The global Plastic Packaging market size is expected to be worth around US$ 586.2 billion by 2030, according to a new report by Vision Research Reports.
The global Plastic Packaging market size was valued at US$ 348.08 billion in 2020 and is anticipated to grow at a CAGR of 4.8% during forecast period 2021 to 2030.
The rapid expansion of the food & beverages, personal care, and pharmaceuticals sectors coupled with the rising penetration of organized and e-retail across the world is expected to fuel market growth.
Low-density Polyethylene (LDPE), Polypropylene (PP), High-Density Polyethylene (HDPE), and Polyethylene Terephthalate (PET) are the most widely used materials for the manufacturing of products, such as bottles & jars, trays & containers, wraps & films, and pouches, as they are cost-effective, lightweight and have extensive functionalities and strong barrier properties against moisture. Growing demand for sustainable packing solutions is prompting manufacturers to use recycled plastic resins to make such products.
Globally, the changing lifestyle led to the introduction of single-serve packaging that significantly contributed to the market growth in the past few years. Moreover, advancements in technology, such as the development of modified atmosphere technology (MAP) and airless packaging, and their growing penetration in the food & beverages and personal care industries are likely to boost the growth of the global market.
However, plastic is a non-biodegradable, unsustainable material; thus, its products, specifically single-use packing solutions, are banned across several countries. For instance, on March 11, 2020, the European Union (EU) released its new ‘Circular Economy Action Plan’ intended to promote sustainable packaging in the region. Moreover, growing consumer awareness levels are compelling manufacturers to switch to biodegradable materials, which is expected to hamper the industry growth to some extent.
Asia Pacific emerged as the leading regional market with a revenue share of 43.8% in 2020 and is expected to witness the fastest CAGR from 2021 to 2028. This growth is attributed to the robust growth of manufacturing and e-commerce sectors in several emerging Asian countries, such as India, China, and Thailand. The global market is highly fragmented with the presence of large-scale international companies as well as small- and medium-scale domestic players. Key players are focusing on acquisitions and also increasingly expanding their product portfolios to gain maximum market share.
The rigid product segment accounted for the largest revenue share of 61.1% in 2020 owing to their sturdiness and high aesthetic appeal. Moreover, factors, such as a high barrier to light, moisture, and oxygen, provided by rigid products contributed to the segment’s revenue share. The reusability of these products, such as pallets, intermediate bulk containers, and other industrial packaging products, is likely to favor the segment growth in the years to come.
The segment is further divided into bottles & jars, cans, trays & containers, caps & closures, cans, and others. Plastic bottles are extensively utilized in beverage packaging owing to their convenience, low cost, and superior performance. Whereas trays & containers are utilized in foodservice and packaged food sectors owing to their lower weight and aesthetics.
The flexible product segment is estimated to register the fastest CAGR from 2021 to 2028. This segment is further categorized into wraps & films, bags, pouches, and others. Pouches are gaining significant popularity in the market as their production requires lesser raw material as compared to rigid products, such as bottles & jars. Moreover, the convenience of multiple closure choices in pouches, such as a zipper, tear notch, and spout, drive its demand.
The extrusion technology segment accounted for the largest revenue share of over 38% in 2020 as the majority of the flexible packaging products, such as pouches, bags, and films, are produced with the help of extrusion technology. The growing popularity of the abovementioned flexible products owing to their higher sustainability and lower cost than their rigid counterparts is expected to boost the segment growth in the coming years.
The thermoform technology segment is anticipated to witness the fastest CAGR from 2021 to 2028. Rigid products, such as blisters, clamshells, trays, containers, lids, bowls, plates, and others, are manufactured using a thermoforming process. The growing demand for lightweight and thin-gauge packaging solutions on account of a rising focus on sustainable packaging is expected attribute to the high growth of the thermoforming technology segment.
Injection molding technology is typically employed to produce rigid or sturdy products, such as industrial containers, crates, caps, and closures. However, higher lead time and tooling costs involved in injection molding technology are likely to hamper the growth of the segment over the forecast period. Blow molding is a popular plastic molding process, which is designed to create hollow parts, such as bottles, liquid containers, drums, and storage tanks. There are three key types of blow molding technology namely, extrusion, injection, and injection stretch blow molding. Among these, extrusion blow molding is the most commonly used process to manufacture complex product shapes, such as bottles or containers.
The food & beverage application segment led the global plastic packaging market in 2020 with a revenue share of over 51%. The segment is expected to witness substantial growth during the forecast period. Changing consumer lifestyle and food preferences have led to the growth of the packaged and processed food manufacturing sector, which, in turn, is likely to propel market growth. Moreover, increasing consumption of alcoholic and non-alcoholic beverages is expected to support the segment growth.
Single-serve consumer packaging has been witnessing significant growth in the past few years owing to its convenience. Growing consumer attention towards health and well-being and increased awareness regarding waterborne diseases coupled with rising spending capacities have propelled the demand for packaged drinking water across the globe, which is expected to have a positive impact on the growth of the food & beverage application segment.
The pharmaceuticals segment is estimated to register the fastest CAGR from 2021 to 2028. Rising demand for pharmaceutical products in the Europe and North America regions due to the growing aging population is expected to benefit the segment development. Moreover, the rising production of generic medicines is anticipated to augment the demand for plastic packaging solutions in the pharmaceuticals application segment.
The personal and household care application segment is expected to witness a CAGR of over 4.3%, in terms of revenue, over the forecast period. This industry has witnessed significant growth owing to increasing consumer awareness about personal grooming and hygiene. Moreover, increasing demand for plant-based or clean label cosmetics is expected to play a key role in the segment growth over the forecast period.
Asia Pacific led the market with a revenue share of over 42% in 2020 and is projected to expand further at the fastest CAGR from 2021 to 2030. Rapidly-growing application industries in key economies, such as China, India, Vietnam, South Korea, and Thailand, are expected to drive the regional market over the forecast period.
China dominated the Asia Pacific market, in terms of both demand and production. The high population in the country, which supports the growth of the food & beverages, automotive, personal care, construction, and consumer electronics industries, is anticipated to act as a key driver for the market expansion.
Europe emerged as the second-largest regional market; however, it is anticipated to witness sluggish growth over the forecast period. Stringent regulations regarding the use of plastic products coupled with rising consumer awareness about sustainability are primarily attributing to the slow growth of the market in this region.
|Market Size||US$ 586.2 billion by 2030|
|Growth Rate||CAGR of 4.8% during forecast period 2021 to 2030|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2030|
|Segments Covered||Products, Application, Technology|
|Regional Scope||North America, Europe, APAC, MEAN|
|Companies Mentioned||Amcor plc, Sealed Air, Coveris, Berry Global, Inc., Mondi, Sonoco Products Company, Winpak Ltd., CCL Industries, Inc., Constantia Flexibles|
Berry Global, Inc.
Sonoco Products Company
CCL Industries, Inc.
Bottles & Jars
Trays & Containers
Caps & Closures
Wraps & Films
Food & Beverages
Personal & Household Care
Central & South America
Middle East & Africa
The Plastic Packaging market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Plastic Packaging market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Plastic Packaging market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Plastic Packaging market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Plastic Packaging market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Plastic Packaging capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Plastic Packaging by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Plastic Packaging market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Plastic Packaging market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Plastic Packaging market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Plastic Packaging industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Plastic Packaging market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Plastic Packaging market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Plastic Packaging market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Plastic Packaging market. These factors have benefited the growth of the global market for Plastic Packaging. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Plastic Packaging. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Plastic Packaging are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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