The global plastic packaging market is estimated to prosper on the back of food and beverage industry. Plastics provide a tougher, cleaner, durable and an attractive solution for storage of food and beverage, due to which it has high adoption rate high adoption rate in the food and beverage industry. However, apart from food and beverage industry plastic packaging is an extremely favorable packaging solution in other sectors as well. There exists huge demand for plastics sachets, pouches, and bags for the packaging of various products. Such high demand across several industries is likely to bolster growth of the global plastic packaging market in near future.
Some of the key players dominating the global plastic packaging market are NatureWorks LLC, Alpla Werke Alwin Lehner GmbH & Co. KG, Berry Plastics Corporation, Reynolds Group Holdings Limited, AMCOR Limited, and Bemis Company, Inc.
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Transparency Market Research has come up with a detailed report on the global plastic packaging market, for the period 2014 to 2024. The report estimates that the global plastic packaging market is likely to rise at a healthy rate of 5.25 % CAGR. The market is estimated to reach US$ 370.2 Bn through 2024.
Driven by Demand from Cosmetics Industry, Asia Pacific to Dominate the Market
The Asia-Pacific region is expected to dominate the global plastic packaging market over the timeframe of review, from 2014 to 2024. Regional supremacy of Asia Pacific is ascribed the growing prominence of food and beverage industry in countries like China and India. As rigid plastic packaging finds increased use in various applications across healthcare, beverage and food industries, the plastic packaging market is estimated to witness rapid growth in the region.
In addition to that, increase population, augmented consumer expenditure, and increasing disposable income is prophesized to foster growth of the plastic packaging market in Asia Pacific. Furthermore, growing popularity of beauty and personal care products is also likely to encourage growth of market in Asia Pacific. Plastic packaging finds extensive use in the packaging of beauty and cosmetic products.
Increased Number of Working Women to Spell Growth for the Market
Plastic packaging solutions are lightweight, durable, and attractive, which is why the product is in high demand across several industries. These types of packaging solutions are easier to handle as well. Multiple benefits of the product are likely to offer copious growth opportunities for the global plastic packaging market in the forthcoming years. Low cost of production is estimated to emerge as a major growth promoting factor for the global plastic packaging market.
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Introduction of High-Density Polyethylene (HDPE) and Polyethylene Terephthalate (PET) polymers have widened the scope of application of plastics in terms of packaging. These two products are highly suitable for packaging of liquid products, such as fruit juice, milk, and other soft drinks. In addition, as more women join the workforce and lead a hectic lifestyle, the demand for packaged is likely to rise. This is likely to bolster growth of the global plastic packaging market.
The information shared in this review is based on a TMR report, bearing the title, “Plastic packaging market (Product Types – Rigid Plastic Packaging and Flexible Plastic Packaging; Applications – Food & Beverages, Industrial, Household Products, Personal Care, Medical, and Automotive Components) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 to 2024”
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