The global plastic packaging market size is expected to reach USD 492.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.2% from 2022 to 2030. The rapid growth of food and beverages, personal care, industrial, and pharmaceutical sectors, coupled with the rising penetration of organized and e-retail across the world, is expected to fuel growth in the market.
Plastic Packaging Market Report Highlights
- In terms of revenue, the flexible segment is projected to ascend at a CAGR of 4.5% during the forecast period on account of the growing demand for pouches and bags by food and beverage manufacturers, owing to the low cost and high sustainability of flexible packaging over rigid ones
- The extrusion segment accounted for the largest revenue share of 38.8% in 2021 as the majority of the flexible products such as pouches, bags, and films are produced by extrusion technology
- The food and beverage end-use segment led the market in 2021 and accounted for a revenue share of more than 51.5%. Widespread use of plastic packaging products from raw food products to final packaged single-serve food products has been mainly contributing to the higher share of the segment
- The rigid product segment accounted for the largest revenue share in 2021. High adoption of rigid products such as bottles and jars, trays and containers, and caps and closure by food and beverage companies is mainly attributed to a higher share of the segment in 2021
- However, the flexible product segment is expected to witness the highest growth from 2022 to 2030 as the flexible products are lightweight, occupy lesser space in transportation, are significantly cheaper than rigid ones, and most importantly flexible packaging consumes less plastic material and thus presents better sustainability profile than its rigid counterpart
- Asia Pacific emerged as the leading regional market with 43.1% of the global revenue share in 2021 and is expected to witness the highest CAGR from 2022 to 2030, owing to the presence of major emerging economies like China, India, Japan, and South Korea. China and India constitute one of the largest consumer bases around the world, which creates a huge demand for packaging products
- The market is highly fragmented in nature with the presence of large-sized international companies as well as small- and medium-sized domestic players. Key players are focusing on acquisitions and also increasingly expanding sustainable packaging portfolios to attract end-user companies
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Plastic packaging is used to protect, preserve, store & transport products and is ideal for the packaging of foodstuffs, medicines, and pharmaceuticals and can be filled or sealed by automation without human intervention. They use 40% less energy to produce and generate 80% less solid waste than paper. Due to its lightweight, it is cost-effective when it comes to shipping and transportation costs compared to alternative packaging. They come in a wide range of material types depending on the application and each one offers specific features regarding appearance, temperature tolerance, food type, shelf life requirement, barrier properties, and environmental footprint. Many products that consumers purchase would not make the journey to the home or store or survive in good condition long enough without plastic packaging. HDPE is the most widely used type of plastic and has good barrier properties and stiffness. They used to make many types of bottles and containers and are well suited to packaging products with a short shelf life.
Low-density polyethylene (LDPE), Polypropylene (PP), High-density Polyethylene (HDPE), and Polyethylene Terephthalate (PET) are the most widely used materials for the manufacturing of packaging products such as bottles and jars, trays & containers, wraps and films, and pouches, owing to their strong barrier properties against moisture, low cost, lightweight, and extensive functionalities. Growing demand for sustainable products is prompting manufacturers to use recycled plastic resins to make plastic packaging products.
The food and beverage industry has been accounting for the largest revenue share of the market. Globally, the changing lifestyle has led to the introduction of single-serve products that significantly contributed to the growth of plastic packaging in the past few years. Products such as trays, containers, tubs, wraps, pouches, films, and others are extensively utilized in the food and beverage industry for packing ready-to-eat meals, ready-to-eat convenient products, frozen meals, carbonated and non-carbonated beverages, and snack foods.
Plastic packaging products are transparent, lightweight, offer high aesthetic appeal along with robust barrier properties, and are less expensive. These factors are mainly attributed to the widespread penetration of the products in the food and beverages industry. Moreover, in the pharmaceutical industry, packaging products such as jars, syringes, blisters, rigid bottles, pouches, and others are used for packing liquid, semisolid, solid, and powdered products. The pharmaceutical industry in countries like China, India, Mexico, Brazil, and other developing economies is witnessing significant growth due to a higher focus on increasing the life expectancy of the population.
Furthermore, the demand for rigid plastic products is projected to be driven by their applicability and functionality in offering high protection to packaged goods and products. Plastics are long polymer chains making them durable and extraordinarily difficult to break. The rise in the demand for rigid plastic packaging from the healthcare industry to prevent contamination of medicines and from the food and beverage industry is projected to accelerate the segment growth during the forecast period.
Plastic Packaging Market Insights By Region
Asia Pacific led the plastic packaging market and accounted for largest revenue share. Rapidly-growing application industries in key economies, such as China, India, Vietnam, South Korea, and Thailand are expected to drive the regional demand during the forecast period. Europe emerged as the second-largest regional market. It is anticipated to witness a sluggish growth rate during the forecast period. Stringent regulations on the use of plastic packaging, coupled with significant sustainability awareness among the consumers, are primarily attributed to the slow growth of the market in the region. Furthermore, the European Parliament has set a 90% collection target for plastic bottles by 2029. Such stringent regulations on the use of plastic are anticipated to lead to the development and adoption of alternative packaging products, thereby hampering the market growth.
Competitive Analysis By Major Companies
The market is highly fragmented in nature with the presence of large-sized international companies as well as small- and medium-sized domestic players. The market is steadily moving toward sustainability packaging owing to the rising stringent regulations on the use of excessive plastic packaging, coupled with the growing sustainability awareness among the consumers. Key companies operating in the industry are majorly adopting acquisition strategies to expand their manufacturing capabilities and geographical presence. Some prominent players in the global plastic packaging market include:
- Amcor plc
- Sealed Air
- Coveris
- Berry Global Inc.
- Mondi
- Sonoco Products Company
- WINPAK LTD
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Plastic Packaging Market Segmentation
Grand View Research has segmented the global plastic packaging market on the basis of product, technology, application, and region:
- Plastic Packaging Product Outlook (Revenue, USD Billion, 2017 – 2030)
- Plastic Packaging Technology Outlook (Revenue, USD Billion, 2017 – 2030)
- Plastic Packaging Application Outlook (Revenue, USD Billion, 2017 – 2030)
- Plastic Packaging Regional Outlook (Revenue, USD Billion, 2017 – 2030)
- List of Key Players in the Plastic Packaging Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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