The worldwide plastic packaging market is expected to exceed $ 400.1 billion by the end of the foreseen period and is expected to grow at a compound annual rate of approximately 5% from 2020 to 2025. Plastics are derived from organic compounds ( containing carbon) and exhibits the malleability property. Due to this property, it is in high call, especially in the packaging industry worldwide. Plastic is derived primarily synthetically from petrochemicals. The raw material is readily available and has a low production cost. Therefore, plastic production is high, especially in the Asia-Pacific region. Plastic packaging finds many applications in various sectors, such as food and beverages, automotive, medical, personal and industrial care, among others. To prevent waterborne illness, customers increasingly prefer bottled water bottles worldwide. Furthermore, single-use customer packaging has experienced significant expansion in recent years due to its convenience. Therefore, the escalated consumption of packaged bottles along with the growing call for single-serving containers is likely to further expand the food and beverage applications segment.
Market drivers and restraints:
The plastic packaging market is fueled by the expansion of the food, beverage and healthcare industries worldwide. The change in customer lifestyles with rapid urbanization has escalated the call for plastic packaging. Customers call convenient processed and packaged foods that reduce cooking time. This has resulted in increasing use of plastic packaging in the food and beverage industries. Food and beverages were considered the largest application for the plastic packaging market in 2020. More than 54% of consumption volume in 2020 was attributed to the food and beverage industry. It is expected to show long-range results for 2025 in the Asia Pacific region.The worldwide plastic packaging market is mainly driven by many parameters, mainly including the growing call for plastic packaging in the food and beverage industry. Furthermore, the growing call for plastic packaging in the personal care industry is another factor that is expected to drive the plastic packaging market in the coming years.
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Report segmented as:
rigid plastic packaging
flexible plastic packaging
food & beverages
China dominated the Asia-Pacific market in terms of call and production. The presence of a large customer base and the expansion of the food and beverage, personal care, automotive, customer electronics and construction industries in the country are expected to act as key drivers of the industry. market expansion during the foreseen period. Changes in customer lifestyles and food preferences are expected to drive expansion in the North American food and beverage industry, especially for ready-to-eat products, which will influence market call. . region. Furthermore, the introduction of new products by end suppliers should still have a positive impact on call in North America.
Important market players:
The key players of Global Plastic Packaging Market report include- Amcor Ltd, BASF SE, Crown Holdings Inc., Saint-Gobain, Bemis Company Inc., Huhtamaki Oyj, Mondi Group, Sealed Air Corporation, Sonoco Products Company, Constantia Flexibles International GmbH, Ampac Holdings LLC and Wipak Group.
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This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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