USD 356.38 billion
Report ID: SQMIG15G2025 | Region: Global | Published Date: January, 2023 | Pages: 246 | Tables: 100 | Figures: 76
Global Plastic Packaging Market size was valued at USD 356.38 billion in 2021 and is poised to grow from USD 369.21 billion in 2022 to USD 489.95 billion by 2030, growing at a CAGR of 3.6% in the forecast period (2023-2030).
Product demand is being driven by rapidly developing main application sectors such as food and drinks, medicines, and personal and household care. Furthermore, the increasing penetration of organized as well as e-retail throughout the world is supporting market expansion. Plastic provides both flexible and stiff packaging, as well as transparent and lightweight packaging, which is why the primary application industries choose it over its competitors, such as metal or glass. Furthermore, designed plastic can withstand harsh conditions and does not disintegrate in high temperatures, keeping the quality of items such as food and beverages, and cosmetics.
Globally, the packaged food and beverage market has been expanding rapidly in recent years. Changing lifestyles, an increasingly urban population, rising economic activity in developing nations, and increased e-commerce penetration throughout the world are just a few of the macro forces driving the global packaged food business. Furthermore, the development of novel solutions, such as active packaging, modified atmosphere packaging, edible packaging, and bioplastic packaging, is also projected to promote market growth in the coming years. On the other hand, increased sustainability consciousness and strict restriction on single-use items to reduce plastic pollution are anticipated to pose a challenge to the industry's growth.
US Plastic Packaging Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 356.38 billion
Largest Segment
Injection Molding
Fastest Growth
Injection Molding
Growth Rate
3.6% CAGR
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The Plastic Packaging Market Is Segmented by Product Rigid (Bottles & Jars, Cans, Trays & Containers, Caps & Closures, Others), Flexible (Wraps & Films, Bags, Pouches, Others). By Technology the Plastic Packaging Market is divided into Injection Molding, Extrusion, Blow Molding, Thermoforming, and Others. By Application, the Plastic Packaging Market is divided into Food & Beverage, Industrial Packaging, Pharmaceuticals, Personal & Household Care, and Others. Based on the region Plastic Packaging Market is categorized into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.
Plastic Packaging Market Analysis by Product
In 2021, the rigid packaging segment held the largest share of the plastic packaging market, accounting for more than 60% of the total revenue. This is due to its durability and attractive appearance. Additionally, the high barrier properties of rigid packaging, such as protection against light, moisture, and oxygen, also contributed to its dominant market share. The reusability of rigid packaging products, like pallets and intermediate bulk containers, is also expected to drive the growth of this segment.
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Based on regional analysis, Asia Pacific accounted for the largest revenue share in 2022. The region is using Plastic packaging for several applications such as urban planning, environment monitoring, weather forecasts, etc. Estimates also state that the adoption of technology in heavy and lightweight automobiles will also increase in the region, thus boosting the further market growth. The second position is bagged by Europe which sees a growth rate of 20% between 2022-2028. The market in this region is growing opportunities for use in various sectors such as agriculture, corridor mapping, etc. UK, Germany, and France will emerge as the hubs of drone technology and thus promote the growth of Plastic packaging. Stringent restrictions governing the use of plastic items, along with increased consumer awareness about sustainability, are mostly to blame for the market's poor development in this region.
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Plastic Packaging Market Drivers
Increasing Demand in the Healthcare Industry
Plastic Packaging Market Restraints
The Environmental Impacts of Rigid Plastic Packaging is expected to Limit Market Growth
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The plastic packaging market is highly competitive with a mix of large international companies and smaller domestic players. The market is increasingly shifting towards sustainable packaging as a result of stricter regulations on the use of excessive plastic packaging, as well as growing consumer awareness of sustainability. Companies in the industry are mainly using acquisition as a strategy to grow their manufacturing capabilities and expand their presence in different regions.
Plastic Packaging Market Top Player’s Company Profiles
Berry Global Inc.
Sealed Air Corporation
Huhtamaki Oyj
Sonoco Products Company
Bemis Company Inc.
Constantia Flexibles Group GmbH
Coveris Holdings S.A.
Reynolds Group Holdings Limited
Silgan Holdings Inc.
RPC Group Plc
Printpack Inc.
ALPLA Werke Alwin Lehner GmbH & Co KG
AptarGroup Inc.
AEP Industries Inc.
Clondalkin Group Holdings B.V.
Novolex Holdings Inc.
Winpak Ltd.
Plastic Packaging Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global plastic packaging market analysis, the market is extremely fragmented, with both large-scale multinational and small- and medium-sized domestic enterprises present. Because of tight plastic consumption rules, particularly in developed areas, the market is progressively shifting toward sustainable packaging. Key industry players are heavily relying on acquisition methods to grow their production capabilities and geographical presence.
Report Metric | Details |
---|---|
Market size value in 2021 | USD 356.38 billion |
Market size value in 2030 | USD 369.21 billion |
Growth Rate | 3.6% |
Base year | 2021 |
Forecast period | 2023-2030 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Plastic Packaging Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Plastic Packaging Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Plastic Packaging Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Plastic Packaging Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Product ID: SQMIG15G2025