Growing at a CAGR of 5.2% in 2023-2029, the Plastic Packaging Market is driven by high usage of plastic packaging products and demand for flexible packaging solutions

The market is driven by the growing demand for packaged food and beverages, as well as the increasing use of plastic packaging in the healthcare and personal care industries

PUNE, India, April 10, 2023 /PRNewswire/ -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Plastic Packaging Market.

The global Plastic Packaging market is projected to grow from USD 339.71 billion in 2022 to USD 564.1 billion by 2029, at a CAGR of 5.2% during the forecast period.

Plastic packaging is a flexible and adaptable packaging solution used for protecting, preserving and transporting a wide range of products. They are manufactured using polypropylene (PP), polyethylene (PE), polyethylene terephthalate (PET), polyvinyl chloride (PVC), polystyrene (PS) and expanded polystyrene (EPS) materials. They are widely used for packaging and storing cosmetic, meat, dairy products, carbonated and non-carbonated alcoholic beverages. Plastic packaging materials are commonly available in flexible and rigid packaging, such as trays, wraps, jars, bottles, films, pouches, containers, trays and cups. They offer enhanced versatility, durability, lightweight, sustainability, tensile strength and cost-effectiveness. As a result, plastic packaging is widely used across healthcare, cosmetic and personal care, and food and beverage (F&B) industries.

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Industry Developments

• May 2022 – Amcor PLC developed its latest technology, PowerPostTM, which delivers a bottle up to 30% lighter and can be made from 100% recycled material. The technology was developed for hot-fill beverages and avoids spills from overflow. Furthermore, the product is built on a vacuum-absorbing technology, PowerStrap.
• March 2022 – The ALPLA Group acquired the recycling company Texplastfrom the FROMM Group and all its shares in the joint venture, PET Recycling Team Wolfen. The international company will increase its annual processing volume in Germany to 75,000 tons of PET bottles.

Asia Pacific region is 34% dominating the plastic packaging market.

The plastic packaging market was dominated by Asia Pacific, which had a revenue share of over 34.0% in 2022. From 2023 to 2029, the region is expected to grow at the highest CAGR. During the projection period, it is anticipated that rapidly expanding application sectors in important economies like China, India, Vietnam, South Korea, and Thailand will boost regional demand. In terms of both demand and production, China dominated the market in the Asia-Pacific region. It is projected that a major factor in the industry's expansion will be the nation's high population, which supports the growth of the food and beverage, automobile, personal care, construction, and consumer electronics industries.

Plastic packaging has become the smarter choice of packaging globally due to three reasons:

 a) Food safety, quality and increased shelf life: Plastic packaging is preferred mostly for packing food to increase the safety, quality and shelf life.

As plastics are inert and create an inherent barrier against moisture and oxygen transmission, they provide freshness and hygiene to the products, thereby providing higher shelf life and protecting the content for a longer time.

b) Plastics are Recyclable - As plastics are light-weight, product/content included in plastics tend to have a high product to package ratio. Also, plastics are recyclable, having lower energy requirements for production.

c) Consumer Friendly Packaging is Possible: Plastics are highly versatile, flexible and can be made into desirable shapes. This helps to create consumer friendly packaging and designs.

Plastic Packaging can be used as it provides the following benefits:

a) Safety: Plastics Packaging is safe to use as plastics can be recycled and does not break into dangerous pieces when dropped.

b) Hygiene: Plastics Packaging is ideal for the packaging of medicines, food, pharmaceuticals etc.

c) Light Weight: Plastic packaging is preferred as it will be low in weight but high in strength. hence, products packed in plastics are easy to lift.

d) Security: Plastics Packaging are used with tamper-evident and child resistant closures. The transparency of the pack enables users to examine the condition of the goods prior to purchase.

Recycling of plastics packaging plays a crucial role majorly for two reasons.

1. Environmental reasons:

• Recycling of plastic packaging will help in reducing the impact of harmful chemicals and greenhouse gases released on the sites of waste dump
• Using plastics recyclable packaging helps in increasing global warming and destruction of environment
• Moreover, recycling process needs much lesser energy than producing a new product of that kind hence recycling also saves energy and environment.

2. For people

• It helps in reducing the cost of production of packaging as new product costs higher than recycled one.
• Plastics Packaging recycling has more demand due to the non-availability space for dumping the non-biodegradable waste.

Future of plastic packaging

Although all plastics are technically recyclable, only a small amount gets recycled globally due to a variety of different barriers. As a result, there has been increased consumer skepticism of many plastic products due to the environmental impact plastic waste has on the planet, with packaging facing considerable scrutiny. Growing plastic pollution has become an urgent environmental crisis, with global governments introducing bans and taxes on products to reduce waste. While plastic packaging is unlikely to be replaced in the near future, traditional packaging materials could potentially displace plastics in the long-term if recycling rates remain low.

The plastic packaging industry must adapt to these challenges and deliver circular economy solutions by introducing more sustainable options. The plastic packaging market is expected to grow to almost 130 billion U.S. dollars by 2029, with bioplastics set to shape the market as more companies adopt these technologies. Many consumer brands are also targeting a reduction in virgin plastic use in their packaging products while increasing the share of post-consumer recycled content.

The Rise in demand for convenient products helps to propel the plastic packaging market growth.

Flexible packaging is in higher demand as a result of consumers' increasingly busy lifestyles and growing need for handy items. Flexible plastic packaging is more cost-effective than other types of packaging because it uses fewer resources and energy during the packaging process. Additionally, flexible packs cost less to produce and take up 35% less retail shelf space. The production of 780,000 flexible pouches uses 87% less coal, 74% less natural gas, and 64% less crude oil than the production of rigid clamshell containers, according to Robbie Fantastic Flexibles, a member of the Flexible Packaging Association. Additionally, consumers' preferences have gradually shifted away from using conventional home cooking methods and toward purchasing packaged goods. Flexible plastic packaging utilizes less energy, less natural resources, and emits fewer greenhouse gases during production. Up to 40% of the food consumed in the US in 2022 went to waste, according to the Natural Resources Defense Council.

Sustainable and new flexible plastic packaging solutions will create more opportunities in the plastic packaging market.

Manufacturers have been prompted to create new packaging solutions as a result of the dynamic changes in the sector, such as the implementation of new regulatory initiatives. Manufacturers have created sustainable packaging choices that are safe and secure in response to growing environmental concerns about the use of biodegradable polymers for flexible packaging. Manufacturers are looking towards sustainable packaging options that use fewer resources and energy during production, need less money for transportation, and provide products with a longer shelf life to ease cost pressure and preserve the integrity of product packages. Manufacturers are shifting their strategies toward circularity and utilizing new plastic technologies to develop recyclable and sustainable solutions that include specific properties like oxygen, moisture, light, puncture, and chemical resistance, as well as easy-tear propagation, as a result of strict government regulations, shifting consumer preferences, and environmental pressures. While the development of substitute bioplastics such as polybutylene succinate and bio polypropylene, as well as the cost and disposal of bioplastics, which will need to be investigated to assure effective usage, are significant emphasis areas for manufacturers.

Report coverage & details:

Plastic Packaging Market Players

Due to the existence of both huge international corporations and domestic small- and medium-sized businesses, the market is highly fragmented. Due to increasingly strict limitations on the use of excessive plastic packaging and expanding consumer awareness of sustainability, the market is progressively shifting toward sustainability packaging. Major players in the sector are increasingly implementing acquisition tactics to increase their geographic reach and manufacturing capacity.

The Plastic Packaging market key players are Amcor plc, Sealed Air, Coveris, Berry Global Inc, Mondi, Sonoco Products Company, WIN-PAK LTD, CCL Industries, Inc., Constantia Flexibles, Alpha Packaging

Key Market Segments: Plastic Packaging Market

Plastic Packaging Market By Product, 2023-2029, (Usd Million), (Million Kg)

• Rigid
• Flexible

Plastic Packaging Market By Technology, 2023-2029, (Usd Million) (Million Kg)

• Injection Molding
• Extrusion
• Blow Molding
• Thermoforming
• Others

Plastic Packaging Market By Application, 2023-2029, (Usd Million), (Million Kg)

• Food & Beverages
• Industrial Packaging
• Pharmaceuticals
• Personal & Household Care
• Others

Browse summary of the report and Complete Table of Contents (ToC):

https://exactitudeconsultancy.com/reports/13775/plastic-packaging-market/ 

Plastic Packaging Market Dynamics

Drivers

• Advantages of Plastic Packaging

The high demand for handy products has increased as a result of busy lifestyles, resulting in an increase in demand for flexible packs. Flexible plastic packaging is less costly and takes up 35% less store shelf space than other types of packaging because it requires less energy and resources to manufacture. Plastic wrapping increases shelf life and reduces product waste. Bananas, for instance, ripen more gradually when enclosed in flexible plastic packaging, prolonging shelf life. By using the least amount of packaging possible, this type of packing can increase or maintain product protection while lowering the cost of warehousing and shipping.

Further boosting the growth rate of the plastic packaging market are elements like plastic's cheap cost and excellent printability. Additional market growth factors that are anticipated to support market growth include high consumer income and the acceleration of e-commerce activities, particularly in emerging countries.

Opportunities

• Innovations and Awareness

In the forecast period of 2023 to 2029, the introduction of cutting-edge solutions like active packaging, modified atmosphere, edible, and bioplastic packaging expands lucrative possibilities for market participants. The market for plastic packaging will continue to expand as more people become conscious of waterborne illnesses.

Restraints/Challenges

• Surge in Demand for Alternative Packaging

Consumers are growing favouring alternative packaging materials that are better for the environment. Due to their high recyclability and environmental benefits, aluminium and glass are widely accepted. People are consequently growing more sceptical of plastic. Furthermore, the use of biodegradable materials rather than plastic is being encouraged by increased customer awareness of excellent health and bio-based packaging materials. The development of the global plastic packaging market is anticipated to be constrained by this during the forecast period.

• Poor Infrastructure and Recycling Facilities

Recycling plastic packaging waste is a difficult procedure that requires state-of-the-art infrastructure. Staff expertise is required for the laborious process. However, recycling facilities are lacking in some parts of the globe. The issue of insufficient recycling infrastructure occurs even in wealthy nations like the United States. More than USD 11 billion in recyclable containers are thrown away annually in the United States alone due to a lack of recycling centres. According to the United Nations Environment Programme, 330 million tonnes of plastic garbage are produced globally each year. Only 14% of plastic waste is presently collected for recycling, and only 9% of all plastic waste generated has been recycled to date. Because most recycling facilities are old, they are unable to cope with changes in waste sources. Even if the amount of paper trash has decreased and the amount of plastic waste has increased, present gear is ill-equipped to handle such shifts in packaging waste trends. As a result, this factor will challenge the plastic packaging market growth rate.

Key Questions Answered in Plastic Packaging Market Report

• Which segments are contributing a significant share of the market?
• Which regional markets are likely to provide ample business opportunities?
• What strategies are helping leading players to dominate the market?
• What is the projected valuation and growth rate for the plastic packaging market?

For more insights on the historical and Forecast market data from 2023 to 2029 - download a sample report at https://exactitudeconsultancy.com/reports/13775/plastic-packaging-market/#request-a-sample

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Plastic Corrugated Packaging Market by Packaging Type (Folding Boxes, Trays, Crates, Inserts and Dividers, Bins and Racks), Material Type (Polypropylene, Polyethylene, Polyethylene Terephthalate, and Polycarbonate), and End-use Industry (Food & Beverages, Agriculture, Healthcare, Automotive, Electrical & Electronics), and Region, Global Trends and Forecast From 2023 to 2029

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