Plastic packaging market is expected to grow to 385.5 billion USD by 2028, from 265.2 billion USD in 2022. At a CAGR of 6.1% during the forecast period 2023-2028
With the advancement of technology and an increased awareness of environmental issues, the plastic packaging industry has grown. The global plastic packaging industry is steadily growing, with mature markets seeing a slower pace of growth. In contrast, the most recent expanding markets are presenting the most recent prospects for future expansion rates. Packaging refers to the process of enclosing and safeguarding various types of things for storing, distribution, selling, and to use. Plastic is thought to be more cost-effective and to provide better performance. It has environmental benefits as a recyclable material, such as trash energy efficiency and energy savings. With issues such as the impact of plastic wastes, changing consumer demands, and increasing call volume, the plastic packaging industry is improving and implementing advances that benefit all sectors.
One of the big factors that is helping in the market share of plastic packaging industry is the rise of the plastic film market. Stretch as well as shrink films made of flexible plastic can be used to wrap processed foods, meat, and vegetables. Other advantages, such as the reduction in truck space used, will encourage end-users to choose plastic film packing over other packaging options. One of the major trends expected to gain pace with in global plastic packaging industry is the growing demand for PET bottles. PET bottles are in significant demand in the beverage industry, particularly in the bottled water industry. Makers are now concentrating their efforts upon that alcoholic beverage industry, which will see a surge in demand for PET bottles. These factors are contributing in the increase in consumption of Plastic Packagingâ€™s with in automotive, beverages packaging and plastic wear industries, resulting in propelling the global Plastic Packagingâ€™s ahead, resulting in the market having the highest global share.
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Impact of COVID-19 on Global Plastic Packaging market:
Because of the rigorous quarantine implemented by central governments throughout the world, the Corona virus has a range of repercussions on global enterprises, including impacting production and consumption, disrupting supply chains and marketplaces, and incurring enormous financial losses. Because of the fear of a lockdown, individuals are restoring objects and, as a result, are panic-buying and stockpiling vital products and deliverables in large quantities. Online portals are used to place bulk orders for everything from staple foods to fresh foods. The distribution of the same is handled by a variety of sources and is packaged in plastic. Governments are taking large-scale initiatives to ensure a smooth flow of products between diverse locations within and outside of their country. The need for plastic packaging is increasing in the pharmaceutical business, and it is predicted to continue to grow among various pharmaceuticals, hospitals, and PPE kit producers. The need for plastic packaging is on the rise as a result healthcare crisis. There is also a need for domestic supplies, healthcare, and medical goods, as well as direct sales of these items. Delivery platforms are being employed online, which is projected to help the industry develop at a faster rate, platforms for the supply of raw materials & completed items to end-users of the both products over the internet.
The global Plastic Packaging Market segmentation includes:
Rigid Plastic Packaging
Flexible Plastic Packaging
Based on type, the global plastic packaging market is divided into rigid plastic packaging, flexible plastic packaging. Due to increased demand from the food and beverage and pharmaceutical categories, flexible plastic packaging is expected to grow at the quickest rate throughout the forecast period. When compared to its equivalent, flexible plastic packaging offers cost-effectiveness, increased durability and flexibility, improved aesthetic appeal, and convenience.
Based on product, the global plastic packaging market is divided into bags, cans, bottles, pouches, and others. The Bottles sector is the largest share in the global market. The bottles sector is being used in many industries and helping in the development of the product in the global market.
Food and Beverages
Personal & Home Care
Based on End user, the global plastic packaging market is divided into food & beverages, healthcare, retail, pharmaceuticals, personal and home care, and others. During the projected period, the personal care as well as home care category is expected to have a large market share. Cosmetics and toiletries are examples of personal care goods with packaging.
The worldwide plastic packaging market is expected to be led by Asia-Pacific. The expanding prominence of the beverage industry and food industry in nations like China and India is credited with Asia Pacific’s regional dominance. Plastic packaging is predicted to grow rapidly in the area as it finds more use in various applications in the beverage, healthcare, and food industries. Furthermore, growing disposable income is expected to drive the growth of the Asia Pacific plastic packaging industry, as a rise in population increased customer expenditure. Furthermore, rising popularity of personal care products and beauty are expected to fuel the market’s rise in Asia Pacific.
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Because of the region’s fast healthcare industrialization, rising of food and beverage industry the Plastic Packaging Market in both the region and globally. The United States dominates the Plastic Packaging Market in North America. The regionâ€™s Plastic Packaging Market is driven by consumer products, food and beverage industry and other industries.
The Plastic Packaging Market in Europe is seeing the significant growth during the forecasted period; the European market is expected to increase at a good amount of CAGR in the regions. Countries like the United Kingdom, Germany, and Russia are helping in the global market share.
Middle East and Africa
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