The Global Plastic Packaging Market was valued at US$ 300.86 billion in 2016, according to a new report published by Coherent Market Insights. Packaging is a process that involves protecting and enclosing of finished products for distribution, sale, storage and transport. The rigid packaging is gaining traction in the past five years due to the rise in demand from packaged food, which includes ready-to-eat meals, dried and frozen foods. The increasing demand for convenience food in Asia Pacific and Europe is expected to boost the market for plastic packaging during 2017-2025. Rigid packaging finds wide applications in the packaging industry, due to its high impact strength, barrier properties and stiffness which makes it ideal for the transportation of various products in the form of bottles, ampules, jars, aerosols container and cans. Also, rapidly growing export and import of food products across the world is expected to fuel the growth of the market for rigid packaging, which in turn is expected to fuel the market for plastic packaging during the forecast period. According to Coherent Market Insights, the rigid packaging segment in the product type, is dominating the market for plastic packaging in 2016 and is expected to retain the trend in the following years. Food & beverages, pharmaceuticals and personal care industry are the major end use industry, which finds large applications for rigid packaging.
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Technological advancement coupled with development of new product is expected to be the key drivers for the market growth of global plastic packaging. Also, the growing demand for flexible packaging from processed and hot food industry is expected to boost the market for plastic packaging during the forecast period. The flexible packaging segment market in the global plastic packaging market is expected to expand at a CAGR of 4.7% in terms of volume. For instance---
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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