Plastic Packaging Market Expected To Fuel Industry Growth With $320.9 Billion By 2027: Grand View Research Inc.

 

The global plastic packaging market size is projected to reach USD 320.94 billion by 2027, registering a revenue-based CAGR of 4.0% over the forecast period, according to a new report published by Grand View Research, Inc. The market is majorly driven by the growing demand for plastic packaging from the food and beverage and industrial packaging industry. The demand for new houses, cars, and apartments is expected to grow with the rise in the disposable incomes in countries such as U.S, India, and China.

High demand for plastic packaging owing to it being one of the major sources of packing essential goods during COVID-19 including gloves, masks, other PPE products as well as food & beverages. Furthermore, relaxation in regulations governing the use of plastics is also expected to aid market growth during the COVID-19 outbreak. We at GVR are trying to quantify the impact of this pandemic on the plastic packaging market. Get your copy now to gain deeper insights on the same.

Rapid industrialization coupled with increasing employment opportunities is expected to result in expansion of cities, particularly in emerging economies such as China, India, and the countries from South East Asia. Lack of time and increasing purchasing power of consumers has also resulted in driving the demand for packaged foods and the trend is expected to continue over the forecast period.

Moreover, well-known companies such as McCain, ConAgra, and Unilever have been developing their presence in the global market by making their products readily available in small retail stores as well as hypermarkets. These factors together are expected to drive the demand for packaged food. The positive outlook for the packaged food market is expected to have a positive impact on the demand for safe and effective plastic food packaging product demand.

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One of the key drivers for the plastic packaging industry is pharmaceutical industry growth. Owing to advances in science and technology, the pharmaceutical industry has been growing at a rapid pace over the past few years especially in emerging counties such as China, India, and Brazil.

Further key findings from the report suggest:

·         In terms of revenue, rigid plastic packaging is projected to ascend at a CAGR of 3.7% over the forecast period on account of growing applications in industrial packaging solutions and it also benefits from the growing popularity of single-serve packaging

·         Wraps and Films segment contributed approximately over 19.9% to the total market share in 2020 as the said product is being extensively used for food packaging applications on account of their enhanced chemical resistance properties, which is expected to propel the market over the forecast period

·         In terms of application, food and beverages emerged as the largest segment in 2020 on account of rising popularity of nutritional enrichment food products along with the European Commission’s support to regulate the food applications at a domestic level is likely to augment the market growth

·         In terms of revenue, Asia Pacific accounted for the largest regional market, valued at USD 104.5 billion in 2020 on account of rapidly-growing end-use industries in key economies such as China, India, Vietnam, and South Korea

·         The plastic packaging market represents a highly competitive landscape. Key market players dominate the market space and have been focusing on various strategic initiatives including mergers and acquisitions, product innovation, and portfolio expansion

·         The plastic packaging market is characterized by the presence of various large industry players such as, Amcor Limited; Sealed Air Corporation; Coveris S.A.; Bemis Company, Inc. as well as a few medium and small regional players such as Ukrplastic, Ampac Holding, Wipak Group, and Flextrus AB

Innovation in the pharmaceutical industry is primarily driven by progress in the field of medicine. This industry acts as a key asset to the European economy as it is one of the country’s top performing high technology sectors. This in turn is expected to fuel plastic packaging demand in Europe over the forecast period. However, the pharmaceutical industry faces challenges such as additional regulatory hurdle and escalating R&D costs. These factors are expected to restrain the market which may in turn have a negative impact on the flexible packaging market over the forecast period.

The global market is characterized by the presence of various well-established players such as Amcor Plc; Sealed Air Corporation; and Coveris Holdings S.A.., as well as medium and small regional players such as IMMER UkrPlastic, Ampac Holding, Wipak Group, and Flextrus AB.

Industry players face intense competition as majority of them are among the top suppliers and have a large consumer base. These players are well-established and have strong and vast distribution networks. They mainly cater to the food and beverage, industrial packaging, and household and personal care industries.

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Grand View Research has segmented the global plastic packaging market on the basis of type, product, application, and region:

Plastic Packaging Type Outlook (Volume, Kilotons; Revenue, USD Billion, 2016 - 2027)

·         Rigid

·         Flexible

Plastic Packaging Product Outlook (Volume, Kilotons; Revenue, USD Billion, 2016 - 2027)

·         Bottles

·         Cans

·         Wraps & Films

·         Bags

·         Pouches

·         Others

Plastic Packaging Application Outlook (Volume, Kilotons; Revenue, USD Billion, 2016 - 2027)

·         Food & Beverages

·         Industrial Packaging

·         Pharmaceuticals

·         Personal & Household Care

·         Others

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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