asia Pacific, Europe, North America, and the rest of the world (including Latin America and the Middle East and Africa).
APAC leads the global plastic packaging market with its fast-growing market worldwide. Over 35% of overall volume consumption in 2015 was valued for the APAC region. The region is likely to show some rapid expansion in healthcare and food & beverage industries along with augmented investment in the same. This would result in a growing share of APAC in the global plastic packaging market by 2022.
However, North America had the prime plastic packaging market size in 2015 and is estimated to show stable growth by 2022. Europe and the Rest of the World are also anticipated to grow from 2016 to 2022. The European food and beverage industry is projected to show some staggering growth which is likely to bolster the plastic packaging market by 2022.
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