The global plastic packaging market was valued at US$ 389.509 Bn in 2021 according to the Global Plastic Packaging Market Report, 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), published by Coherent Market Insights.
The global plastic packaging market was valued at US$ 389.509 Billion, in terms of revenue, in 2021 and is expected to exhibit a CAGR of 5.30% during the forecast period (2021 to 2028). Packaging is a process that involves protecting and enclosing finished products for distribution, sale, storage, and transport. Plastic packaging is gaining traction due to a rise in application in packaged food, which includes ready-to-eat meals and dried and frozen foods. Meals and snacks at fast-food and sit-down restaurants constitute nearly half of the U.S. consumer food budget.
To know the latest trends and insights prevalent in this market, click the link below:
Browse 50 market data tables* and 45 figures* on “Global Plastic Packaging Market” - Forecast to 2028.
Key Trends and Analysis of the Global Plastic Packaging Market:
- Among regions, Asia Pacific accounted for 43.8% market share in 2020 in the global plastic packaging market, owing to the increasing demand for packaged and convenience food in this region.
- Plastic films are primary raw materials used for the manufacturing of flexible packaging which finds wide applications in various end-use industries such as food & beverages, cosmetics, and healthcare. They offer significant visibility to the product and provide attractive and secure packaging options. Pillow pouch and stand up pouch are the widely used products for flexible packaging, due to their excellent barrier towards oxygen and moisture coupled with cost-effectiveness and low material usage, which is expected to boost the growth of the market for plastic packaging during the forecast period.
- By product type, rigid packaging dominated the global plastic packaging market in 2020, with around 61.9% of the market share, followed by flexible packaging. Rigid packaging provides advantages such as a high barrier to light, moisture, and oxygen. The reusability of various products such as pallets, intermediate bulk containers, and other industrial packaging products is expected to boost the segment growth in the coming years.
- Plastic bottles are a popular choice of packaging beverages such as soft drinks and bottled water, owing to their advantages including ease of molding into desired shapes. PET (polyethylene terephthalate) is commonly used in beverage packaging, owing to its excellent barrier properties against water vapor, gases, dilute acids, oils, and alcohols. PET is also shatter-resistant, moderately flexible, and easy to recycle.
- 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
- These key players are constantly engaged in acquisitions to gain a competitive advantage over other players. For instance, in June 2019, Amcor (a packaging company that produces flexible packaging, rigid containers, specialty cartons, and closures for the food industry) announced the successful completion of the acquisition of Bemis Manufacturing Company (a supplier of flexible and rigid plastic packaging used for food, consumer products, and health care supplies) in a deal valued at US$ 6.8 billion. This acquisition of Bemis brings additional scale, capabilities, and footprint that will strengthen Amcor’s business.
Global Plastic Packaging Market - Impact of Coronavirus (COVID-19) Pandemic
- Since March 2020, almost every industry in the world has suffered from the COVID-19 pandemic. This can be attributed to significant disruptions in their respective manufacturing and supply-chain operations as a result of various precautionary lockdowns and other restrictions imposed by governments all over the world. The same applies to the global plastic packaging market. Packaging is used in almost every industry such as food and beverages, cosmetics, personal care, etc. Furthermore, as a result of people staying at home as a precautionary measure to combat the virus, various festivals, sporting events, exhibitions, and other mass gatherings around the world have been canceled, flights are grounded, tourism is displaced, and many governments haven't allowed full functionality of these sectors. Moreover, the COVID-19 pandemic has changed the buying pattern of consumers. Measures such as nationwide lockdown have led to panic buying of food and hygiene products. Nestle S.A., a food and drink company, reported quarterly growth in sales of 4.3% in North America and Europe in April 2020, as against the previous quarter. As per Coherent Market Insights’ (CMI) analysis, this is the highest growth in sales of the company in the past five years, which is considered an outcome of panic buying.