Plastic packaging market
Plastic Packaging Market, By Product Type (Rigid Packaging and Flexible Packaging), By End-use Industry (Food & Beverages, Industrial, Household Products, Personal Care, Medical, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028
- May 2022
- CMI394
- 180 Pages
- Excel & Pdf
- Packaging
Plastics are organic compounds with high molecular weight, which consist of a large range of synthetic organic compounds which can be molded into various shapes due to malleability. Packaging is a technology which involves enclosing and protecting various types of products for storage, distribution, sale, and use. Plastic packaging materials are prepared from petroleum and its derivatives, which find wide application areas in various end-use industries. Polyethylene terephthalate (PET) is used as the primary feedstock in the manufacturing of plastic bottles which find a large application in the food & beverages, pharmaceuticals, and cosmetics industries, due to their high durability, lightweight, low cost, and recyclability properties. These factors help boost the plastic packaging market growth. For instance, in 2019, according to the World Wildlife Fund report, the plastics industry manufactured as much plastic as all the preceding years combined. The production of virgin plastic also increased 200-fold since 1950 and had grown at a rate of 4% a year since 2000.
The global plastic packaging market is expected to surpass US$ 559.12 Bn by the end of 2028, in terms of revenue, and exhibit a CAGR of 5.30% during the forecast period (2021 to 2028).
Drivers
Plastic packaging is driving the development of cutting-edge packaging solutions that protect fragile goods, are low in cost, and are simple to transport. High-density polyethylene (HDPE) is largely used as a plastic packing material, due to its high chemical resistance and tensile strength, which in turn, finds wide application in various end-use industries such as chemical and cosmetics. Also, un-pigmented HDPE bottles and containers are translucent, provide better stiffness, and are best suited for short self-life products such as milk.
A rise in the demand for polyethylene terephthalate (PET) plastic bottles for the packaging of bottled water, juices, soft drinks, medicines, salad dressing, oil, household cleaners, and personal care products is a major factor driving the growth of the global plastic packaging market. This is attributed to the advantages of PET materials, including high transparency, shiny surface, good stability, high-pressure resistance, good barrier properties, and lightweight.
Asia Pacific dominated the global plastic packaging market in 2021, accounting for 43.8% market share, in terms of revenue. 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. Therefore, infrastructure development of the retail and hospitality sectors is expected to drive the growth of the global plastic packaging market over the forecast period.
Figure 1. Global Plastic Packaging Market, Revenue Share (%), By Region, 2021
Market Restraints
Consumers are increasingly gravitating toward alternative packaging materials that are more environmentally friendly. Owing to their environmentally friendly nature and great recyclability, aluminum and glass have seen strong acceptance rates. As a result, consumers are increasingly turning away from plastic. Moreover, rising consumer awareness levels for good health and bio-based packaging materials are compelling consumers to switch to biodegradable materials as an alternative to plastic. This is expected to restrict the global plastic packaging market growth during the forecast period.
Plastic Packaging Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2021 | Market Size in 2021: | US$ 389.509 Bn |
Historical Data for: | 2017 to 2021 | Forecast Period: | 2021 to 2028 |
Forecast Period 2021 to 2028 CAGR: | 5.30% | 2028 Value Projection: | US$ 559.12 Bn |
Geographies covered: |
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Segments covered: |
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Companies covered: |
Amcor Ltd., Sealed Air Corporation, Bemis Manufacturing Company, Sonoco Products Company, Mondi Plc., Tray Pack Corporation, Lacerta Group Inc., , Alwin Lehner GmbH & Co. Kg, and RPC Group Plc |
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Growth Drivers: |
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Restraints & Challenges: |
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Market Trends
Food processing is simply the process of transforming agricultural products into edible food. It entails a variety of processing methods, such as grain grinding to produce raw flour and home cooking. According to IBEF, in December 2021, Between April 2014 and March 2021, India's food sector attracted US$ 4.18 billion in foreign direct investment. As a result the packaged and processed food manufacturing sector has grown in response to changing consumer lifestyles and food preferences, which is expected to propel market growth. This factor is expected to support the plastic packaging market growth.
Figure 2. Global Plastic Packaging Market, Revenue Share (%), By Product Type, in 2021
Among product type, rigid packaging dominated the global plastic packaging market in 2021, accounting for around 61.9% of market share, followed by flexible packaging. Rigid packaging finds wide applications in the packaging industry, due to its high impact strength, barrier properties, and stiffness which make it ideal for the transportation of various products in the form of bottles, ampules, jars, aerosol containers, and cans. Also, the rapidly growing export and import of food products across the world is expected to fuel the segment growth, which in turn is expected to fuel the plastic packaging market growth during the forecast period.
Global Plastic Packaging Market - Impact of Coronavirus (COVID-19) Pandemic
Due to lockdowns, travel bans, and business closures, the COVID-19 outbreak has affected economies and industries of various countries. The plastic packaging market is one of the world's most important industries which has been hit hard by supply chain failures, technology event cancellations, and office closures during the COVID-19 pandemic. The global COVID-19 pandemic had an impact on the plastic packaging market, especially in terms of plastic production costs. Food packaging for beverages, preservatives food, vegetables, etc. in grocery stores, restaurants, and other hospitality businesses such as hotels has nearly halted during the lockdown. The plastic packaging market is mostly impacted due to labour shortage and shut down production plant by the COVID-19 pandemic.
Competitive Section
Key players operating in the global plastic packaging market include Amcor Ltd., Sealed Air Corporation, Bemis Manufacturing Company, Sonoco Products Company, Mondi Plc., Tray Pack Corporation, Lacerta Group Inc., Alwin Lehner GmbH & Co. Kg, and RPC Group Plc.
Table of Contents
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Product Type
- Market Snippet, By End-use Industry
- Market Snippet, By Region
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- PEST Analysis
- PORTER’s Five Forces Analysis
- Market Opportunities
- Regulatory Scenario
- Industry Trend
- Mergers and Acquisitions
- Market Dynamics
- Global Plastic Packaging Market - Impact of Coronavirus (COVID-19) Pandemic
- Overview
- Factors Affecting Global Plastic Packaging Market – COVID-19
- Impact Analysis
- Global Plastic Packaging Market, By Application, 2017-2028 (US$ Bn)
- Introduction
- Market Share Analysis, 2020, 2023, and 2028 (%)
- Y-o-Y Growth Analysis, 2021 - 2028
- Segment Trends
- Rigid Packaging
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (US$ Bn)
- Flexible Packaging
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (US$ Bn)
- Introduction
- Global Plastic Packaging Market, By End-use Industry, 2017-2028 (US$ Bn)
- Introduction
- Market Share Analysis, 2020, 2023, and 2028 (%)
- Y-o-Y Growth Analysis, 2021 - 2028
- Segment Trends
- Food & Beverages
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (US$ Bn)
- Industrial
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (US$ Bn)
- Household Products
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (US$ Bn)
- Personal Care
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (US$ Bn)
- Medical
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (US$ Bn)
- Others
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2021 - 2028, (US$ Bn)
- Introduction
- Global Plastic Packaging Market, By Region, 2017-2028 (US$ Bn)
- Introduction
- Market Share Analysis, By Region, 2020, 2023, and 2028 (%)
- Y-o-Y Growth Analysis, For Regions, 2021 - 2028
- North America
- Market Size and Forecast, By Product Type, 2017- 2028 (US$ Bn)
- Market Size and Forecast, By End-use Industry, 2017- 2028 (US$ Bn)
- Market Share Analysis, By Country, 2020, 2023, and 2028 (%)
- Y-o-Y Growth Analysis, By Country, 2021 – 2028
- Country Trends
- U.S.
- Canada
- Latin America
- Market Size and Forecast, By Product Type, 2017- 2028 (US$ Bn)
- Market Size and Forecast, By End-use Industry, 2017- 2028 (US$ Bn)
- Market Share Analysis, By Country, 2020, 2023, and 2028 (%)
- Y-o-Y Growth Analysis, By Country, 2021 – 2028
- Country Trends
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Market Size and Forecast, By Product Type, 2017- 2028 (US$ Bn)
- Market Size and Forecast, By End-use Industry, 2017- 2028 (US$ Bn)
- Market Share Analysis, By Country, 2020, 2023, and 2028 (%)
- Y-o-Y Growth Analysis, By Country, 2021 – 2028
- Country Trends
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- Market Size and Forecast, By Product Type, 2017- 2028 (US$ Bn)
- Market Size and Forecast, By End-use Industry, 2017- 2028 (US$ Bn)
- Market Share Analysis, By Country, 2020, 2023, and 2028 (%)
- Y-o-Y Growth Analysis, By Country, 2021 – 2028
- Country Trends
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Market Size and Forecast, By Product Type, 2017- 2028 (US$ Bn)
- Market Size and Forecast, By End-use Industry, 2017- 2028 (US$ Bn)
- Market Share Analysis, By Country, 2020, 2023, and 2028 (%)
- Y-o-Y Growth Analysis, By Country, 2021 – 2028
- Country Trends
- Middle East
- Africa
- Introduction
- Competitive Landscape
- Market Share Analysis
- Company Profiles
- Amcor Ltd.
- Company Overview
- Component Portfolio
- Financial Performance
- Recent Developments/Updates
- Sealed Air Corporation
- Company Overview
- Component Portfolio
- Financial Performance
- Recent Developments/Updates
- Bemis Manufacturing Company
- Company Overview
- Component Portfolio
- Financial Performance
- Recent Developments/Updates
- Sonoco Products Company
- Company Overview
- Component Portfolio
- Financial Performance
- Recent Developments/Updates
- Mondi Plc.
- Company Overview
- Component Portfolio
- Financial Performance
- Recent Developments/Updates
- Tray Pack Corporation
- Company Overview
- Component Portfolio
- Financial Performance
- Recent Developments/Updates
- Lacerta Group Inc.
- Company Overview
- Component Portfolio
- Financial Performance
- Recent Developments/Updates
- Alwin Lehner GmbH & Co. Kg
- Company Overview
- Component Portfolio
- Financial Performance
- Recent Developments/Updates
- RPC Group Plc
- Company Overview
- Component Portfolio
- Financial Performance
- Recent Developments/Updates
- Amcor Ltd.
- Section
- References
- Research Methodology
- About us and Sales Contact
* Browse 50 market data tables* and 40 figures* on “Global Plastic Packaging Market” - Forecast to 2028.
Detailed Segmentation:
- Global Plastic Packaging Market, By Product Type:
- Rigid Packaging
- Flexible Packaging
- Global Plastic Packaging Market, By End Use Industry:
- Food & Beverages
- Industrial
- Household Products
- Personal Care
- Medical
- Others
- Global Plastic Packaging Market, By Region:
- North America
- By Product Type :
- Rigid Packaging
- Flexible Packaging
- By End Use Industry
- Food & Beverages
- Industrial
- Household Products
- Personal Care
- Medical
- Others
- By Country:
- U.S.
- Canada
- By Product Type :
- Europe
- By Product Type :
- Rigid Packaging
- Flexible Packaging
- By End Use Industry
- Food & Beverages
- Industrial
- Household Products
- Personal Care
- Medical
- Others
- By Country:
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Product Type :
- Asia Pacific
- By Product Type :
- Rigid Packaging
- Flexible Packaging
- By End Use Industry
- Food & Beverages
- Industrial
- Household Products
- Personal Care
- Medical
- Others
- By Country:
- China
- India
- Japan
- South Korea
- ASEAN
- Australia
- Rest of Asia Pacific
- By Product Type :
- Latin America
- By Product Type :
- Rigid Packaging
- Flexible Packaging
- By End Use Industry
- Food & Beverages
- Industrial
- Household Products
- Personal Care
- Medical
- Others
- By Country:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- By Product Type :
- Middle East & Africa
- By Product Type :
- Rigid Packaging
- Flexible Packaging
- By End Use Industry
- Food & Beverages
- Industrial
- Household Products
- Personal Care
- Medical
- Others
- By Country/Region:
- Middle East
- Africa
- By Product Type :
- North America