The Global Plastic Packaging Market is expected to reach $269.6 billion by 2025 and will register a CAGR of 3.9% during the forecast period that began in 2014, according to a new report by Grand View Research, Inc. (San Francisco). Increasing use of plastic packaging in widespread applications, including food and beverages, personal care, household care, consumer electronics, and construction, is likely to drive industry growth over the forecast period.
Higher demand for flexible and functional packaging, largely for packaged food, frozen foods and beverages, is projected to positively impact segment growth in the near future. Furthermore, rapidly increasing use of rigid packaging containers and canisters for industrial applications in construction, energy, and automotive sectors is expected to benefit market growth over the forecast period.
Increasing penetration of bottles and pouches in medical applications is also expected to benefit market growth. These products are being used for storage in the form of medicine organizers and packaging of medicines and drugs, on account of better chemical resistance properties.
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The global plastic packaging industry is expected to witness the fastest revenue growth in the food and beverages application, registering a CAGR of 4.2% over the forecast period. Key industry participants, including Amcor Ltd., Mondi Plc, Apex Packaging, Sealed Air Corp., Coveris Holdings S.A., and DS Smith Plc, are involved in the manufacture, fabrication, and distribution of plastic packaging products across the globe.
Key findings from the report:
- As of 2017, the plastic packaging market was valued at close to $198.0 billion and is projected to expand at a CAGR of 3.9% over the forecast period. Rapidly growing demand from key application segments such as food and beverages and personal care is expected to act as a key driver.
- In terms of revenue, the rigid plastic packaging segment was valued at $66.7 billion in 2017 and is expected to witness steady growth in the coming years. This can be attributed to increasing use of the product for storage and transportation of chemicals and related industrial products.
- The plastic bags segment recorded a revenue of $39.2 billion in 2017. The segment is expected to witness moderate growth over the forecast period, owing to rising concerns regarding use and disposal of plastic grocery bags.
- The North America plastic packaging market accounted for the second-largest share after Asia Pacific. The regional market is characterized by presence of key players involved in manufacture and supply of functional packaging products globally. The market was valued at $36.5 billion in 2017.
- Industry players have been engaged in mergers, acquisitions, and vertical integration across the value chain in order to strengthen their product portfolios and distribution network.
To request a sample copy or view summary of this report, see Global Plastic Packaging Market.