Global Plastic Packaging Market by Technology (Extrusion, Thermoforming), by Product (Flexible, Rigid), by Application (Food & Beverages, Pharmaceuticals) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global plastic packaging market was valued at USD 348.08 Billion in 2020. It is projected to grow at a compound annual rate (CAGR of 4.2%) between 2021 and 2028. The product demand is driven by key industries such as food & beverage, pharmaceuticals, personal & household care, and other rapidly growing applications. The market is also growing due to the increasing penetration of e-retail, both organized and unorganized. Because plastic is flexible and rigid, transparent and light, it's preferred over other packaging materials such as glass or metal, the main application sectors prefer it to them, Engineered plastic is able to withstand extreme environments and doesn't degrade in extreme temperature, preserving the integrity and quality of products such as food and beverages, and cosmetics.

Plastic is a highly profitable packaging material due to its low cost and high printability. From 2021 to 2028, the extrusion technology market is expected to grow strongly in the United States. Because of their sustainability and performance, extrusion-based products such as wraps and films, bags and pouches are used widely in many consumer and industrial applications. Market growth has been aided by the high penetration of organized retail in the country.

The global packaged food and beverage industry has seen a steady growth rate over the past few years. The global packaged food market is driven by a variety of macro factors, including a changing lifestyle, increasing urban population, rising economic activities in emerging nations, and increased penetration of ecommerce across the globe. The demand for food is set to rise as the world's population will grow from 7.3 billion people in 2015 to 9.7 million in 2050. This is expected to drive the demand to plastic packaging products.

Industry growth will also be facilitated by the strong growth of e-commerce. E-commerce companies favor lightweight, flexible packaging to lower transportation costs. Industry growth is expected to be driven by the rising popularity of online shopping for daily fresh food, FMCG products, electronic gadgets, and clothing.

In the future, market growth will be boosted by the introduction of new solutions such as active packaging and modified atmosphere. However, the industry's growth will be threatened by a growing awareness of sustainability and a ban on single-use products in an effort to reduce plastic pollution.

Product Insights

Due to their strength and aesthetic appeal, the rigid product segment had a 61.1% revenue share in 2020. The segment's revenue share was also influenced by factors such as high barriers to light, moisture and oxygen. These products can be reused, including pallets, intermediate bulk containers and other industrial packaging products. This will likely help the segment grow in the future.

This segment can be further divided into cans, bottles, jars and trays, containers, caps, closures, cans, etc. Because of their ease-of-use, cost effectiveness, and superior performance, plastic bottles are widely used in beverage packaging. Because of their lighter weight and aesthetics, containers and trays are used in the foodservice and packaged food industries.

According to estimates, the flexible product segment will experience the highest CAGR between 2021 and 2028. The flexible product segment can be further divided into wraps & film, bags, pouches and other. Pouches are becoming more popular in the market because they require less raw material than rigid products like bottles and jars. Its popularity is driven by the availability of several closure options in pouches such as zippers, tear notch and spouts.

Technology Insights

In 2020, the extrusion technology segment was the most profitable with a revenue share of more than 38%. This is because the majority of flexible packaging products such as bags, pouches and films are made using extrusion tech. Due to their lower cost and sustainability, flexible products are expected to grow in the future.

From 2021 to 2028, the thermoform technology sector is expected to experience the highest CAGR. A thermoforming process is used to produce rigid products such as blisters and clamshells, trays and containers, lids, lids, bowls, plates, bowls, and other items. A rising demand for lightweight and thin-gauge packaging solutions due to a growing focus on sustainable packaging will be a contributing factor to the rapid growth of thermoforming technology.

Injection molding technology is used to create rigid or strong products such as caps, closures, industrial containers, crates, caps, lids, and closures. The segment's growth will be impeded by the high lead times and high tooling costs associated with injection molding technology. Blow molding, a popular plastic molding technique, is used to make hollow parts such as drums, bottles, liquid containers, and storage tanks. There are three main types of blow molding technology: extrusion (injection), injection (injection stretch blow molding), and Extrusion blow molding, which is used to produce complex products such as containers and bottles, is the most popular.

Application Insights

With a market share of more than 51%, the food & beverage segment led the global plastic packaging industry in 2020. This segment is expected to experience significant growth over the forecast period. Market growth is expected to be driven by a changing consumer lifestyle and food preferences. The segment is also expected to grow due to increased consumption of both alcoholic and non-alcoholic drinks.

Due to its convenience, single-serve consumer packaging has seen significant growth over the last few years. The growing consumer awareness about health and well-being, as well as rising spending capacity have all pushed the demand for packaged water around the world. This is expected to have a positive effect on the growth of this food & beverage application market.

From 2021 to 2028, the pharmaceuticals sector is expected to experience the fastest CAGR. The segment's growth is expected to be aided by the rising demand for pharmaceutical products in Europe and North America due to an aging population. The demand for pharmaceutical packaging solutions is expected to rise due to the increasing production of generic drugs.

Over the forecast period, the personal and household care segment will see a CAGR exceeding 4.3% in terms of revenue. The industry has seen significant growth due to consumer awareness regarding personal grooming. The segment's growth is likely to be driven by the increasing demand for clean-label cosmetics that are plant-based.

Regional Insights

Asia Pacific dominated the market in 2020 with a revenue share exceeding 42%. It is expected to grow further at the fastest CAGR of 2021-2028. The forecast period will see the growth of key industries such as Thailand, China, India and Vietnam in the region.

China was the dominant market in Asia Pacific, both in terms of production and demand. China's high population is expected to be a major driver of market expansion.

Europe was the second-largest market in Europe, but it is expected to experience slow growth during the forecast period. This region's slow growth is due to strict regulations on plastic products and rising consumer awareness about sustainability.

Market Share Insights & Key Companies

This market is fragmented due to the presence of both large-scale, international companies and smaller- and medium-sized domestic businesses. Due to stringent regulations regarding plastic usage, particularly in developed countries, the market is moving towards sustainable packaging.

Major companies in the industry are embracing acquisition strategies to increase their manufacturing capabilities as well as geographical presence. Amcor plc purchased Bemis Company, Inc. in June 2019. Berry Global, Inc. purchased RPC Group Plc in July 2019. Both acquisitions were made to expand the product range, manufacturing capabilities, and geographic footprint. The following are some of the most prominent players in global plastic packaging markets:

• Amcor plc

• Sealed Air

• Coveris

• Berry Global, Inc.

• Mondi

• Sonoco Products Company

• Winpak Ltd.

• CCL Industries, Inc.

• Constantia Flexibles

Up Market Research published a new report titled “Plastic Packaging Market research report which is segmented by Technology (Extrusion, Thermoforming), by Product (Flexible, Rigid), by Application (Food & Beverages, Pharmaceuticals), By Players/Companies Amcor plc, Mondi, Coveris, Winpak Ltd, Berry Global Inc, Sealed Air, Constantia Flexibles, Sonoco Products Company, CCL Industries Inc”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Plastic Packaging Market Report Segments:

The market is segmented by Technology (Extrusion, Thermoforming), by Product (Flexible, Rigid), by Application (Food & Beverages, Pharmaceuticals).

Plastic Packaging Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Plastic Packaging Market

Overview of the regional outlook of the Plastic Packaging Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Plastic Packaging Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Plastic Packaging Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Extrusion

                2. Thermoforming

                1. Flexible

                2. Rigid

                1. Food & Beverages

                2. Pharmaceuticals

9. Market scenario by region, sub-region, and country.
10. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
11. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
12. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Plastic Packaging Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
• Channel & Customer Management
• Identifying Appropriate Advertising Appeals

Reasons to Purchase the Plastic Packaging Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.