29 November 2019
The Plastic Packaging Market Report 2020-2030: Forecasts by Type of Packaging (Rigid, Flexible), Material (PE, PV, PVC, PS, PET), End-user Industry (Food and Beverage, Healthcare and Pharmaceuticals, Beauty and Personal Care), by region and analysis of leading companies operating in this industry.
The global market size of plastic packaging is estimated to exceed USD 312 billion by 2020 and is expected to grow over the forecast period at a CAGR of more than 3.5 percent. Huge demand from the food and beverage industries, personal care, household care, and healthcare is the major factor driving the global plastic packaging industry's growth. Consumer demand for convenience in the form of packaged foods and single-service containers for consumer products resulted in the large-scale use by these industries of plastic packaging, which in turn positively affected the size of the plastic packaging industry.
One of the major drivers of the plastic packaging industry is the rise of the plastic films market. Flexible plastic films can be used in wrapping processed food products, meat, and vegetables as stretch or shrink films. Other benefits such as lower usage of truck storage would allow end-users to prefer packaging of plastic film to other packaging solutions.
One of the main developments expected to gain momentum in the rigid plastic packaging industry is the growing demand for PET bottles. There is a huge demand for PET bottles in the beverage market, and this demand is majorly derived from the bottled water segment. Manufacturers are now focused on the market segment of alcoholic beverages, which will face tremendous demand for PET containers.
With the development of the global e-commerce industry, the plastic packaging industry is experiencing an increase. The key types of packaging used in e-commerce are polybags, corrugated boxes (plastic or cardboard), and protective packaging such as air pillows and bubble wraps. As a result, the growing demand from logistics and e-commerce companies for corrugated plastic packaging items is driving the overall growth of the plastic packaging industry.
The largest market demand is generated in the Asia-Pacific region. This is mainly due to India and China's emerging economies. The market is poised to expand with the growth of rigid plastic packaging applications in the food, beverage and healthcare industries. Factors such as increasing disposable income, rising consumer spending, and growing population are likely to boost demand for consumer goods, which will in turn boost growth in the Asia-Pacific plastic packaging industry.
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