Ottawa, Dec. 01, 2023 (GLOBE NEWSWIRE) -- The global plastic packaging market size accounted for USD 429.62 billion in 2023 and is projected to reach around USD 568.79 by 2030, According to Precedence Research. Asia Pacific led the market with the largest market share in 2022.
Almost every business makes extensive use of plastic packaging because of its cutting-edge design, which helps to provide creative packaging solutions. Products that are delicate and difficult to carry and transport are protected with plastic packaging, and products are protected with plastic packaging during distribution, storage, and transportation. Additionally, it expands the shelf life of products and shields them from contamination, tampering, and breakage. In addition to handling brand identity and variation, it serves as a means of informing customers about the product.
Large brands are putting a lot of effort into personalized and customized plastic packaging to make an impression on consumers and raise brand awareness. Industries can offer personalization and brand differentiation because of packaging. Packaging can provide links to product data, enhancing the product and revealing details regarding its provenance. Plastic packaging allows global brands to increase their brand power and efficiently compete with private labels and emerging local players. Customers now have access to a wealth of detailed information due to the growth of digitalization. One of the main factors propelling the expansion of the plastic packaging sector is the ability to differentiate products while establishing brand values.
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Key Insights:
- Asia-Pacific currently holds a dominant position and will maintain it, In terms of market revenue and market share, throughout the forecast period.
- By Product, the rigid product segment is expected to generate the maximum market share in 2022.
- By Technology, the extrusion segment dominated the market in 2022.
- By application, the food and beverage segment contributed the largest market share in 2022.
Growth Factors of Plastic Packaging Market:
The plastic packaging market is driven by the growth in manufacturing procedures across various industries, such as food and beverage, pharmaceuticals, chemicals, and construction, among others. The expansion of end-users for packaging solutions, for example, the demand for plastic packaging in the pet-care industry, is supplementing the market’s growth. There is a growing demand for sustainable packaging solutions that are eco-friendly, recyclable, and reusable. This has led to the development of new materials and packaging solutions that meet these requirements; the rising requirements for sustainable solutions in the packaging market have forced the market players to focus on the development of sustainable packaging solutions.
In addition, the growth of the plastic packaging market is attributed to the rising focus on developing recycled plastic packaging in several industries, along with strengthening government regulations for maximizing the production and utilization of recycled plastic material. To fulfill the rising consumer demand for recycled plastic, multiple market players are focused on the development of recycled plastic packaging solutions to reduce carbon emissions.
For instance, in February 2023, Ecolab and TotalEnergies announced a strategic partnership in order to develop and launch recyclable plastic packaging material for heavy-use purposes. The strategic partnership aims to produce post-consumer recycled (PCR) plastic for concentrated cleaning products in primary packaging. Under the strategic partnership, both companies have focused on offering sustainable packaging solutions.
Comparative Analysis of Customer Satisfaction and Brand Loyalty in the Plastic Packaging Market
The plastic packaging market is a highly competitive landscape characterized by diverse players and evolving consumer preferences. Key industry participants include multinational corporations, regional manufacturers, and specialized packaging companies. Market dynamics are shaped by environmental concerns, regulatory frameworks, technological advancements, and shifting consumer demands.
Leading companies in the plastic packaging market have established extensive global supply chains, enabling them to cater to a wide range of industries such as food and beverages, personal care, pharmaceuticals, and consumer goods. These players possess significant manufacturing capabilities, robust distribution networks, and a comprehensive portfolio of innovative packaging solutions. They invest heavily in research and development to enhance product performance, sustainability, and recyclability, aligning with the growing emphasis on environmental consciousness.
Regional manufacturers, often focused on specific geographies, cater to local market demands and benefit from proximity to customers. These players emphasize customization, quick turnaround times, and cost efficiency to maintain their competitive edge. They often collaborate with local retailers and brand owners to develop tailored packaging solutions that meet specific requirements.
Market Key Players:
- Amcor plc
- Sealed Air
- Coveris
- Berry Global Inc.
- Mondi
- Sonoco Products Company
- WINPAK LTD
- CCL Industries, Inc
- Constantia Flexibles
- Alpha Packaging
Regional Stance:
Asia Pacific was the world's largest plastic packaging market accounting for over 43% of the global revenue share. From 2023 to 2030, the region is expected to grow at the fastest CAGR. Over the projected period, it is anticipated that rapidly expanding application industries in significant economies like India, South Korea, Vietnam, China, and Thailand will drive regional demand.
China dominated Asia Pacific in terms of both demand and supply. The nation's large population encourages the rise in need for the personal care, construction, beverages and food, automotive, and consumer electronics industries, which is expected to be a significant factor in the growth of the plastic packaging market there.
After Asia Pacific, Europe became known as the second-largest regional market for plastic packaging, but in the coming years, it is expected to grow slowly. The region's market is expanding slowly, primarily explained by strict regulations on plastic packaging and high consumer awareness of sustainability
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Plastic Packaging Market Scope
| Report Coverage | Details |
| Market Size in 2023 | USD 429.62 Billion |
| Market Size by 2032 | USD 616.26 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 4.09% |
| Largest Market | Asia Pacific |
| Forecast Period | 2023 to 2032 |
| Segments Covered | By Product, By Technology, and By Application |
Market dynamics:
Driver:
Rising demand for convenient packaging solution
Plastic packaging has experienced a surge in growth across many industries as more customers look for convenience and sustainability in their purchasing decisions. The market is expanding largely due to two key characteristics of plastic: its ability to keep food fresher for more extended periods of time and to easily protect products during shipping. Furthermore, technological advancements have made it possible for businesses to produce thinner packaging, lowering transportation costs. Plastic is also growing in popularity among manufacturers and consumers because recycling programs and production methods use fewer resources than those for other types of packaging.
Experts point to various factors pushing demand in both developed and developing countries as reasons why the plastic packaging market is expanding strongly. Rapid changes in customer lifestyles are being caused by digitization and increased urbanization, which has driven demand for convenient and economical products that can only be effectively delivered by flexible yet durable plastic packaging.
Furthermore, the global trend toward eco-friendly product packaging is fueled by the need for sustainable alternatives like biodegradable plastics, which offer an improved environmental profile without affecting functionality. Finally, growing consumer concern over food safety is a significant factor in adopting smarter plastic packaging materials that increase shelf life or enhance temperature control to reduce food waste. These elements support the plastics packaging industry's continued rapid growth.
Restraint:
Fluctuations in raw material prices
The fluctuations in the prices of raw materials required in the production of plastic packaging solutions affect the market’s growth by limiting the development of manufacturers. The prices of raw materials needed for the market, such as petrochemicals, resins, and additives, are prone to fluctuate according to availability.
The fluctuations can directly affect the price range of the final packaging product. The sudden increase in raw material prices may hamper the consumer demand for plastic packaging solutions. In addition, continuous price fluctuations may limit innovation and harm the stability of the market players by affecting profitability and financial performance. To overcome the restrain, manufacturers are continuously focused on managing supply chain and pricing strategies to ensure sustainability in the market.
Opportunity:
The expansion of end-users
The packaging of food products is where plastics are most commonly used in the Indian beverage and food industry, growing by almost 25% annually. Development in the food and beverage industry thus emphasizes plastics' packaging potential for growth. Similar to how the personal care industry is expanding by almost 15%, it will also fuel the need for rigid plastics because it is the preferred material for personal care product packaging.
The requirement for plastic in packaging material will also be boosted by other industrial sectors, such as the pharmaceutical industry, which is predicted to grow by 13–15% over the next five years, and the retail industry, which is currently experiencing a shift from unorganized to organized retail.
Challenge:
Environmental concerns
Plastic packaging is associated with several environmental concerns, such as pollution, littering, and multiple negative impacts on marine and wildlife ecosystems. The rising environmental problems pose a significant challenge for the global plastic packaging market. Moreover, the increasing government's focuses on minimizing the utilization of plastic-based products create a substantial challenge for market players.
Considering the growing concerns of the environment, consumers are rapidly shifting towards sustainable and eco-friendly solutions for packaging, including paper packaging or other sustainable packaging solutions; the shifting consumer focus is another concern for market players to grow in the plastic packaging market. To overcome the challenge, market players are continuously investing in the development of recycled/reused plastic packaging for multiple industries.
Related Reports:
- Rigid Plastic Packaging Market: The global rigid plastic packaging market size accounted for USD 175.59 billion in 2022 and is projected to be worth around USD 258.65 billion by 2032, registering a CAGR of 4% during the forecast period from 2023 to 2032.
- Biodegradable Packaging Market: The global biodegradable packaging market size surpassed USD 440 billion in 2022 and is expected to be worth around USD 814.35 billion by 2032, poised to grow at a CAGR of 6.4% during the forecast period from 2023 to 2032.
- Plastic Containers Market: The global plastic containers market size was estimated at USD 64.88 billion in 2022 and it is expected to hit around USD 113.91 billion by 2032, anticipated to reach a registered CAGR of 5.79% over the time frame 2023 to 2032.
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Recent Developments:
- In October 2022, Dow announced its partnership with Lion Corporation to launch a recyclable refill plastic packaging for Shokubutsu Monogatari’s shower cream, especially for the Thailand market. The collaborative approach aims to develop 100% recyclable bags, which offers advancements in the circular economy of Thailand.
- In December 2022, Placon, a leading manufacturer of custom plastic packaging, announced the launch of a new range of PET-produced packaging, especially for the food industry. The newly launched packaging solution offers convenient lid-pack packaging for food products in food delivery and go-to convenience store services. The new plastic packaging by Placon can be used in packaging fresh fruits, veggies, and freshly prepared food items.
- In November 2022, the prominent beverages brand Pepsi announced the launch of a new plastic packaging solution for Diet Pepsi beverages while promoting recycled plastic packaging solutions. The new recyclable plastic packaging solution has been launched for the Kuwait marketplace. The plastic packaging used for Diet Pepsi bottles is reused, recycled, and repurposed.
Market Segmentation:
By Product
- Rigid
- Bottles & Jars
- Cans
- Trays & Containers
- Caps & Closures
- Others
- Flexible
- Wraps & Films
- Bags
- Pouches
- Others
By Technology
- Injection Molding
- Extrusion
- Blow Molding
- Thermoforming
- Others
By Application
- Food & Beverages
- Industrial Packaging
- Pharmaceuticals
- Personal & Household Care
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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