Global Plastic Packaging Market is Heading with the Rising Demand from F&B Industry; MRFR Reveals the Forecast for 2016 – 2022

 

The global plastic packaging market is growing continually. The market growth attributes to the spurring rise in food & beverages and healthcare industries globally. Besides, the change in consumer's lifestyles with rapid urbanization has augmented the demand for plastic packaging. Moreover, the rising consumer demand for convenience processed and packaged foods escalate the market growth, increasing plastic material uses for packaging of F&B items.

According to Market Research Future (MRFR), the global plastic packaging market is expected to cross the valuation of USD 400 BN by 2022, growing at approximately 5% CAGR during the anticipated period (2016 – 2022). The market is predominantly driven by the awareness of the advantages of plastic material as a packaging solution for consumable goods. Also, the changing lifestyle and economical growth drive the plastic packaging market growth pervasively.

Additionally, increasing health risks and growing health & fitness awareness fuels the market for plastic packaging. Furthermore, rising investments in innovation and growth, coupled with stronger support from governments worldwide, accelerate the market's growth. Technological advancements in plastic processing techniques and innovative packaging solutions play a significant role in fostering the plastic packaging market growth.

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On the other hand, fluctuating prices and the demand-supply gap in raw materials are major factors projected to impede market growth. Nevertheless, the high demand for convenient packaging solutions would support market growth throughout the review period. Plastic packaging is also used in cosmetics and personal care packaging; they are increasingly used in the fashion industry for apparel packaging, zipper bags, and stand-up pouches. All these applications contribute to the phenomenal traction the plastic packaging market is gaining currently.

 

Global Plastic Packaging Market – Segments

The report is segmented into three dynamics;

By Type        : Rigid Packaging and Flexible Packaging.

By Application: Food & Beverages, Industrial, Healthcare, Personal Care, and others.

By Region       : Asia Pacific, North America, Europe, and the Rest-of-the-World.

 

Plastic Packaging Market – Regional Analysis

The Asia Pacific region dominates the global plastic packaging market. The region shows some rapid developments in the healthcare and food & beverage industries, which drives the market growth. Besides, the market growth attributes to increased investments in the development of the packaging materials and solutions.  Vast consumption of plastic packaging material across the end-user industries positively impacts the market growth. The APAC plastic packaging market is projected to retain its dominance throughout the estimated period.

North America stands second in the global plastic packaging market. Market growth attributes to the rapid growth in the food industry due to impressive urbanization and high dependency on packaged food products in the region. Additionally, the rapidly growing pharmaceutical industry in the region substantiates the size of the regional market. The North American plastic packaging market is expected to expand at a substantial CAGR over the forecast period.

The European plastic packaging market is growing rapidly. Factors such as the high demand for plastic packaging materials and spurring rise in the region's food and beverage industry drive the regional market growth. The Europe plastic packaging market is predicted to grow at a considerable CAGR during the assessment period.

 

Global Plastic Packaging Market– Competitive Analysis

Characterized by the presence of many well-established players, the global plastic packaging market appears to be highly competitive. Well established players incorporate mergers & acquisitions, collaboration, expansion, and technology launch to gain a larger competitive share in this market. Many key players in the plastic packaging industry are expanding their existing production capacities in response to the increased demand for innovative plastic packaging solutions by brands and consumers. 

Major Players:

Players leading the global plastic packaging market include BASF SE, Amcor Ltd., Crown Holdings Inc., Bemis Company Inc., Saint-Gobain, Huhtamaki Oyj, Sealed Air Corporation, Mondi Group, Sonoco Products Company, Ampac Holdings LLC., Constantia Flexibles International GmbH, and Wipak Group., among others. 

Industry/ Innovation/ Related News: 

October 21, 2020 ---- Wildway (the US), a natural food company, launched post-consumer recycled plastic packaging, taking on a broken recycling industry. The company would roll out the new design this season with its best-selling Apple Cinnamon and Banana Nut grain-free granola, to have its entire product portfolio updated by 2023. To be more innovative and sustainable, this new packaging would prolong the life of plastic and enable recycling before it reaches a landfill.

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