08.20.21
The plastic packaging market size is expected to be worth around US$ 586.2 billion by 2030, according to a new report by Vision Research Reports. The global plastic packaging market size was valued at US$ 348.08 billion in 2020 and is anticipated to grow at a CAGR of 4.8% during forecast period 2021 to 2030.
The rapid expansion of the food and beverages, personal care, and pharmaceuticals sectors coupled with the rising penetration of organized and e-retail across the world is expected to fuel market growth.
Low-density polyethylene (LDPE), polypropylene (PP), high-density polyethylene (HDPE), and polyethylene terephthalate (PET) are the most widely used materials for the manufacturing of products, such as bottles and jars, trays and containers, wraps and films, and pouches, as they are cost-effective, lightweight and have extensive functionalities and strong barrier properties against moisture. Growing demand for sustainable packing solutions is prompting manufacturers to use recycled plastic resins to make such products.
Globally, the changing lifestyle led to the introduction of single-serve packaging that significantly contributed to the market growth in the past few years.
However, plastic is a non-biodegradable, unsustainable material; thus, its products, specifically single-use packing solutions, are banned across several countries. For instance, on March 11, 2020, the European Union (EU) released its new ‘Circular Economy Action Plan’ intended to promote sustainable packaging in the region. Moreover, growing consumer awareness levels are compelling manufacturers to switch to biodegradable materials, which is expected to hamper the industry growth to some extent.
Asia Pacific emerged as the leading regional market with a revenue share of 43.8% in 2020 and is expected to witness the fastest CAGR from 2021 to 2028.
The rigid product segment accounted for the largest revenue share of 61.1% in 2020 owing to their sturdiness and high aesthetic appeal. Moreover, factors such as a high barrier to light, moisture, and oxygen, provided by rigid products contributed to the segment’s revenue share. The reusability of these products, such as pallets, intermediate bulk containers, and other industrial packaging products, is likely to favor the segment growth in the years to come.
The flexible product segment is estimated to register the fastest CAGR from 2021 to 2028. This segment is further categorized into wraps and films, bags, pouches, and others. Pouches are gaining significant popularity in the market as their production requires lesser raw material as compared to rigid products, such as bottles and jars.
The food and beverage application segment led the global plastic packaging market in 2020 with a revenue share of more than 51%. The segment is expected to witness substantial growth during the forecast period. The pharmaceuticals segment is estimated to register the fastest CAGR from 2021 to 2028. The personal and household care application segment is expected to witness a CAGR of more than 4.3%, in terms of revenue, over the forecast period.
The rapid expansion of the food and beverages, personal care, and pharmaceuticals sectors coupled with the rising penetration of organized and e-retail across the world is expected to fuel market growth.
Low-density polyethylene (LDPE), polypropylene (PP), high-density polyethylene (HDPE), and polyethylene terephthalate (PET) are the most widely used materials for the manufacturing of products, such as bottles and jars, trays and containers, wraps and films, and pouches, as they are cost-effective, lightweight and have extensive functionalities and strong barrier properties against moisture. Growing demand for sustainable packing solutions is prompting manufacturers to use recycled plastic resins to make such products.
Globally, the changing lifestyle led to the introduction of single-serve packaging that significantly contributed to the market growth in the past few years.
However, plastic is a non-biodegradable, unsustainable material; thus, its products, specifically single-use packing solutions, are banned across several countries. For instance, on March 11, 2020, the European Union (EU) released its new ‘Circular Economy Action Plan’ intended to promote sustainable packaging in the region. Moreover, growing consumer awareness levels are compelling manufacturers to switch to biodegradable materials, which is expected to hamper the industry growth to some extent.
Asia Pacific emerged as the leading regional market with a revenue share of 43.8% in 2020 and is expected to witness the fastest CAGR from 2021 to 2028.
The rigid product segment accounted for the largest revenue share of 61.1% in 2020 owing to their sturdiness and high aesthetic appeal. Moreover, factors such as a high barrier to light, moisture, and oxygen, provided by rigid products contributed to the segment’s revenue share. The reusability of these products, such as pallets, intermediate bulk containers, and other industrial packaging products, is likely to favor the segment growth in the years to come.
The flexible product segment is estimated to register the fastest CAGR from 2021 to 2028. This segment is further categorized into wraps and films, bags, pouches, and others. Pouches are gaining significant popularity in the market as their production requires lesser raw material as compared to rigid products, such as bottles and jars.
The food and beverage application segment led the global plastic packaging market in 2020 with a revenue share of more than 51%. The segment is expected to witness substantial growth during the forecast period. The pharmaceuticals segment is estimated to register the fastest CAGR from 2021 to 2028. The personal and household care application segment is expected to witness a CAGR of more than 4.3%, in terms of revenue, over the forecast period.
