The global plastic packaging market is growing at a modest CAGR of around 3.5% during the forecast period (2020-2026). Plastics are the material of choice in packaging across every sector, from food & beverage to pharmaceutical industry. As compared to the other available packaging materials, the plastic packaging most preferred in the packaging industry since ages. The demand for plastic packaging is further expected to see a modest growth due to the rising industrialization in emerging economies, such as China and India. The ‘Made in China 2025’ and ‘Make in India’ are offering growth to the industrial sector of these economies, providing a path for the food processing companies and pharmaceutical companies to excel their capabilities.

Moreover, there are several other pivotal factors that are driving the global plastic packaging market, which includes the rising e-commerce sector and demand for convenience or packaged food products. As per OMR analysis, the e-commerce logistics market is expected to get doubled by 2025. Therefore, the demand for plastic packaging will be driven by the growing e-commerce sector across the globe. Moreover, the demand for bioplastics is expected to project a noteworthy growth during the forecast period. The use of bio-plastic or biodegradable plastic is increasing, as they are made from renewable resources and enable to reduce CO2 emission. However, the fluctuation in crude oil prices and increasing awareness for the minimal usage of plastics due to its harmful impact on environment will affect the market growth during the forecast period.  

Segmental Outlook  

The plastic packaging market is classified on the basis of type, technology, and vertical. Based on type, the market is bifurcated into flexible packaging and rigid packaging. Based on technology, the market is segmented into recyclable, reusable, and biodegradable. Based on end-users, the market is segmented into food & beverages, personal care, healthcare, and others.  

Global Plastic Packaging Market Share by Type, 2019 (%)

Global plastic packaging market is driven by flexible plastic packaging

Flexible plastic packaging contributes major share in the plastic packaging market. The flexible plastic packaging market is estimated to project a considerable CAGR during the forecast period. The growth of the segment is attributed to the increasing demand for flexible packaging in personal care, food & beverage, and household applications. The continuous growth in the flexible packaging is due to its several benefits over rigid plastic packaging, such as flexibility, durability, and longer shelf life. 

Regional Outlook 

The global plastic packaging market is classified on the basis of geography, which includes North America, Europe, Asia-Pacific, and Rest of the World. North America is estimated to project a considerable CAGR in the global plastic packaging market during the forecast period. The US held a dominant position in the geographic contribution of North America in global plastic packaging market, attributing to the presence of developed healthcare and personal care industry. The healthcare sector of the US is regarded as the most developed healthcare sector across the globe. The presence of large number of pharmaceutical companies have been driving the demand for plastic packaging since ages. Moreover, the US has a significant presence of food & beverage processing companies, such as Hearthside Food Solutions LLC, are further driving the market growth in the region.

Global Plastic Packaging Market Growth, by Region 2020-2026

Asia-Pacific contributes a considerable share in the global market

Asia-Pacific holds a significant share in the global plastic packaging market. Countries in Asia-Pacific that are contributing to the market growth include China, India, and Japan. Among these economies, India and China are one of the major end-users of plastic packaging. The developed food & beverage industry with the emerging healthcare sector are the major driving factors of Asia-Pacific plastic packaging market. According to the India Brand Equity Foundation (IBEF), the food processing industry in India accounts for total 32% of India’s total food market. The food processing sector in India is ranked fifth in terms of export, manufacturing, consumption and expected growth. By 2020, the organic food market in India is expected to grow significantly by three times. Similarly, China contributes nearly 10-15% in the global food processing and manufacturing industry. Therefore, the demand for plastic packaging to export these products is significant in Asia-Pacific. Moreover, the government initiatives to drive the industrial sector in these economies will further propel the market growth during the forecast period.

Market Players Outlook

The key players in the plastic packaging market are contributing significantly by providing advanced technology-based products and through expanding their geographical presence across the globe. The key players operating in the global plastic packaging market include Amcor PLC, Mondi PLC, Berry Global, Inc., Sonoco Products Co., Swiss Pack Pvt. Ltd., Tetra Pak International S.A., UFlex Ltd., and Winpak Ltd. These market players adopt various strategies such as product launch, partnerships, collaborations, merger, and acquisitions to sustain a strong position in the market. 

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global plastic packaging market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.