Plastic Packaging Market Analysis and Global Forecast 2023-2033

Plastic Packaging Market Overview

The Plastic Packaging Market Size is expected to reach USD 10.65 Billion by 2033. The Plastic Packaging Market industry size accounted for USD 5.24 Billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 5.78% from 2023 to 2033. The Plastic Packaging Market refers to the industry involved in the production, distribution, and sale of packaging materials made from various types of plastic. This market includes a wide range of products such as bottles, containers, bags, films, wraps, and pouches, which are used to protect, preserve, and transport goods in multiple industries including food and beverages, pharmaceuticals, personal care, consumer goods, and industrial applications.

The Plastic Packaging Market is a large and diverse sector that plays a crucial role in global trade and consumer goods distribution. The growing environmental concerns surrounding plastic waste have led to increased scrutiny of the plastic packaging industry. Efforts are being made to develop sustainable and recyclable plastic packaging solutions, as well as to promote proper waste management practices.

Global Plastic Packaging Market Synopsis

COVID-19 Impact Analysis

The COVID-19 pandemic had a significant impact on the Plastic Packaging Market. The demand for plastic packaging surged in the healthcare sector due to the need for medical supplies, personal protective equipment (PPE), and pharmaceutical products. Plastic packaging was essential for safely transporting and storing these items. With the rise in online grocery shopping, takeaway services, and home delivery, there was an increased demand for plastic packaging, particularly for food safety and hygiene. Single-use plastic packaging became more prevalent due to concerns about contamination. Consumers prioritized hygiene, leading to a preference for products with secure and tamper-evident packaging. This bolstered the use of plastic packaging, which is often perceived as safer and more hygienic. The pandemic caused disruptions in the supply chain, leading to shortages of raw materials like resin, which is used to produce plastic. This affected the manufacturing and supply of plastic packaging. Post-pandemic, there has been a renewed focus on sustainability in the plastic packaging industry, with companies and consumers seeking more environmentally friendly options.

Plastic Packaging Market Dynamics

The major factors that have impacted the growth of Plastic Packaging Market are as follows:

Drivers:

Ø  Advancements in Plastic Packaging Technology

The development of new plastic materials, such as biodegradable and recyclable plastics, has driven market growth by addressing environmental concerns while maintaining the benefits of plastic packaging. Innovations like smart packaging, which can monitor the condition of the product inside, track its location, or extend shelf life, are gaining traction, particularly in the food and pharmaceutical sectors. Plastic packaging is generally more cost-effective compared to alternatives like glass or metal, making it a preferred choice for manufacturers and consumers alike. Plastic can be molded into various shapes and sizes, making it suitable for a wide range of applications across different industries, from food and beverages to healthcare and cosmetics.

Restraint:

• Perception of Rising Raw Material Costs and Sustainable Alternatives

The cost of raw materials used to produce plastic packaging, such as crude oil and natural gas, can be volatile. Fluctuations in these prices can increase production costs and squeeze profit margins for manufacturers. Disruptions in the supply chain, such as those caused by the COVID-19 pandemic, can lead to shortages of raw materials, further driving up costs and limiting production capacity. There is growing competition from alternative packaging materials, such as paper, glass, metal, and biodegradable plastics, which are perceived as more environmentally friendly. This shift in preference can reduce demand for traditional plastic packaging.

Opportunity:

⮚     Innovation in Lightweight and High-Performance Plastics

Developing lightweight yet strong plastic packaging can reduce material usage, lower transportation costs, and appeal to environmentally conscious consumers. Companies that innovate in this area can offer cost-effective and sustainable solutions. There is an opportunity to create high-performance plastic materials that provide superior barrier properties, resistance to extreme temperatures, and extended shelf life for perishable goods. These materials are particularly valuable in the food, beverage, and pharmaceutical industries.

Plastic Packaging Market Segment Overview

By Type

Based on Type, the market is segmented based on Rigid packaging and Flexible packaging. The flexible packaging segment dominant the market. Due to rising demand in end-use industries, including the food, beverage, cosmetic & personal care, and pharmaceutical sectors, the flexible packaging segment is anticipated to expand considerably in the coming years. The market for flexible plastic packaging is projected to expand due to modern retailing’s expansion, rising consumer incomes, and the acceleration of e-commerce activities, particularly in emerging markets.

By Application

Based on Application, the market segment has been divided into Food & beverages, Industrial, Healthcare, Personal care, and others. The food & beverages segment dominated the market. The majority of the food and beverage sector uses plastic packaging extensively. The lifestyles of different consumer groups are drastically changing due to rising urbanization. This is significantly increasing the need for plastic packaging. Hence, owing to the mentioned features it positively impacts the market growth.

Global Plastic Packaging Market Regional Analysis

Based on region, the global Plastic Packaging Market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America is projected to dominate the use of the Plastic Packaging Market followed by the Asia-Pacific and Europe regions.

Plastic Packaging North America Market

North America holds a dominant position in the Plastic Packaging Market. North America is a mature market for plastic packaging, with established industries in food and beverages, healthcare, and consumer goods driving demand. There is a strong emphasis on sustainability in this region, with consumers and regulators pushing for increased use of recycled and biodegradable plastics. Companies are investing in green packaging solutions to meet these demands.

Plastic Packaging Asia-Pacific Market

The Asia-Pacific region has indeed emerged as the fastest-growing market for the Plastic Packaging Market industry. The Asia-Pacific region, particularly countries like China, India, and Southeast Asia, is experiencing rapid industrialization and urbanization, leading to increased demand for plastic packaging across various industries. The rising middle class and changing consumer lifestyles are driving the demand for packaged foods, beverages, personal care products, and pharmaceuticals, boosting the plastic packaging market.

Competitive Landscape

The global Plastic Packaging Market is highly competitive, with numerous players offering a wide range of software solutions. The competitive landscape is characterized by the presence of established companies, as well as emerging startups and niche players. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as product launches, and strategic alliances.

Prominent Players:

• Sealed Air Corporation
• Amcor
• Berry Global Inc.
• Mondi
• Sonoco
• Huhtamaki
• Coveris
• Transcontinental Inc.
• Clondalkin Group
• Constantia Flexibles International GmbH

Key Development

In October 2023, Coca-Cola India introduced carbonated beverage bottles made from 100% recycled PET (rPET). Those new bottles are being manufactured by Moon Beverages and SLMG Beverages which are bottling partners for Coca-Cola.

In December 2023, Aptar Pharma a wholly owned subsidiary of Aptar Corporation based in United States set up a new manufacturing facility at Mumbai, India to increase production capacity for Southeast Asian markets. Furthermore, it has enhanced its production capabilities so as to improve manufacturing capacity with pharmaceutical customers in Southeast Asia while offering innovative product solutions.

Scope of the Report

Global Plastic Packaging Market, by Type

• Rigid packaging
• Flexible packaging.

Global Plastic Packaging Market, by Application

• Food & beverages
• Industrial
• Healthcare
• Personal care
• others

Global Plastic Packaging Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2033: USD 10.65 Billion
CAGR (2023-2033)	5.78%
Base year	2022
Forecast Period	2023-2033
Historical Data	2021 (2017 to 2020 On Demand)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Type, Application
Geographies Covered	North America, Europe, Asia-Pacific, South America, Middle East, Africa
Key Vendors	Sealed Air Corporation, Amcor, Berry Global Inc., Mondi, Sonoco, Huhtamaki, Coveris, Transcontinental Inc., Clondalkin Group and Constantia Flexibles International GmbH
Key Market Opportunities	·       Innovation in Lightweight and High-Performance Plastics
Key Market Drivers	·       Advancements in Plastic Packaging Technology ·       Cost-Effectiveness and Versatility

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Plastic Packaging Market trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities in the future
• Plastic Packaging Market historical market size for the year 2021, and forecast from 2023 to 2033
• Plastic Packaging Market share analysis at each product level
• Competitor analysis with detailed insight into its product segment, Government & Defense strength, and strategies adopted.
• Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
• To identify and understand the various factors involved in the global Plastic Packaging Market affected by the pandemic
• To provide a detailed insight into the major companies operating in the market. The profiling will include the Government & Defense health of the company’s past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.