Plastic Packaging Market Anticipated to Experience Record Growth of USD 484.39 Billion by 2029, Size, Share, Trends, Demand, Growth and Competitive Outlook
TORONTO, March 7, 2023 /PRNewswire/ -- Plastic Packaging Market study by "Data Bridge Market Research" provides details about the market dynamics affecting the Plastic Packaging market, Market scope, Market segmentation and overlays shadow upon the leading market players highlighting the favourable competitive landscape and trends prevailing over the years. Plastic Packaging Market research report execution is becoming very vital for the businesses to gain success because it offers many benefits including insights into revenue growth and sustainability initiative. The large-scale Plastic Packaging Market research report is an absolute overview of the market that takes into account various aspects of product definition, market segmentation based on various parameters, and the established merchant landscape. This industry report also offers businesses with the company profile, product specifications, production value, manufacturer's contact information and market shares for company. Moreover, Plastic Packaging Market business report blends together all-inclusive industry analysis with particular estimates and forecasts to provide complete research solutions with greatest clarity for strategic decision making.
Global Plastic Packaging Market was valued at USD 361.10 Billion in 2021 and is expected to reach USD 484.39 Billion by 2029, registering a CAGR of 3.74% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
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Plastics are used to package goods such as food, beverages, oil, and other liquids. Plastics are widely used due to their high performance, low cost, and long durability. Plastics can be of various grades and material combinations depending on the type of material being moved, such as polyethylene, polypropylene, polyvinyl chloride, among others.
Over the last few years, there has been significant growth in the packaging industry. Additionally, due to rising demand in end-use sectors such as food, beverage, cosmetics and personal care, and pharmaceutical, the flexible plastic packaging market is likely to increase significantly in the future. During the forecast period, a rise in modern retailing, high consumer income, and acceleration in e-commerce activities, particularly in emerging nations, are expected to drive the flexible plastic packaging market.
Opportunities
- Innovations and Awareness
The introduction of innovative solutions, such as active packaging, modified atmosphere, edible, and bioplastic packaging extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the awareness regarding waterborne diseases will further expand the future growth of the plastic packaging market.
Some of the major players operating in the Plastic Packaging market are:
- Smurfit Kappa (Ireland)
- Mondi (U.K.)
- BASF SE (Germany)
- WestRock Company (U.S.)
- Georgia-Pacific (U.S.)
- Metabolix(U.S.)
- Cereplast(U.S.)
- NatureWorks LLC(U.S.)
- Mitsubishi Chemical Corporation (Japan)
- Biome Bioplastics (U.K.)
- Plantic (Australia)
- BIO-ON (Italy)
- Danimer Scientific (U.S.)
- Novamont S.p.A. (Italy)
- TORAY INDUSTRIES, INC. (Japan)
- Indochine Bio Plastiques (ICBP) Sdn. Bhd (Malaysia)
- TianAn Biologic Materials Co. Ltd. (China)
- Minima Global Ltd. (Switzerland)
- CLONDALKIN GROUP (Netherlands)
- Cargill, Incorporated (U.S.)
Recent Development
- In February 2020, Amcor became a member of the Healthcare Plastics Recycling Council (HPRC), a group of peers from the healthcare, recycling, and waste management industries. The business will assist the alliance with its expertise in package design for medical devices and applications in hospitals and other treatment settings. From packaging design to collection methods and end markets, the industry group intends to address all aspects of the packaging value chain.
- In March 2020, Berry Global Group, Inc. announced a USD 30 million investment to expand its ultra-high performance stretch film production capacity. In nine of the company's North American locations that now make stretch films, the funds will be used to add new lines and upgrade existing assets.
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The report includes six parts, dealing with:
- Basic information
- The Asia Plastic Packaging Market
- The North American Plastic Packaging Market
- The European Plastic Packaging Market
- MEA Plastic Packaging Market
- Market entry and investment feasibility
- The report conclusion
All the research report is made by using two techniques that are Primary and secondary research. There are various dynamic features of the business, like client need and feedback from the customers. Before (company name) curate any report, it has studied in-depth from all dynamic aspects such as industrial structure, application, classification, and definition.
Market Drivers: Plastic Packaging Market
- 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 uses fewer resources and energy to package; as a result, flexible packs are less expensive and take up 35% less retail shelf space, making them more cost-effective than other types of packaging. Plastic packaging decreases product waste while also extending shelf life. For example, bananas wrapped in flexible plastic packaging ripen more slowly, extending shelf life. This sort of packing can be done with the least amount of packaging feasible, reducing warehousing and transportation costs while preserving or improving product protection.
Furthermore, factors such as the low cost and excellent printability associated with plastic will further propel the growth rate of plastic packaging market. Additionally, the high consumer income coupled with the acceleration in e-commerce activities, especially in emerging economies, are other market growth determinants projected to bolster the market's growth.
Restraints/Challenges
- Surge in Demand for Alternative Packaging
Alternative packaging materials that are more environmentally friendly are becoming increasingly popular among consumers. Aluminum and glass have high acceptance rates due to their environmentally beneficial nature and high recyclability. As a result, people are becoming increasingly wary of plastic. Furthermore, increased consumer knowledge of excellent health and bio-based packaging materials is encouraging people to use biodegradable materials instead of plastic. This is projected to limit the global plastic packaging market's growth during the forecast period.
- Poor Infrastructure and Recycling Facilities
Plastic packaging waste recycling is a complex process that necessitates cutting-edge infrastructure. It's a time-consuming procedure that necessitates staff knowledge. However, some portions of the world lack recycling facilities. Even in wealthy countries like the United States, the problem of inadequate recycling infrastructure exists. Due to a shortage of recycling facilities, more than USD 11 billion in recyclable containers are thrown away each year in the United States alone. The United Nations Environment Programme estimates that the world creates 330 million tonnes of plastic waste per year. Only 9% of all plastic garbage produced has been recycled to date, and only 14% is currently collected for recycling. 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
This plastic packaging market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the plastic packaging market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Critical Insights Related to the Plastic Packaging Market Included in the Report:
- Exclusive graphics and Illustrative SWOT analysis of some of the leading companies in this market
- Value chain analysis of prominent players in the market
- Current trends influencing the dynamics of this market across various geographies
- Recent mergers, acquisitions, collaborations, and partnerships
- Revenue growth of this industry over the forecast period
- Marketing strategy study and growth trends
- Growth driven factor analysis
- Emerging recess segments and region-wise market
- An empirical evaluation of the curve of this market
- Ancient, Present, and Probable scope of the market from both prospect value and volume
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Key Segmentation: Plastic Packaging Market
Type
- Rigid Plastics
- Bottles and Jars
- Cans
- Trays and Containers
- Caps and Closures
- Others
- Flexible Plastics
- Wraps and Films
- Bags
- Pouches
- Others
Technology
- Injection Molding
- Extrusion
- Blow Molding
- Thermoforming
- Others
Material Type
- Polypropylene
- Polyethylene
- Poly Vinyl Chloride
- Polystyrene
- Ethylene Vinyl Alcohol
- Bio- plastic
- Polyethylene Terephthalate
- Polyamide
- Others
Application
- Food and Beverages
- Industrial
- Household Products
- Personal Care
- Medical
- Others
Regional Analysis/Insights: Plastic Packaging Market
The plastic packaging market is analyzed and market size insights and trends are provided by country, type, technology, material type and application as referenced above.
The countries covered in the plastic packaging market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
Asia-Pacific dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the overall growth and expansion of the various end user verticals across countries within the region.
On the other hand, North America is estimated to show lucrative growth over the forecast period of 2022-2029, due to the increasing usage across food, beverage, pharmaceutical, and personal care and cosmetics industries due to the flexible properties offered by flexible plastic packaging within the region.
Table of Contents:
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Global Plastic Packaging Market: Regulations
- Market Overview
- Global Plastic Packaging Market, By Type
- Global Plastic Packaging Market, By Technology
- Global Plastic Packaging Market, By Material Type
- Global Plastic Packaging Market, By Application
- Global Plastic Packaging Market, By Region
- Global Plastic Packaging Market: Company Landscape
- SWOT Analyses
- Company Profile
- Questionnaires
- Related Reports
To Check the Complete Table of contents, click here @ https://www.databridgemarketresearch.com/toc/?dbmr=global-plastic-packaging-market
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